VSH » Topics » Term Loan

These excerpts taken from the VSH 10-K filed Feb 26, 2009.

Term Loan

The Company borrowed $125 million under the amended credit facility in the form of a senior secured term loan in July 2008 for the purpose of repurchasing the Company’s 3-5/8% convertible subordinated notes due 2023 (as further described below). The principal amount is due in semi-annual installments payable on January 1 and July 1 through 2011. The principal amount of the repayments due in 2009 and 2010 will each equal $12.5 million, and the principal amount repayments due in 2011 will each equal $37.5 million. The Company made the installment payment that was due on January 1, 2009 on December 31, 2008. There are no penalties for early payments of the term loan. Prepayments of the term loan principal would reduce all future principal payments under the term loan. The borrowings under the term loan, based on current leverage ratios, bear interest at LIBOR plus 2.50%.

Term Loan


The Company borrowed $125 million under
the amended credit facility in the form of a senior secured term loan in July
2008 for the purpose of repurchasing the Company’s 3-5/8% convertible
subordinated notes due 2023 (as further described below). The principal amount
is due in semi-annual installments payable on January 1 and July 1 through 2011.
The principal amount of the repayments due in 2009 and 2010 will each equal
$12.5 million, and the principal amount repayments due in 2011 will each equal
$37.5 million. The Company made the installment payment that was due on January
1, 2009 on December 31, 2008. There are no penalties for early payments of the
term loan. Prepayments of the term loan principal would reduce all future
principal payments under the term loan. The borrowings under the term loan,
based on current leverage ratios, bear interest at LIBOR plus 2.50%.


EXCERPTS ON THIS PAGE:

10-K (2 sections)
Feb 26, 2009
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