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These excerpts taken from the SMG 10-K filed Dec 3, 2008. Financing
Activities
Financing activities used cash of $123.0 million and
$158.8 million in fiscal 2008 and 2007, respectively. In
fiscal 2008, the cash used was primarily the result of net
repayments on outstanding debt of $99.9 million and
dividends paid of $32.5 million, offset by cash of
$9.2 million received from the exercise of stock options.
Fiscal 2007 included the recapitalization plan that returned
$750 million to shareholders in addition to the repurchase
of all of our
65/8% senior
subordinated notes in an aggregate principal amount of
$200 million. These actions were financed by replacing,
effective February 7, 2007, our prior revolving credit
facility with senior secured $2.15 billion multicurrency
credit facilities that provide for revolving credit and term
loans through February 7, 2012.
Table of Contents
Financing Activities Financing activities used cash of $123.0 million and $158.8 million in fiscal 2008 and 2007, respectively. In fiscal 2008, the cash used was primarily the result of net repayments on outstanding debt of $99.9 million and dividends paid of $32.5 million, offset by cash of $9.2 million received from the exercise of stock options. Fiscal 2007 included the recapitalization plan that returned $750 million to shareholders in addition to the repurchase of all of our 65/8% senior subordinated notes in an aggregate principal amount of $200 million. These actions were financed by replacing, effective February 7, 2007, our prior revolving credit facility with senior secured $2.15 billion multicurrency credit facilities that provide for revolving credit and term loans through February 7, 2012. Table of ContentsThese excerpts taken from the SMG 10-K filed Nov 25, 2008. Financing
Activities
Financing activities used cash of $123.0 million and
$158.8 million in fiscal 2008 and 2007, respectively. In
fiscal 2008, the cash used was primarily the result of net
repayments on outstanding debt of $99.9 million and
dividends paid of $32.5 million, offset by cash of
$9.2 million received from the exercise of stock options.
Fiscal 2007 included the recapitalization plan that returned
$750 million to shareholders in addition to the repurchase
of all of our
65/8% senior
subordinated notes in an aggregate principal amount of
$200 million. These actions were financed by replacing,
effective February 7, 2007, our prior revolving credit
facility with senior secured $2.15 billion multicurrency
credit facilities that provide for revolving credit and term
loans through February 7, 2012.
Financing Activities Financing activities used cash of $123.0 million and $158.8 million in fiscal 2008 and 2007, respectively. In fiscal 2008, the cash used was primarily the result of net repayments on outstanding debt of $99.9 million and dividends paid of $32.5 million, offset by cash of $9.2 million received from the exercise of stock options. Fiscal 2007 included the recapitalization plan that returned $750 million to shareholders in addition to the repurchase of all of our 65/8% senior subordinated notes in an aggregate principal amount of $200 million. These actions were financed by replacing, effective February 7, 2007, our prior revolving credit facility with senior secured $2.15 billion multicurrency credit facilities that provide for revolving credit and term loans through February 7, 2012. This excerpt taken from the SMG 10-K filed Nov 29, 2007. Financing
Activities
Financing activities used cash of $158.8 million and
$46.9 million in fiscal 2007 and fiscal 2006, respectively.
Our recapitalization plan that was consummated during the second
quarter of fiscal 2007 returned $750 million to
shareholders. In addition, we repurchased all of our
65/8% senior
subordinated notes in an aggregate principal amount of
$200 million. These actions were financed by replacing,
effective February 7, 2007, our prior revolving credit
facility with new senior secured $2.15 billion
multicurrency credit facilities that provide for revolving
credit and term loans through February 7, 2012.
As noted earlier, in fiscal 2006, we began a program to return
cash to our shareholders. We paid dividends of
$33.5 million and repurchased $87.9 million of our
common shares financed in part by a net increase in borrowings
under our prior revolving credit facility of $55.2 million.
Prior to fiscal 2006, our focus was on aggressively paying down
debt and managing our borrowings to maximize the benefit of our
improving capital structure and debt facilities. Proceeds from
the exercise of employee stock options were $29.2 million
in fiscal 2007 compared to $17.6 million in fiscal 2006.
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