Priceline 2014 Annual Report Download - page 105

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Revolving Credit Facility
In October 2011, the Company entered into a $1.0 billion five -year unsecured revolving credit facility with a group of lenders.
Borrowings under the revolving credit facility will bear interest, at the Company's option, at a rate per annum equal to either (i) the adjusted
LIBOR for the interest period in effect for such borrowing plus an applicable margin ranging from 1.00% to 1.50% ; or (ii) the greatest of
(a) JPMorgan Chase Bank, National Association's prime lending rate, (b) the federal funds rate plus 0.50% , and (c) an adjusted LIBOR for an
interest period of one month plus 1.00% , plus an applicable margin ranging from 0.00% to 0.50% . Undrawn balances available under the
revolving credit facility are subject to commitment fees at the applicable rate ranging from 0.10% to 0.25% .
The revolving credit facility provides for the issuance of up to $100.0 million of letters of credit as well as borrowings of up to $50
million on same-day notice, referred to as swingline loans. Borrowings under the revolving credit facility may be made in U.S. Dollars, Euros,
British Pounds Sterling and any other foreign currency agreed to by the lenders. The proceeds of loans made under the facility will be used for
working capital and general corporate purposes.
The Company funded the acquisition of OpenTable in July 2014 from cash on hand in the United States and $995 million borrowed
under the Company's revolving credit facility, which the Company repaid during the third quarter of 2014. As of December 31, 2014 and 2013 ,
there were no borrowings under the facility, and approximately $4.0 million and $2.2 million , respectively, of letters of credit issued under the
facility.
Outstanding Debt
Outstanding debt as of December 31, 2014 consisted of the following (in thousands):
Outstanding debt as of December 31, 2013 consisted of the following (in thousands):
Based upon the closing price of the Company's common stock for the prescribed measurement periods during the three months ended
December 31, 2013 , the contingent conversion threshold on the 2015 Notes (as defined below) was exceeded.
100
11.
DEBT
December 31, 2014
Outstanding
Principal
Amount
Unamortized
Debt
Discount
Carrying
Value
Short-term debt:
1.25% Convertible Senior Notes due March 2015
$
37,524
$
(329
)
$
37,195
Long-term debt:
1.0% Convertible Senior Notes due March 2018
$
1,000,000
$
(74,834
)
$
925,166
0.35% Convertible Senior Notes due June 2020
1,000,000
(138,114
)
861,886
0.9% Convertible Senior Notes due September 2021
1,000,000
(136,299
)
863,701
2.375% (€1 Billion) Senior Notes due September 2024
1,210,068
(11,065
)
1,199,003
Total long-term debt
$
4,210,068
$
(360,312
)
$
3,849,756
December 31, 2013
Outstanding
Principal
Amount
Unamortized
Debt
Discount
Carrying
Value
Short-term debt:
1.25% Convertible Senior Notes due March 2015
$
160,464
$
(8,533
)
$
151,931
Long-term debt:
1.0% Convertible Senior Notes due March 2018
$
1,000,000
$
(96,797
)
$
903,203
0.35% Convertible Senior Notes due June 2020
1,000,000
(161,156
)
838,844
Total long-term debt
$
2,000,000
$
(257,953
)
$
1,742,047