LensCrafters 2011 Annual Report Download - page 230

ANNUAL REPORT 2011> 154 |
the facility agreement) plus 0.15 percent. The final maturity of the credit facility was
eight months from the first utilization date. On April 29, 2008, the Company and
US Holdings entered into an amendment and transfer agreement to this short-term
bridge loan facility. The terms of this amendment and transfer agreement, among
other things, reduced the total facility amount from US$ 500 million to US$ 150
million, effective on July 1, 2008, and provided for a final maturity date that was 18
months from the effective date of the agreement. From July 1, 2008, interest accrued
at LIBOR (as defined in the facility agreement) plus 0.60 percent. On November
27, 2009, the Company and US Holdings amended the US$ 150 million short-term
bridge loan facility to, among other things, reduce the total facility amount from US$
150 million to US$ 75 million effective November 30, 2009, and provide for a final
maturity date of November 30, 2011. The new terms also provided for the repayment
of US$ 25 million on November 30, 2010 and the remaining principal at the final
maturity date. From November 30, 2009, interest accrued at LIBOR (as defined in
the facility agreement) plus 1.90 percent. US Holdings prepaid US$ 25 million on
September 8, 2010 and the remaining US$ 50 million on October 12, 2010 and at
such time the credit facility was terminated.
The fair value of long-term payables as of December 31, 2011 was equal to Euro 2,804.7
million. The fair value of the debts was equal to the present value of future cash flows,
calculated by utilizing the market rate that is currently available for similar debt and
modified in order to take into account the credit rating of the Company.
As of December 31, 2011, the Group had unused committed (revolving) credit lines of
Euro 692.2 million.
(e) Other loans consist of several small credit agreements which are not material.
Long-term debt, including capital lease obligations, as of December 31, 2011 matures as
follows:
Years ended December 31 (thousands of Euro)
2012 498,295
2013 737,153
2014 300,000
2015 598,153
2016 and subsequent years 604,676
Effect deriving from the adoption of the amortized cost method 4,601
Total 2,742,878