Pep Boys 2013 Annual Report Download - page 123

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THE PEP BOYS—MANNY, MOE & JACK AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Years ended February 1, 2014, February 2, 2013 and January 28, 2012
NOTE 3—OTHER CURRENT ASSETS
The following are the components of other current assets:
February 1, February 2,
(dollar amounts in thousands) 2014 2013
Reinsurance receivable ............................ $61,182 $59,160
Income taxes receivable ............................ 1,643 668
Other ......................................... 580 610
Total ......................................... $63,405 $60,438
NOTE 4—ACCRUED EXPENSES
The following are the components of accrued expenses:
February 1, February 2,
(dollar amounts in thousands) 2014 2013
Casualty and medical risk insurance ................... $153,830 $152,606
Accrued compensation and related taxes ................ 30,645 27,641
Sales tax payable ................................. 12,245 11,556
Other ......................................... 40,683 40,474
Total ......................................... $237,403 $232,277
NOTE 5—DEBT AND FINANCING ARRANGEMENTS
The following are the components of debt and financing arrangements:
February 1, February 2,
(dollar amounts in thousands) 2014 2013
Senior Secured Term Loan, due October 2018 ........... $198,000 $200,000
Revolving Credit Agreement, through July 2016 .......... 3,500 —
Long-term debt ................................ 201,500 200,000
Current maturities ................................ (2,000) (2,000)
Long-term debt less current maturities ............... $199,500 $198,000
Senior Secured Term Loan due October 2018
On October 11, 2012, the Company entered into the Second Amended and Restated Credit
Agreement among the Company, Wells Fargo Bank, N.A., as Administrative Agent, and the other
parties thereto that (i) increased the size of the Company’s Senior Secured Term Loan (the ‘‘Term
Loan’’) to $200.0 million, (ii) extended the maturity of the Term Loan from October 27, 2013 to
October 11, 2018, (iii) reset the interest rate under the Term Loan to the London Interbank Offered
Rate (LIBOR), subject to a floor of 1.25%, plus 3.75% and (iv) added an additional 16 of the
Company’s owned locations to the collateral pool securing the Term Loan. The amended and restated
Term Loan was deemed to be substantially different than the prior Term Loan, and therefore the
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