BECN » Topics » Indebtedness

This excerpt taken from the BECN 10-Q filed Feb 8, 2008.

Indebtedness

        We currently have the following credit facilities:

    a senior secured credit facility in the U.S.;

    a Canadian senior secured credit facility; and

    two equipment financing facilities.
This excerpt taken from the BECN 10-K filed Nov 28, 2007.

Indebtedness

        We currently have the following credit facilities:

    a senior secured credit facility in the U.S.;

    a Canadian senior secured credit facility; and

    two equipment financing facilities.
This excerpt taken from the BECN 10-Q filed Aug 8, 2007.

Indebtedness

We currently have the following credit facilities:

·   a senior secured credit facility in the U.S.;

·   a Canadian senior secured credit facility; and

·   two equipment financing facilities.

This excerpt taken from the BECN 10-Q filed May 8, 2007.

Indebtedness

We currently have the following credit facilities:

·   a senior secured credit facility in the U.S.;

·   a Canadian senior secured credit facility; and

·   two equipment financing facilities.

This excerpt taken from the BECN 10-Q filed Feb 8, 2007.

Indebtedness

We currently have the following credit facilities:

·    a senior secured credit facility in the U.S.;

·    a Canadian senior secured credit facility; and

·    two equipment financing facilities.

This excerpt taken from the BECN 10-K filed Dec 14, 2006.

Indebtedness

We currently have the following credit facilities:

·       a senior secured credit facility in the U.S.;

·       a Canadian senior secured credit facility; and

·       an equipment financing facility.

This excerpt taken from the BECN 8-K filed Nov 3, 2006.

16.1        Indebtedness.

No Group Member shall, directly or indirectly, incur or otherwise remain liable with respect to or responsible for, any Indebtedness except for the following:

This excerpt taken from the BECN 10-Q filed Aug 9, 2006.
Indebtedness

We currently have the following credit facilities:

·              a senior secured credit facility in the U.S.;

·              a Canadian senior secured credit facility; and

·              two capital lease facilities.

Senior secured credit facilities

The credit facilities, as amended in January 2006, mature on October 14, 2010 and consist of a $280 million United States revolving line of credit and a CDN $15 million Canadian revolving line of credit, commonly referred to as revolvers, and term loans totaling $72.8 million outstanding at June 30, 2006.

The facilities provide for a cash receipts lockbox arrangement that gives us sole control over the funds in our lockbox accounts, unless excess availability is less than $10 million or an event of default occurs, in which case the senior secured lenders have the right to take control over such funds and to apply such funds to repayment of the senior debt. The lockbox arrangement is operational and the revolver borrowings outstanding as of June 30, 2006 and September 24, 2005 have been classified as long-term-debt for amounts expected to be outstanding for greater than one year.

As of June 30, 2006, there was $199.3 million outstanding and $68.6 million available for borrowing under the revolvers, subject to changes in our borrowing base availability determined primarily by trade accounts receivable and product inventories levels. We also had $4.0 million of outstanding standby letters of credit.

Interest on borrowings under the U.S. facilities is payable at our election at either of the following rates:

·              an index rate (that is the higher of (a) the base rate for corporate loans quoted in The Wall Street Journal or (b) the Federal Reserve overnight rate plus 1/2 of 1%) plus a margin of 0.25% to 1.50%, or

·              the current LIBOR Rate plus a margin ranging from 1.50% to 1.75%.

Interest under the Canadian facility is payable at our election at either of the following rates:

·              an index rate (that is the higher of (1) the Canadian prime rate as quoted in the Globe and Mail and (2) the 30-day BA Rate plus 1.75%) plus 0.50%, or

·              the BA rate as described in the Canadian facility plus 1.75%.

Substantially all of our assets, including the capital stock and assets of our wholly-owned subsidiaries, secure our obligations under these senior secured credit facilities. The senior secured credit facilities have numerous restrictive covenants, including a required fixed charge coverage of 1.20 to 1, a senior indebtedness to pro forma EBITDA ratio of 3.50 to 1 and a total indebtedness to pro forma EBITDA ratio of 4.75 to 1, in each case determined on a trailing twelve-month basis at the end of each quarter. In addition, in any fiscal year, capital expenditures may not exceed 1.5% of gross revenues and annual rental payments under operating leases may not exceed $22.0 million. There are also certain minimum availability levels that must be maintained. As of June 30, 2006, we were in compliance with all covenants and financial ratio requirements.

