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 Companys 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.
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: