Rogers 2005 Annual Report Download - page 125

Download and view the complete annual report

Please find page 125 of the 2005 Rogers 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.

Page out of 154

  • 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
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154

121 ROGERS 2005 ANNUAL REPORT . NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The Bank Credit Facility requires, among other things, that Cable satisfy certain financial covenants, including the
maintenance of certain financial ratios. The interest rate charged on the Bank Credit Facility ranges from nil to 2.0% per
annum over the bank prime rate or base rate or 0.625% to 3.25% per annum over the bankers’ acceptance rate or LIBOR.
(i i ) Se n i or Se c ur e d S e co n d P r io r it y No t es , d u e 2 0 05 :
On March 15, 2005, Cable repaid US$291.5 million aggregate principal amount of its 10.0% Senior Secured Second Priority
Notes due March 15, 2005.
(i i i ) S e ni o r S ec u r ed Se c on d Pr i or i ty N ot e s, du e 20 0 7:
Cable’s $450.0 million Senior Secured Second Priority Notes mature on February 6, 2007. The Notes are redeemable at
Cable’s option, in whole or in part, at any time, subject to a certain prepayment premium.
(i v ) S e ni o r S e cu r ed Sec o nd Pr i ori t y N ot e s , d ue 20 1 1 :
On November 30, 2004, Cable issued $175.0 million Senior Secured Second Priority Notes due on December 15, 2011. These
Notes are redeemable at Cable’s option, in whole or in part, at any time, subject to a certain prepayment premium.
(v ) S en i o r S ec u re d Se c on d P r i or i ty No t e s, du e 2 0 1 2:
Cable’s US$350.0 million Senior Secured Second Priority Notes mature on May 1, 2012. The Notes are redeemable at
Cable’s option, in whole or in part, at any time, subject to a certain prepayment premium.
(v i ) S e ni o r S e cu r ed Sec o nd Pr i ori t y N ot e s , d ue 20 1 3 :
On June 19, 2003, Cable issued US$350.0 million Senior Secured Second Priority Notes due June 15, 2013. The Notes are
redeemable at Cable’s option, in whole or in part, at any time, subject to a certain prepayment premium.
(v i i ) Se n i or Se c ur e d S e co n d P r io r it y No t es , d u e 2 0 14 :
On March 11, 2004, Cable issued US$350.0 million Senior Secured Second Priority Notes due March 15, 2014. The Notes are
redeemable at Cable’s option, in whole or in part, at any time, subject to a certain prepayment premium.
(v i i i) S en i or S ec u re d Se c on d P r i or i ty No t e s, du e 2 0 1 5:
On November 30, 2004, Cable issued US$280.0 million Senior Secured Second Priority Notes, due on March 15, 2015. The
Notes are redeemable at Cable’s option, in whole or in part, at any time, subject to a certain prepayment premium.
(i x ) S e ni o r S e cu r ed Sec o nd Pr i ori t y D eb e n tu r es , d u e 2 0 32 :
Cable’s US$200.0 million 8.75% Senior Secured Second Priority Debentures mature on May 1, 2032. The debentures are
redeemable at Cable’s option, in whole or in part, at any time, subject to a certain prepayment premium.
Each of Cable’s Senior Secured Notes and Debentures described above is secured by the pledge of a senior
bond which is secured by the same security as the security for the Bank Credit Facility described in note 11(c)(i) and rank
equally in regard to the proceeds of any enforcement of security with the Tranche B Credit Facility.
(x ) S en i o r S ub o rd i n at e d G ua r a nt e ed De b e nt u re s , d u e 2 01 5 :
During 2005, Cable redeemed the US$113.7 million aggregate principal amount outstanding of the 11% Senior
Subordinated Guaranteed Debentures due 2015 at a redemption price of 105.5% of the aggregate principal amount
together with accrued and unpaid interest. This resulted in a loss on redemption of debt of $9.8 million including the
premium on redemption as well as the write-off of the related deferred financing costs.
Interest is paid semi-annually on all of Cable’s notes and debentures.
(d ) ME D IA :
Ba n k c r ed i t f a ci l it y :
In September 2005, Media amended its bank credit facility which is provided by a consortium of Canadian financial insti-
tutions. The maximum amount of the facility has been increased by $100.0 million to $600.0 million. The amendment also
served to extend the maturity date by four years to September 30, 2010; reduce interest rates and standby fees and relax
certain financial covenants.