OfficeMax 2006 Annual Report Download - page 74

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70
13. Debt
Long-Term Debt
Long-term debt, almost all of which isunsecured, consists of the following at year end:
2006 2005
(thousands)
7.50% notes, due in 2008 .........................................$ 29,656 $ 29,601
9.45%debentures, due in 2009....................................35,707 35,764
6.50% notes, due in 2010 .........................................13,680 13,680
7.00% notes, due in 2013 .........................................19,100 19,100
7.35%debentures, due in 2016....................................17,967 17,966
Medium-term notes, Series A, withinterest rates averaging7.8% and
7.7%, due in varying amounts annually through 2013 ............... 82,300 121,000
Revenue bonds, with interest rates averaging 6.4% and 6.4%, due in
varyingamounts annually through 2029...........................189,930 189,930
American & Foreign Power Company Inc. 5% debentures, due in 2030.. 18,526
18,469
Other indebtedness, with interest ratesaveraging 7.1% and 5.5%, due in
varyingamounts annually through 2017...........................3,687 31,044
410,553 476,554
Less unamortized discount ........................................673 664
Less current portion ..............................................25,634 68,648
384,246 407,242
5.42% securitized timber notes, due in 2019 .........................735,000 735,000
5.54% securitized timber notes, due in 2019 .........................735,000 735,000
$1,854,246 $1,877,242
In 2004, the Company repaid approximately $1.6 billion of outstanding debt, primarily with the
proceeds fromthe Sale,and expensed $137.1million ofcosts related to the early retirement of debt.
In 2005, the Company expensed an additional $14.4million of costs related to the early retirement of
debt and repaid an additional $198.7 million ofoutstanding debt. During 2006,the Company reduced
its short andlong-term borrowing by $84.3 million.
Scheduled Debt Maturities
Thescheduled paymentsof long-term debt, excluding timber notesdue in 2019, are $25.6 million
in 2007, $35.1 millionin2008, $50.9 millionin2009, $15.8 million in2010, $0.5 millionin 2011 and
$282.7 million thereafter.
Credit Agreements
On June 24, 2005,the Company entered into a loan and security agreement for anew revolving
credit facility. The revolving credit facility permits the Company to borrow up to the maximum
aggregate borrowing amount, which is equal tothe lesser of (i)a percentage of the value of certain
eligible inventory less certain reserves or (ii) $500 million. In the secondquarter of2006, the Company
amended therevolving credit agreement to provide greater access to the borrowing base availability
under the facility. There were no borrowings outstanding underthe revolving credit facility as of
December 30, 2006. There were $18.7million inborrowings outstanding under the revolving credit
facility as of December 31, 2005. The maximum amount outstanding under the revolving credit facility
was $122.0 millionand $101.0 million during 2006 and 2005,respectively. The average amount
outstanding under the revolving credit facility was $20.6 million during 2006 and $30.3 million during