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HBI » Topics » CAPITALIZATION

This excerpt taken from the HBI 8-K filed Sep 5, 2006.

CAPITALIZATION

The following table sets forth our capitalization on a historical basis as of April 1, 2006, pro forma to give effect to the spin off and as adjusted to give effect to the incurrence of indebtedness and the use of the proceeds therefrom.

This table should be read in conjunction with “Selected Historical Financial Data,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Unaudited Pro Forma Combined and Consolidated Financial Statements” and our Unaudited Interim Condensed Combined and Consolidated Financial Statements and corresponding notes included elsewhere in this information statement.

 

     April 1, 2006  
     Actual    Pro Forma(1)    Pro Forma
as Adjusted(2)		  
     (in thousands)  

Cash and cash equivalents

    $ 455,895    $ —    $ 150,000  
                      

Debt, including current and long-term:

         

New senior secured credit facility:

         

Term A facility

    $ —    $ —    $ 350,000  

Term B facility

      —      —      1,300,000  

Revolving credit facility

      —      —      —  

Second lien facility

      —      —      450,000  

Bridge loan facility

      —      —      500,000  

Capital lease obligations

      7,342      7,342      7,342  

Notes payable to banks

      30,375      30,375      30,375  
                      

Total debt(3)

      37,717      37,717      2,637,717  

Debt payable to parent companies and related entities to be extinguished

      888,550      450,000      —  

Total parent companies’ equity

      2,662,193      1,746,739      (206,461 )
                      

Total capitalization

    $ 3,588,460    $ 2,234,456    $ 2,431,256  
                      
(1) Assumes that the spin off occurred as of April 1, 2006.
(2) Assumes that the spin off and the related debt incurrence occurred as of April 1, 2006 and reflects the pro forma adjustments as described in the notes to our “Unaudited Pro Forma Combined and Consolidated Statements,” as well as the incurrence of $ 1.65 billion of debt under a proposed new senior secured credit facility, $450.0 million of debt under a proposed new senior secured second lien credit facility and $500.0 million of debt under a proposed new bridge loan facility with an estimated blended interest rate of 8.0%, and the payment to Sara Lee of $2.4 billion of the proceeds of such debt incurrence.
(3) Excludes debt payable to parent companies and related entities to be extinguished.

 

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"CAPITALIZATION" elsewhere:

Nitches (NICH)
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