OfficeMax 2010 Annual Report Download - page 81

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10. Debt
The Company’s debt, almost all of which is unsecured, consists of both recourse and non-recourse
obligations as follows at year-end:
2010 2009
(thousands)
Recourse debt:
6.50% notes, paid in 2010 ................................................ $ — $ 13,680
7.35% debentures, due in 2016 ............................................ 17,967 17,967
Medium-term notes, Series A, with interest rates averaging 7.9%, due in varying
amounts periodically through 2014 ....................................... 36,900 36,900
Revenue bonds, with interest rates averaging 6.4% , due in varying amounts
periodically through 2029 .............................................. 185,505 189,930
American & Foreign Power Company Inc. 5% debentures, due in 2030 ............ 18,526 18,526
Grupo OfficeMax installment loans, due in monthly installments through 2014 ...... 13,096 16,085
Other indebtedness, with interest rates averaging 6.8% and 7.0%, due in varying
amounts annually through 2016 ......................................... 3,536 4,528
275,530 297,616
Less unamortized discount ............................................... 535 564
Less current portion ..................................................... 4,560 22,430
$ 270,435 $ 274,622
Non-recourse debt:
5.42% securitized timber notes, due in 2019 ................................. $ 735,000 $ 735,000
5.54% securitized timber notes, due in 2019 ................................. 735,000 735,000
$1,470,000 $1,470,000
Scheduled Debt Maturities
The scheduled payments of recourse debt, are as follows:
Total
(thousands)
2011 ............................................................................. $ 4,560
2012 ............................................................................. 39,186
2013 ............................................................................. 5,676
2014 ............................................................................. 1,820
2015 ............................................................................. 105
Thereafter ......................................................................... 224,183
Total ............................................................................. $275,530
Credit Agreements
On July 12, 2007, the Company entered into an Amended and Restated Loan and Security Agreement (the
“U.S. Credit Agreement”) with a group of banks. The U.S. Credit Agreement permits the Company to borrow up
to a maximum of $700 million subject to a borrowing base calculation that limits availability to a percentage of
eligible accounts receivable plus a percentage of the value of eligible inventory less certain reserves. The U.S.
Credit Agreement may be increased (up to a maximum of $800 million) at the Company’s request or reduced
from time to time, in each case according to the terms detailed in the U.S. Credit Agreement. Letters of credit,
which may be issued under the U.S. Credit Agreement up to a maximum of $250 million, reduce available
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