FBR » Topics » Long Term Debt

These excerpts taken from the FBR 10-K filed Feb 29, 2008.

Long Term Debt

As of December 31, 2007 and 2006, the Company had issued a total of $317,500 of long term debentures through FBR TRS Holdings. The long-term debentures accrue and require payments of interest quarterly at an annual rate of three-month LIBOR plus 2.25% to 3.25%. The weighted average interest rate on these long term debentures was 7.63% as of December 31, 2007. All of these borrowings mature between 2033 and 2035. The Company had incurred costs related to the issuance of these debentures. These costs will be amortized over the five year period through the redemption date. As of December 31, 2007 and 2006, the unamortized balance of these issuance costs was $2,422 and $3,459, respectively. During the year ended December 31, 2007, the Company did not issue additional long-term debentures.

As of December 31, 2007 and 2006, the Company had additional outstanding long-term debt of $3,409 and $4,086, respectively associated with the Company’s 2001 acquisition of Money Management Associates, LP and Rushmore Trust and Savings. This note is collateralized by the capital stock of FBR Fund Advisors, Inc. and matures on January 2, 2011. Interest on this note is imputed at 9%.

Long Term Debt

FACE="Times New Roman" SIZE="2">As of December 31, 2007 and 2006, the Company had issued a total of $317,500 of long term debentures through FBR TRS Holdings. The long-term debentures accrue and require payments of interest quarterly at an
annual rate of three-month LIBOR plus 2.25% to 3.25%. The weighted average interest rate on these long term debentures was 7.63% as of December 31, 2007. All of these borrowings mature between 2033 and 2035. The Company had incurred costs
related to the issuance of these debentures. These costs will be amortized over the five year period through the redemption date. As of December 31, 2007 and 2006, the unamortized balance of these issuance costs was $2,422 and $3,459,
respectively. During the year ended December 31, 2007, the Company did not issue additional long-term debentures.

As of
December 31, 2007 and 2006, the Company had additional outstanding long-term debt of $3,409 and $4,086, respectively associated with the Company’s 2001 acquisition of Money Management Associates, LP and Rushmore Trust and Savings. This
note is collateralized by the capital stock of FBR Fund Advisors, Inc. and matures on January 2, 2011. Interest on this note is imputed at 9%.

SIZE="2">Short Term Borrowings

On July 25, 2007, the Company entered into a recapitalization agreement with an affiliate of
Sun Capital. The recapitalization agreement resulted in the investment by Sun Capital and the Company of $60,000 and $15,000, respectively, on a pari passu basis, subject to terms and conditions set forth in the recapitalization agreement and other
related agreements. These investments have been treated as convertible debt of First NLC. As of December 31, 2007, the Company’s outstanding short term borrowing balance was $63,981, including accrued interest of $3,981. This debt has an
interest rate of 15% per annum and is non-recourse to the Company. See Note 19 for additional information regarding First NLC.

 


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FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.

STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

FACE="Times New Roman" SIZE="2">(Dollars in thousands, except per share amounts)

 


This excerpt taken from the FBR 10-K filed Mar 1, 2007.

Long Term Debt

As of December 31, 2006 and 2005, the Company had issued a total of $317,500 of long term debentures through TRS Holdings. The long-term debentures accrue and require payments of interest quarterly at an annual rate of three-month LIBOR plus 2.25% to 3.25%. The weighted average interest rate on these long term debentures was 8.01% as of December 31, 2006. All of these borrowings mature between 2033 and 2035. The Company had incurred costs related to the issuance of these debentures. These costs will be amortized over the five year period through the redemption date. As of December 31, 2006 and 2005, the unamortized balance of these issuance costs was $3,459 and $4,126, respectively. During the year ended December 31, 2006, the Company did not issue additional long-term debentures.

As of December 31, 2006 and 2005, the Company had additional outstanding long-term debt of $4,086 and $4,706, respectively associated with the Company’s 2001 acquisition of Money Management Associates, LP and Rushmore Trust and Savings. This note is collateralized by the capital stock of FBR Fund Advisors, Inc. and matures on January 2, 2011. Interest on this note is imputed at 9%.

This excerpt taken from the FBR 10-K filed Mar 16, 2006.

Long Term Debt

 

As of December 31, 2005 and 2004, the Company had issued a total of $317,500 and $122,500, respectively of long term debentures through TRS Holdings. The long-term debentures accrue and require payments of interest quarterly at an annual rate of three- month LIBOR plus 2.25% to 3.25%. The weighted average interest rate on these long term debentures was 6.70% as of December 31, 2005. All of these borrowings mature between 2033 and 2035. The Company incurred issuance costs of $4,126 and $748 related to these debentures for the years ending December 31, 2005 and 2004, respectively. These costs will be amortized over the five year period through the redemption date. During the year ended December 31, 2005, the Company had issued the following long-term debentures:

 

Issuance Date    


   Amount

  

Interest Rate


   Maturity Date

  

Redemption

Date (1)


March 2005

   $ 25,000    3-month LIBOR plus 2.25%    March 30, 2035    March 30, 2010

April 2005

   $ 20,000    3-month LIBOR plus 2.25%    June 15, 2035    June 15, 2010

April 2005

   $ 20,000    3-month LIBOR plus 2.25%    July 7, 2035    July 7, 2010

May 2005

   $ 30,000    3-month LIBOR plus 2.50%    June 30, 2035    June 30, 2010

August 2005

   $ 35,000    3-month LIBOR plus 2.30%    August 15, 2035    August 15, 2010

August 2005

   $ 25,000    3-month LIBOR plus 2.50%    October 30, 2035    October 30, 2010

November 2005

   $ 40,000    3-month LIBOR plus 3.00%    January 30, 2035    January 30, 2010

(1) Redemption Date represents the date after which the Company may redeem the securities in whole at any time or in part from time to time at a redemption amount equal to the principal amount thereof plus accrued interest.

 

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FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

As of December 31, 2005 and 2004, the Company had additional outstanding long-term debt of $4,706 and $5,272, respectively associated with the Company’s 2001 acquisition of Money Management Associates, LP and Rushmore Trust and Savings. This note is collateralized by the capital stock of FBR Fund Advisors, Inc. and matures on January 2, 2011. Interest on this note is imputed at 9%.

 

This excerpt taken from the FBR 10-Q filed Nov 9, 2005.

Long Term Debt

 

As of September 30, 2005, the Company had issued a total of $277,500 of long term debentures through TRS Holdings. The long-term debentures accrue and require payments of interest quarterly at an annual rate of three- month LIBOR plus 2.25% to 3.25%. The weighted average interest rate on these long term debentures was 6.14% as of September 30, 2005. During the nine months ended September 30, 2005, the Company had issued the following long-term debentures:

 

Issuance Date


   Amount

   Interest Rate

   Maturity Date

   Redemption
Date (1)


March 2005

   $ 25,000    3-month LIBOR plus 2.25%    March 30, 2035    March 30, 2010

April 2005

   $ 20,000    3-month LIBOR plus 2.25%    June 15, 2035    June 15, 2010

April 2005

   $ 20,000    3-month LIBOR plus 2.25%    July 7, 2035    July 7, 2010

May 2005

   $ 30,000    3-month LIBOR plus 2.50%    June 30, 2035    June 30, 2010

August 2005

   $ 35,000    3-month LIBOR plus 2.30%    August 15, 2035    August 15, 2010

August 2005

   $ 25,000    3-month LIBOR plus 2.50%    October 30, 2035    October 30, 2010

(1) Redemption Date represents the date after which the Company may redeem the securities in whole at any time or in part from time to time at a redemption amount equal to the principal amount thereof plus accrued interest.

