|
|
 | | | |
- close
- close
- close
- close
This excerpt taken from the HBI 8-K filed Nov 29, 2006. Notes Payable
and Credit Facilities
Notes payable to banks were $3.5 million at July 1,
2006, $83.3 million at July 2, 2005, and zero at the
end of fiscal 2004. We did not use cash on hand to repay notes
payable at July 1, 2006 and July 2, 2005 as we did at
the end of fiscal 2004.
Prior to the end of fiscal 2006, we maintained a
364-day
short-term non-revolving credit facility under which we could
borrow up to 107 million Canadian dollars at a floating
rate of interest that was based upon either the announced
bankers acceptance lending rate plus 0.6% or the Canadian prime
lending rate. Under the agreement, we had the option to borrow
amounts for periods of time of less than 364 days. The
facility expired at the end of the
364-day
period and the amount of the facility could not be increased
until the next renewal date. In fiscal 2006, the borrowings
under this agreement were repaid at the end of the year and the
facility was closed.
In addition, we have a RMB 30 million (approximately
$3.8 million) short-term revolving facility arrangement
with a Chinese branch of a U.S. bank. The facility is dated
January 27, 2006 and is renewable annually. Borrowings
under the facility accrue interest at the prevailing base
lending rates published by the People’s Bank of China from
time to time less 10% and are currently guaranteed by Sara Lee.
As of July 1, 2006, $3.5 million was outstanding under
this facility. In July 2006, the facility was increased to RMB
50 million (approximately $6.35 million). We are
presently in compliance with the covenants contained in this
facility.
This excerpt taken from the HBI 10-K filed Sep 28, 2006. Notes Payable
and Credit Facilities
Notes payable to banks were $3.5 million at July 1,
2006, $83.3 million at July 2, 2005, and zero at the
end of fiscal 2004. We did not use cash on hand to repay notes
payable at July 1, 2006 and July 2, 2005 as we did at
the end of fiscal 2004.
Prior to the end of fiscal 2006, we maintained a
364-day
short-term non-revolving credit facility under which we could
borrow up to 107 million Canadian dollars at a floating
rate of interest that was based upon either the announced
bankers acceptance lending rate plus 0.6% or the Canadian prime
lending rate. Under the agreement, we had the option to borrow
amounts for periods of time of less than 364 days. The
facility expired at the end of the
364-day
period and the amount of the facility could not be increased
until the next renewal date. In fiscal 2006, the borrowings
under this agreement were repaid at the end of the year and the
facility was closed.
In addition, we have a RMB 30 million (approximately
$3.8 million) short-term revolving facility arrangement
with a Chinese branch of a U.S. bank. The facility is dated
January 27, 2006 and is renewable annually. Borrowings
under the facility accrue interest at the prevailing base
lending rates published by the People’s Bank of China from
time to time less 10% and are currently guaranteed by Sara Lee.
As of July 1, 2006, $3.5 million was outstanding under
this facility. In July 2006, the facility was increased to RMB
50 million (approximately $6.35 million). We are
presently in compliance with the covenants contained in this
facility.
Table of Contents
This excerpt taken from the HBI 8-K filed Sep 5, 2006. Notes Payable and Credit Facilities In conjunction with the spin off, we plan to undertake a recapitalization which will include the incurrence of significant third party debt in the form of a new senior secured credit facility, a new senior secured second lien credit facility and a bridge loan facility and payment of $2.4 billion of the proceeds to Sara Lee prior to the consummation of the spin off, which is described in greater detail in “Description of Certain Indebtedness” below. As a result of this planned debt incurrence, the amount of interest expense will increase significantly after the spin off. After the spin off, our primary source of liquidity will be cash provided from operating activities. We believe that our cash provided from operating activities, together with our available credit capacity, will enable us to comply with the terms of our new indebtedness and meet presently foreseeable financial requirements. Notes payable to banks were $30.4 million at April 1, 2006, $83.3 million at the end of fiscal 2005, and zero at the end of fiscal 2004 and fiscal 2003. We did not use cash on hand to repay notes payable at April 1, 2006 and July 2, 2005 as we did at the end of fiscal 2004 and fiscal 2003.
59
Table of ContentsAs of April 1, 2006, we had a $27.6 million loan outstanding under a non-revolving 364-day facility with a third party with maximum borrowing of 107 million Canadian dollars (approximately $95.6 million). This facility matures on May 31, 2006. The interest rate on borrowings is based on either the daily bankers acceptance rate plus 0.6% or the Canadian prime lending rate. Borrowings under the facility are currently guaranteed by Sara Lee. In addition, we have a RMB 30 million (approximately $3.8 million) short term revolving facility arrangement with a Chinese branch of a U.S. bank. The facility is dated January 27, 2006 and is renewable annually. Borrowings under the facility accrue interest at the prevailing base lending rates published by the People’s Bank of China from time to time less 10% and are currently guaranteed by Sara Lee. As of April 1, 2006, $2.8 million was outstanding under this facility. We are presently in compliance with the covenants contained in these facilities. | EXCERPTS ON THIS PAGE:
|
| |||||||
