OfficeMax 2015 Annual Report Download - page 85
Download and view the complete annual report
Please find page 85 of the 2015 OfficeMax annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75 -
76 -
77 -
78 -
79 -
80 -
81 -
82 -
83 -
84 -
85 -
86 -
87 -
88 -
89 -
90 -
91 -
92 -
93 -
94 -
95 -
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
 |
 |
Table of Contents
Debt consists of the following:
(In millions)
December 27,
2014
Recourse debt:
Short-term borrowings and current maturities of long-term debt:
Short-term borrowings $ 1
Capital lease obligations 29
7.35% debentures, due 2016 —
Other current maturities of long-term debt 2
Total $ 32
Long-term debt, net of current maturities:
Senior Secured Notes, due 2019 $ 250
Unamortized debt issuance cost (4)
Senior Secured Notes, due 2019, net 246
7.35% debentures, due 2016 18
Revenue bonds, due in varying amounts periodically through 2029 186
American & Foreign Power Company, Inc. 5% debentures, due 2030 14
Capital lease obligations 192
Other 14
Total $ 670
Non-recourse debt:
5.42% Securitization Notes, due 2019 — Refer to Note 7 $ 735
Unamortized premium 104
Total $ 839
The Company was in compliance with all applicable financial covenants of existing loan agreements at December 26, 2015.
On May 25, 2011, the Company entered into an Amended and Restated Credit Agreement with a group of lenders. Additional amendments to the Amended
and Restated Credit Agreement have been entered into and were effective February 2012, March 2013, November 2013, and May 2015 (the Amended and
Restated Credit Agreement including all amendments is referred to as the “Amended Credit Agreement”). The Amended Credit Agreement provides for an
asset based, multi-currency revolving credit facility of up to $1.25 billion (the “Facility”). The Amended Credit Agreement also provides that the Facility
may be increased by up to $250 million, subject to certain terms and conditions, including obtaining increased commitments from existing or new lenders.
The amount that can be drawn on the Facility at any given time is determined based on percentages of certain accounts receivable, inventory and credit card
receivables (the “Borrowing Base”). The Facility includes a sub-facility of up to $200 million which is available to certain of the Company’s European and
Canadian subsidiaries (the “European Borrowers”). Certain of the Company’s domestic subsidiaries guaranty the
83