 

7. Derivative Financial Instruments and Hedging Activities:

 

In the normal course of its operations, the Company is a party to financial instruments that are accounted for as derivative financial instruments in accordance with SFAS No. 133, “Accounting for Derivative Instruments and for Hedging Activities,” as amended. These instruments include interest rate swaps and caps, credit default swaps, Eurodollar futures contracts, borrower interest rate lock agreements, commitments to purchase and sell mortgage loans and mortgaged-backed securities, and warrants to purchase common stock.

 

This excerpt taken from the FBR 10-Q filed Aug 9, 2005.

Long Term Debt

 

As of June 30, 2005, the Company had issued a total of $217,500 of long term debentures through TRS Holdings. The long-term debentures accrue and require payments of interest quarterly at an annual rate of three-

 

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FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) — (Continued)

 

month LIBOR plus 2.25% to 3.25%. The weighted average interest rate on these long term debentures was 5.76% as of June 30, 2005. During the six months ended June 30, 2005, the Company had issued the following long-term debentures:

 

Issuance Date


   Amount

   Interest Rate

    Maturity Date

   Redemption
Date(1)


March 2005

   $ 25,000    3-month LIBOR plus 2.25 %   March 30, 2035    March 30, 2010

April 2005

   $ 20,000    3-month LIBOR plus 2.25 %   June 15, 2035    June 15, 2010

April 2005

   $ 20,000    3-month LIBOR plus 2.25 %   July 7, 2035    July 7, 2010

May 2005

   $ 30,000    3-month LIBOR plus 2.50 %   June 30, 2035    June 30, 2010

(1) Redemption Date represents the date after which the Company may redeem the securities in whole at any time or in part from time to time at a redemption amount equal to the principal amount thereof plus accrued interest.

 

7. Derivative Financial Instruments and Hedging Activities:

 

In the normal course of its operations, the Company is a party to financial instruments that are accounted for as derivative financial instruments in accordance with SFAS No. 133, “Accounting for Derivative Instruments and for Hedging Activities,” as amended. These instruments include interest rate swaps and caps, Eurodollar futures contracts, borrower interest rate lock agreements, commitments to purchase and sell mortgage loans and mortgaged-backed securities, and warrants to purchase common stock.

 

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

Long Term Debt

 

In March 2005, the Company issued $25,000 of long term debentures through TRS Holdings. The long term debt accrues and requires payments of interest quarterly at an annual rate of three-month LIBOR plus 2.25%. The principal portion of the debt is due March 30, 2035. However, the Company may redeem the securities in whole at any time or in part from time to time at a redemption amount equal to the principal amount thereof plus accrued interest subsequent to March 30, 2010.

 

6. Derivative Financial Instruments and Hedging Activities:

 

In the normal course of its operations, the Company is a party to financial instruments that are accounted for as derivative financial instruments in accordance with SFAS No. 133, “Accounting for Derivative Instruments and for Hedging Activities,” as amended. These instruments include interest rate swaps, Eurodollar futures contracts, borrower interest rate lock agreements, commitments to purchase and sell mortgage loans and mortgaged-backed securities, and warrants to purchase common stock.

 

This excerpt taken from the FBR 10-K filed Mar 16, 2005.

Long Term Debt

 

During 2003 and 2004, the Company through its taxable REIT subsidiary FBR TRS Holdings, issued a total of $122,500 in long-term debentures. The long term debt securities accrue and require payments of interest quarterly at annual rates of three month LIBOR plus 2.50%-3.25%, mature in thirty years, and are redeemable, in whole or in part, without penalty after five years.

 

As of December 31, 2004 and 2003, the Company had outstanding long-term debt of $5,272 and $4,820, respectively associated with the Company’s acquisition of MMA/ Rushmore. This note is collateralized by the capital stock of FBR Bank and matures on January 2, 2011. Interest on this note is imputed at 9%.

 

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