SLH » Topics » Financing activities.

This excerpt taken from the SLH 10-Q filed May 13, 2008.
Financing activities.   Cash (used in) provided by financing activities for the nine months ended March 31, 2008 and 2007 was ($34.2) million and $3.0 million, respectively.  For the nine months ended March 31, 2008, we paid $21.9 million and $8.5 million, respectively, on our long-term debt and revolving credit facility. During the three months ended March 31, 2008, the long-term debt payments included voluntary principal payments of €4.5 million on the European Term Loan.

 

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This excerpt taken from the SLH 10-Q filed Feb 13, 2008.
Financing activities.   Cash (used by) provided in financing activities for the six months ending December 31, 2007 and 2006 was ($24.8) million and $4.6 million, respectively.  For the six months ended December 31, 2007 we paid $13.7 million and $8.5 million, respectively, on our long-term debt and revolving credit facility. During the three months ended December 31, 2007 the long-term debt payments included voluntary principal payments of $8.5 million on the domestic term loan and €1.5 million on the European term loan.

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This excerpt taken from the SLH 10-Q filed Nov 14, 2007.
Financing activities.   Cash used in financing activities for the three months ending September 30, 2007 and 2006 was $9.1 million and $5.8 million, respectively.  For the three months ended September 30, 2007 and 2006, we paid $6.9 million and $4.0 million, respectively, on our revolving credit facility.

 

This excerpt taken from the SLH 10-K filed Sep 17, 2007.
Financing activities.   Cash used in financing activities was $6.4 million during fiscal 2007 and cash provided by financing activities was $978.0 million during fiscal 2006. Cash used during fiscal 2007 was the net result of our initial public offering and debt refinancing proceeds offset by payments on the original debt incurred for the Acquisition. Cash provided by financing activities during fiscal 2006 consisted primarily of issuances of debt, offset by the payment of principal on our long-term borrowings.

Financing activities in fiscal 2005 included amounts received from ADP, the parent of our predecessor. Financing activities in fiscal 2006 included proceeds raised by us to finance the Acquisition on April 13, 2006. The aggregate purchase price for the Acquisition was approximately $1.0 billion, including costs attributable to the Acquisition. The Acquisition was financed through:

·       borrowings under our senior secured credit facility of approximately $714.6 million;

·      borrowings under our subordinated unsecured credit facility of approximately $95.2 million; and

·       the sale of equity securities to investment funds managed by GTCR and other related investors and certain members of our senior management for approximately $207.8 million.

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We received $281.8 million in net proceeds from our initial public offering, which we completed on May 16, 2007, after deducting underwriting discounts, commissions and expenses of approximately $25.4 million, and $610.7 million in net proceeds under our amended and restated credit facility, after debt issuance costs of approximately $4.4 million. $889.2 million of the $892.5 million of combined net proceeds were used to repay (1) $538.6 million under our then existing first lien credit facility, (2) $226.2 million under our then existing second lien credit facility, and (3) $124.4 million under our then existing subordinated unsecured credit (mezzanine) facility.

This excerpt taken from the SLH 10-Q filed Jun 25, 2007.
                Financing activities.    Cash provided by financing activities was $3.0 million and $32.9 million cash used by financing activities during the nine months ended March 31, 2007 and March 31, 2006 respectively.  Financing activities in the nine months ended March 31, 2006 included net amounts returned to ADP, the parent of our predecessor.  Cash provided by financing activities during the nine months ended March 31, 2007, consisted primarily of issuances of debt, offset by the payment of principal on our long-term borrowings. Other principal financing activities in the final quarter of fiscal 2007 will include the refinancing transactions.

                On May 16, 2007, we completed an initial public offering of shares of the Company's common stock.  In the initial public offering, the Company sold 19,200,000 shares of common stock and the selling stockholders sold 10,987,500 shares of common stock, which included 3,937,500 shares of common stock sold by the selling stock-holders pursuant to the underwriters' over-allotment option.  In connection with the public offering, the Company amended its corporate status and 

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converted from an LLC to a Delaware corporation with 150,000,000 authorized shares of common stock, par value $0.01 and 15,000,000 authorized shares of preferred stock, par value $0.01. 

                The Company received approximately $283.0 million in net proceeds from the initial public offering, after deducting underwriting discounts, commissions and expenses of approximately $24.2 million, and $607.6 million in net proceeds under the amended and restated credit facility, after debt issuance costs of approximately $3.8 million. $889.2 million of the $890.6 million of combined net proceeds were used to repay (i) $538.6 million under the first lien credit facility for all outstanding term loans and accrued interest thereon, (ii) $226.2 million under the second lien credit facility for all borrowings and accrued interest thereon, and a related prepayment premium of $4.5 million, and (iii) $124.4 million under the subordinated unsecured credit (mezzanine) facility for all borrowings and accrued interest thereon, and a related prepayment premium of $2.5 million. The Company estimates that the total expenses of the offering were approximately $8.0 million, of which $3.0 million was paid prior to the closing date of the offering.

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