Express Scripts 2012 Annual Report Download - page 77

Download and view the complete annual report

Please find page 77 of the 2012 Express Scripts annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 120

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120

Express Scripts 2012 Annual Report 75
74
7. Financing
The Company’s debt, net of unamortized discounts and premiums, consists of:
December 31,
December 31,
(in millions)
2012
2011
Long-term debt:
March 2008 Senior Notes (acquired)
7.125% senior notes due 2018
$
1,417.2
$
-
6.125% senior notes due 2013
303.3
-
1,720.5
-
June 2009 Senior Notes
6.250% senior notes due 2014
998.7
997.8
7.250% senior notes due 2019
497.6
497.3
5.250% senior notes due 2012
-
999.9
1,496.3
2,495.0
September 2010 Senior Notes (acquired)
2.750% senior notes due 2015
510.9
-
4.125% senior notes due 2020
507.6
-
1,018.5
-
May 2011 Senior Notes
3.125% senior notes due 2016
1,495.8
1,494.6
November 2011 Senior Notes
3.500% senior notes due 2016
1,249.7
1,249.7
4.750% senior notes due 2021
1,240.3
1,239.4
2.750% senior notes due 2014
899.4
899.0
6.125% senior notes due 2041
698.4
698.4
4,087.8
4,086.5
February 2012 Senior Notes
2.650% senior notes due 2017
1,487.9
-
2.100% senior notes due 2015
996.5
-
3.900% senior notes due 2022
980.0
-
3,464.4
-
Term facility due August 29, 2016 with an average
interest rate of 1.96% at December 31, 2012
2,631.6
-
Other
0.1
0.2
Total debt
15,915.0
8,076.3
Less: Current maturities of long-term debt
934.9
999.9
Total long-term debt
$
14,980.1
$
7,076.4
BANK CREDIT FACILITIES
On August 29, 2011, ESI entered into a credit agreement (the “new credit agreement”) with a commercial
bank syndicate providing for a five-year $4.0 billion term loan facility (the “term facility”) and a $1.5 billion
revolving loan facility (the “new revolving facility”). The term facility was used to pay a portion of the cash
consideration paid in connection with the Merger (as discussed in Note 3 – Changes in business), to repay existing
indebtedness and to pay related fees and expenses. Subsequent to consummation of the Merger on April 2, 2012, the
new revolving facility is available for general corporate purposes and replaced ESI’s $750.0 million credit facility
(discussed below) upon funding of the term facility on April 2, 2012. The term facility and the new revolving
facility both mature on August 29, 2016. As of December 31, 2012, no amounts were drawn under the new
revolving facility. The Company makes quarterly principal payments on the term facility. Additionally, during the