Neiman Marcus 2014 Annual Report Download - page 130
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Table of Contents
Interest Expense. The significant components of interest expense are as follows:
Asset-Based Revolving Credit Facility
$ 1,463
$ 311
$ 75
$ —
Senior Secured Term Loan Facility
125,558
102,818
3,687
—
Cash Pay Notes
76,800
57,556
2,773
—
PIK Toggle Notes
52,500
39,344
1,896
—
2028 Debentures
8,906
6,680
2,226
9,004
Former Asset-Based Revolving Credit Facility
—
—
477
1,453
Former Senior Secured Term Loan Facility
—
—
22,521
108,489
Senior Subordinated Notes
—
—
—
19,031
Amortization of debt issue costs
24,560
17,117
2,466
8,404
Other, net
136
1,031
1,194
6,977
$ 289,923
$ 224,857
$ 37,315
$ 153,358
Loss on debt extinguishment
—
7,882
—
15,597
Interest expense, net
$ 289,923
$ 232,739
$ 37,315
$ 168,955
We recorded interest expense of $8.4 million during the first quarter of fiscal year 2014 related to debt incurred as a result of the Acquisition.
At August 1, 2015, we had outstanding floating rate debt obligations of $3,028.5 million. In April 2014, we entered into interest rate cap agreements
(at a cost of $2.0 million) for an aggregate notional amount of $1,400.0 million to hedge the variability of our cash flows related to a portion of our floating
rate indebtedness. The interest rate cap agreements effectively cap LIBOR at 3.00% from December 2014 through December 2016 with respect to the
$1,400.0 million notional amount of such agreements. In the event LIBOR is less than 3.00%, we will pay interest at the lower LIBOR rate. In the event
LIBOR is higher than 3.00%, we will pay interest at the capped rate of 3.00%. On August 1, 2015, the fair value of our interest rate caps was negligible.
Gains and losses realized due to the expiration of applicable portions of the interest rate caps are reclassified to interest expense at the time our
quarterly interest payments are made. No gains or losses were realized in fiscal year 2015 or the thirty-nine weeks ended August 2, 2014. Losses of $0.4
million were realized in the thirteen weeks ended November 2, 2013 and losses of $3.5 million were realized in fiscal year 2013.
F-27