Express Scripts 2013 Annual Report Download - page 80

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Express Scripts 2013 Annual Report 80
7. Financing
The Company’s debt, net of unamortized discounts and premiums, consists of:
December 31,
(in millions) 2013 2012
Long-term debt:
March 2008 Senior Notes
7.125% senior notes due 2018 $ 1,378.5 $ 1,417.2
6.125% senior notes due 2013 — 303.3
1,378.5 1,720.5
June 2009 Senior Notes
6.250% senior notes due 2014 — 998.7
7.250% senior notes due 2019 497.9 497.6
497.9 1,496.3
September 2010 Senior Notes
2.750% senior notes due 2015 506.9 510.9
4.125% senior notes due 2020 506.8 507.6
1,013.7 1,018.5
May 2011 Senior Notes
3.125% senior notes due 2016 1,497.0 1,495.8
November 2011 Senior Notes
3.500% senior notes due 2016 1,249.8 1,249.7
4.750% senior notes due 2021 1,241.2 1,240.3
2.750% senior notes due 2014 899.7 899.4
6.125% senior notes due 2041 698.4 698.4
4,089.1 4,087.8
February 2012 Senior Notes
2.650% senior notes due 2017 1,490.7 1,487.9
2.100% senior notes due 2015 998.1 996.5
3.900% senior notes due 2022 981.9 980.0
3,470.7 3,464.4
Term facility due August 29, 2016 with an average interest rate of 1.92% at December 31,
2013 and 1.96% at December 31, 2012 2,000.0 2,631.6
Other 0.1 0.1
Total debt 13,947.0 15,915.0
Less: Current maturities of long-term debt 1,584.0 934.9
Total long-term debt $ 12,363.0 $ 14,980.1
BANK CREDIT FACILITIES
On August 29, 2011, ESI entered into a credit agreement (the “credit agreement”) with a commercial bank
syndicate providing for a five-year $4,000.0 million term loan facility (the “term facility”) and a $1,500.0 million revolving
loan facility (the “revolving facility”). The term facility was used to pay a portion of the cash consideration 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 revolving facility is available for general corporate purposes.
The term facility and the revolving facility both mature on August 29, 2016. As of December 31, 2013, no amounts were drawn
under the revolving facility. The Company makes quarterly principal payments on the term facility. Additionally, during the
fourth quarter of 2012, the Company paid down $1,000.0 million of the term facility. As of December 31, 2013, $2,000.0
million was outstanding under the term facility with an average interest rate of 1.92%, of which $684.2 million is considered