Spc Debt Structure
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DEBT
Debt consists of the following:
December 30, 2007 September 30, 2007
Amount Rate(A) Amount Rate(A)
Senior Subordinated Notes, due February 1, 2015
$ 700,000 7.4 % $ 700,000 7.4 %
Senior Subordinated Notes, due October 1, 2013
2,873 8.5 % 2,873 8.5 %
Senior Subordinated Notes, due October 2, 2013
347,012 11.5 % 347,012 11.3 %
Term Loan B, U.S. Dollar, expiring March 30, 2013
986,410 9.2 % 997,500 9.6 %
Term Loan, Euro, expiring March 30, 2013
377,957 9.3 % 369,855 8.8 %
Revolving Credit Facility, expiring September 28, 2011
105,000 7.7 % — —
Other notes and obligations
36,468 5.8 % 28,719 5.6 %
Capitalized lease obligations
14,398 4.9 % 14,395 5.0 %
2,570,118 2,460,354
Less current maturities
57,884 43,438
Long-term debt
$ 2,512,234 $ 2,416,916
Interest rates on senior credit facilities represent the period-end weighted average rates on balances outstanding exclusive of the effects of any interest rate swaps.
Senior Credit Facilities
During the second quarter of Fiscal 2007, the Company refinanced its outstanding senior credit facilities with new senior secured credit facilities pursuant to a new senior credit agreement (the “Senior Credit Agreement”) consisting of a $1,000,000 U.S. Dollar Term B Loan facility (the “U.S. Dollar Term B Loan”), a $200,000 U.S. Dollar Term B II Loan facility (the “U.S. Dollar Term B II Loan”), a €262,000 Term Loan facility (the “Euro Facility”), and a $50,000 synthetic letter of credit facility (the “L/C Facility”). The proceeds of borrowings under the Senior Credit Agreement were used to repay all outstanding obligations under the Company’s Fourth Amended and Restated Credit Agreement, dated as of February 7, 2005, to pay fees and expenses in connection with the refinancing and the exchange offer completed on March 30, 2007 relating to certain of our senior subordinated notes and for general corporate purposes. Subject to certain mandatory prepayment events, the term loan facilities under the Senior Credit Agreement are subject to repayment according to a scheduled amortization, with the final payment of all amounts outstanding, plus accrued and unpaid interest, due on March 30, 2013. Letters of credit issued pursuant to the L/C Facility are required to expire, at the latest, five business days prior to March 30, 2013.
On September 28, 2007, as provided for in the Senior Credit Agreement, the Company entered into a $225,000 U.S. Dollar Asset Based Revolving Loan Facility (the “ABL Facility”) pursuant to a new credit agreement (the “ABL Credit Agreement”). The ABL Facility replaced the U.S. Dollar Term B II Loan, which was simultaneously prepaid using cash on hand generated from the Company’s operations and available cash from prior borrowings under its Senior Credit Agreement in connection with the above-referenced refinancing. The Company, at its option, may increase the existing $225,000 commitment under the ABL Facility up to $300,000 upon request to the lenders under the ABL Facility and upon meeting certain criteria specified in the ABL Credit Agreement. The ABL Credit Facility has a maturity date of September 28, 2011, subject to certain mandatory prepayment events. As a result of the prepayment of the U.S. Dollar Term B II Loan, under the terms of the ABL Credit Agreement