Best Buy 2001 Annual Report Download - page 44

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45
$ in thousands, except per share amounts
3. Debt
March 3 Feb. 26
2001 2000
Senior subordinated notes, face amount $109,500, unsecured, due 2003,
interest rate 9.0%, effective rate 8.9% $ 1 10,471 $ —
Senior subordinated notes, face amount $150,0 00, unsecured, due 2008,
interest rate 9.9%, effective rate 8.5% 160,574 —
Mortgage and other debt, interest rates ranging from 5.3% to 9.4 % 24,904 30,650
Total debt 295,949 30,650
Less: current portion (1 14,940) (1 5,790)
Long-term debt $ 1 81,009 $ 14,860
The mortgage and other debt are secured by certain property and equipment with a net book value of $ 43,500 and $3 5,600
at March 3, 2001, and February 26, 2000, respectively.
During fiscal 2001, 2000 and 1999, interest paid totaled $7,000, $5,300 and $23,80 0, respectively.
During fiscal 2001, 2000 and 1999, interest expense totaled $6,900, $5,100 and $19,400, respectively, and is included in net
interest income. The fair value of long-term debt approximates the carrying value.
The future maturities of long-term debt consist of the following:
Fiscal Year
2002 $114,940
2003 2,036
2004 895
2005 745
2006 810
Thereafter 176,523
$295,949
Best Buy Co., Inc.
N otes