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This excerpt taken from the TFX 10-K filed Mar 1, 2007. Note 8 —
Borrowings
Long-term borrowings at year end consisted of the following:
The various senior and term note agreements require the
maintenance of certain financial ratios and limit the repurchase
of the Company’s stock and payment of cash dividends. As of
December 31, 2006, the Company was in compliance with these
provisions. Under the most restrictive of these provisions,
$148,000 of retained earnings was available for dividends and
stock repurchases at December 31, 2006.
Notes payable at December 31, 2006 consists of demand loans
due to banks of $24,324 at an average interest rate of 5.2%. In
addition, the Company has approximately $571,000 available under
several interest rate alternatives in unused lines of credit.
Interest expense in 2006, 2005 and 2004 did not differ
materially from interest paid, nor did the carrying value of
year-end long-term borrowings differ materially from fair value.
Table of Contents
TELEFLEX
INCORPORATED AND SUBSIDIARIES
NOTES TO
CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)
The aggregate amount of notes payable and long-term debt,
including capital leases, maturing in the next five years are as
follows:
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