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These excerpts taken from the SMG 10-K filed Dec 3, 2008. Interest Expense
and Refinancing Activities
Interest expense in fiscal 2008 was $82.2 million compared
to $70.7 million and $39.6 million in fiscal 2007 and
2006, respectively. The increase in interest expense is
primarily attributable to an increase in borrowings resulting
from the recapitalization transactions that were consummated
during the second quarter of fiscal 2007. We also recorded
$18.3 million in costs in fiscal 2007 related to the
refinancing undertaken to facilitate the recapitalization
transactions.
Interest Expense and Refinancing Activities Interest expense in fiscal 2008 was $82.2 million compared to $70.7 million and $39.6 million in fiscal 2007 and 2006, respectively. The increase in interest expense is primarily attributable to an increase in borrowings resulting from the recapitalization transactions that were consummated during the second quarter of fiscal 2007. We also recorded $18.3 million in costs in fiscal 2007 related to the refinancing undertaken to facilitate the recapitalization transactions. These excerpts taken from the SMG 10-K filed Nov 25, 2008. Interest Expense
and Refinancing Activities
Interest expense in fiscal 2008 was $82.2 million compared
to $70.7 million and $39.6 million in fiscal 2007 and
2006, respectively. The increase in interest expense is
primarily attributable to an increase in borrowings resulting
from the recapitalization transactions that were consummated
during the second quarter of fiscal 2007. We also recorded
$18.3 million in costs in fiscal 2007 related to the
refinancing undertaken to facilitate the recapitalization
transactions.
Interest Expense and Refinancing Activities Interest expense in fiscal 2008 was $82.2 million compared to $70.7 million and $39.6 million in fiscal 2007 and 2006, respectively. The increase in interest expense is primarily attributable to an increase in borrowings resulting from the recapitalization transactions that were consummated during the second quarter of fiscal 2007. We also recorded $18.3 million in costs in fiscal 2007 related to the refinancing undertaken to facilitate the recapitalization transactions. This excerpt taken from the SMG 10-K filed Nov 29, 2007. Interest Expense
and Refinancing Activities
Interest expense in fiscal 2007 was $70.7 million compared
to $39.6 in fiscal 2006. This increase in interest expense was
attributable to an increase in borrowings resulting from the
recapitalization transactions that were consummated during the
second quarter of fiscal 2007, coupled with an increase
in our weighted average interest rate resulting from our
increased leverage and higher LIBOR rates in general. Average
borrowings increased $422.5 million, and weighted average
interest rates increased by 70 basis points, in fiscal 2007
as compared to the prior fiscal year. We also recorded
$18.3 million in costs related to the refinancing
undertaken to facilitate the recapitalization transactions.
This excerpt taken from the SMG 10-K filed Dec 14, 2006. Interest Expense
and Refinancing Activities
We have refinanced our debt arrangements several times over the
past two years to take advantage of our improving financial
position and favorable market conditions. In October 2003, we
tendered nearly all of our $400 million then outstanding
senior subordinated notes that bore interest at
85/8%
and issued $200 million of new senior subordinated notes
bearing interest at
65/8%.
At the time, we also secured a new credit facility at more
favorable terms than our previous arrangement. Refinancing costs
associated with these transactions were $44.3 million,
including premiums paid on the redemption of the
85/8% notes,
write-off of previously deferred financing and treasury lock
costs and transactions fees. In August 2004, we refinanced the
term loan facility under a new credit agreement with new term
loans, providing for improved terms and borrowing costs. Costs
charged associated with this refinancing were $1.2 million.
In July 2005, we entered into a new credit agreement that
provided for a significantly increased revolving credit facility
and allowed us to repay our outstanding term notes, again
providing for improved terms and borrowing costs. Costs charged
against income from operations associated with this refinancing
were $1.3 million.
Interest expense decreased from $41.5 million in fiscal
2005 to $39.6 million in fiscal 2006. A $3.6 million
increase in expense due to an increase in rates on the variable
rate portion of our outstanding debt and an increase in average
debt outstanding was more than offset by hedging strategies, the
impact of foreign exchange rates, and miscellaneous other items.
In fiscal 2005, interest expense decreased $7.3 million
compared to fiscal 2004. The decrease in interest expense was
primarily attributable to a $113.9 million reduction in
average borrowings, coupled with a nine basis point reduction in
our weighted average interest rate to 5.83%.
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