Rayovac 2010 Annual Report Download - page 143

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SPECTRUM BRANDS HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(In thousands, except per share amounts)
The amortization expense related to intangibles subject to amortization for the Successor Company for
Fiscal 2010 and the period from August 31, 2009 through September 30, 2009, and the Predecessor Company for
the period from October 1, 2008 through August 30, 2009 and Fiscal 2008 is as follows:
Successor
Company Predecessor Company
2010
Period from
August 31, 2009
through
September 30,
2009
Period from
October 1, 2008
through
August 30,
2009 2008(A)
Proprietary technology amortization ................... $ 6,305 $ 515 $ 3,448 $ 3,934
Customer list amortization ........................... 35,865 2,988 14,920 23,327
Trade names amortization ........................... 3,750 10 731 426
$45,920 $3,513 $19,099 $27,687
(A) Fiscal 2008 includes amortization expense related to the year ended September 30, 2007 (“Fiscal 2007”), as
a result of the reclassification of the Home and Garden Business as a continuing operation during Fiscal
2008. (See also Note 11, Segment Results, for further details on amortization expense related to the Home
and Garden Business).
The Company estimates annual amortization expense for the next five fiscal years will approximate $55,630
per year.
(7) Debt
Debt consists of the following:
September 30, 2010 September 30, 2009
Amount Rate Amount Rate
Term Loan, U.S. Dollar, expiring June 16, 2016 ................... $ 750,000 8.1% $ — —
9.5% Senior Secured Notes, due June 15, 2018 .................... 750,000 9.5% — —
Term Loan B, U.S. Dollar ..................................... — — 973,125 8.1%
Term Loan, Euro ............................................ — — 371,874 8.6%
12% Notes, due August 28, 2019 ............................... 245,031 12.0% 218,076 12.0%
ABL Revolving Credit Facility, expiring June 16, 2014 ............. — 4.1% — —
Old ABL revolving credit facility ............................... — — 33,225 6.6%
Supplemental Loan .......................................... — — 45,000 17.7%
Other notes and obligations .................................... 13,605 10.8% 5,919 6.2%
Capitalized lease obligations ................................... 11,755 5.2% 12,924 4.9%
1,770,391 1,660,143
Original issuance discounts on debt ............................. (26,624) —
Fair value adjustment as a result of fresh-start reporting valuation ..... — (76,608)
Less current maturities ....................................... 20,710 53,578
Long-term debt ............................................. $1,723,057 $1,529,957
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