Capital lease facilities

Our capital lease facilities allow us to finance a portion of our transportation and warehouse equipment. The facilities provided us with $11 million of availability at June 30, 2006, of which $7.5 million was outstanding, with fixed interest rates ranging from 4.7% to 6.3%.

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This excerpt taken from the BECN 10-Q filed May 10, 2006.

Indebtedness

 

We currently have the following credit facilities:

 

              a senior secured credit facility in the U.S.;

 

              a Canadian senior secured credit facility; and

 

              two capital lease facilities.

 

This excerpt taken from the BECN 10-Q filed Feb 9, 2006.

Indebtedness

 

We currently have the following credit facilities:

 

              a senior secured credit facility in the U.S.;

 

              a Canadian senior secured credit facility; and

 

              a capital lease facility.

 

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This excerpt taken from the BECN 10-K filed Dec 8, 2005.

Indebtedness

We currently have the following credit facilities:

·       a senior secured credit facility in the U.S.;

·       a Canadian senior secured credit facility; and

·       a capital lease facility.

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This excerpt taken from the BECN 10-Q filed Aug 11, 2005.

Indebtedness

 

        We currently have the following credit facilities:

 

              a senior secured credit facility in the U.S.;

 

              a Canadian senior secured credit facility; and

 

              a capital lease facility.

 

16



 

This excerpt taken from the BECN 10-Q filed May 11, 2005.

Indebtedness

 

        We currently have the following credit facilities:

 

•              a senior secured credit facility in the U.S.;

 

•              a Canadian senior secured credit facility; and

 

•              a capital lease facility.

 

This excerpt taken from the BECN 10-Q filed Feb 14, 2005.
Indebtedness

We currently have the following credit facilities:

·       a senior secured credit facility in the U.S.;

·       a Canadian senior secured credit facility; and

·       a capital lease facility.

Senior secured credit facilities

The credit facilities mature on September 30, 2009 and consist of a $118.5 million United States revolving line of credit including a CDN $15 million Canadian revolving line of credit, commonly referred to as revolvers, and term loans totaling $30 million. The facilities include an option of increasing the revolving lines of credit by an additional $40 million. A recent amendment changes the cash receipts lockbox arrangement to give us sole control over the funds in our lockbox accounts, unless excess availability is less than $10 million or an event of default occurs, in which case the senior secured lenders have the right to take control over such funds and to apply such funds to repayment of the senior debt. Once the lockbox arrangement is operational, the revolver borrowings will be classified as long-term debt for amounts expected to be outstanding for greater than one year.

As of December 31, 2004, there was $52.2 million outstanding and $73.7 million available for borrowing under the revolvers, subject to changes in our borrowing base availability determined primarily by trade accounts receivable and product inventories levels. The balance outstanding under the term loans was $27.7 million at December 31, 2004.

Interest on borrowings under the U.S. facilities is payable at our election at either of the following rates:

·       an index rate (that is the higher of (a) the base rate for corporate loans quoted in The Wall Street Journal or (b) the Federal Reserve overnight rate plus 1¤2 of 1%) plus a margin of 0.75% to 1.75%; or

·       the current LIBOR Rate plus a margin ranging from 2.00% to 3.00%.

Interest under the Canadian facility is payable at our election at either of the following rates:

·       an index rate (that is the higher of (1) the Canadian prime rate as quoted in the Globe and Mail and (2) the 30-day BA Rate plus 1.25%) plus 0.75%; or

·       the BA rate as described in the Canadian facility plus 2.00%.

Substantially all of our assets, including the capital stock and assets of our wholly-owned subsidiaries secure our obligations under these senior secured credit facilities. The senior secured credit facilities have numerous restrictive covenants, including required fixed charge coverage and an indebtedness to EBITDA ratio determined at the end of each quarter. As of December 31, 2004, we were in compliance with all covenants and financial ratio requirements.

Capital lease facility

Our capital lease facility allows us to finance a portion of our transportation and warehouse equipment. The facility totals $11 million, of which $1.2 million was outstanding at December 31, 2004 with fixed interest rates averaging 5.7%.

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