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ELN » Topics » d Athena Notes-Net charge on debt retirement

This excerpt taken from the ELN 6-K filed Mar 30, 2009.
d Athena Notes–Net charge on debt retirement
 
We incurred a total expense related to the redemption of the Athena Notes of $19.2 million, primarily relating to a call premium paid of $13.4 million and the cost for the cancellation of the related interest rate swaps. Under IFRS, this expense was recognised using the effective interest method over the period from the issuance of the redemption notice in December 2006 to the redemption date in January 2007, thus resulting in a charge under IFRS of $11.5 million in 2006 and $7.7 million in 2007. Under U.S. GAAP, substantially all of this charge was recognised upon extinguishment of the Athena Notes in January 2007, which resulted in a timing difference between IFRS and U.S. GAAP.
 
This excerpt taken from the ELN 6-K filed Mar 30, 2007.
d Athena Notes—Net charge on debt retirement
 
We incurred a total expense related to the redemption of the Athena Notes of $19.2 million, primarily relating to a call premium paid of $13.4 million and the cost of the cancellation of the related interest rate swaps. Under IFRS, this expense is recognised using the effective interest method over the period from the issuance of the redemption notice in December 2006 to the redemption date in January 2007, thus resulting in a charge under IFRS of $11.5 million in 2006 and $7.7 million in 2007. Under US GAAP, substantially all of this charge has been recognised upon extinguishment of the Athena Notes in January 2007, resulting in a timing difference between IFRS and US GAAP.
 

EXCERPTS ON THIS PAGE:

6-K
Mar 30, 2009
6-K
Mar 30, 2007

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