Albertsons 2008 Annual Report Download - page 89

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SUPERVALU INC. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
using the effective interest method over the remaining terms of the respective debt instruments. In the table
below, the stated interest rates for the debt assumed from New Albertsons are followed by the effective rates in
parentheses resulting from the discounts and premiums due to purchase accounting fair value adjustments.
2008 2007
6.01% to 8.70% (5.44% to 8.97%) Senior Notes, Medium Term Notes and Debentures due
through May 2037 (face amounts $5,340) $5,133 $5,174
4.50% to 6.50% Revolving Credit Facility and Variable Rate Notes 1,933 2,608
3.91% Accounts Receivable Securitization Facility 272 159
2.27% to 2.45% Variable Rate Industrial Revenue Bonds 47 49
3.93% to 10.74% (3.93% to 7.75%) Secured Mortgages, secured by assets with a net book
value of $67, due through May 2014 (face amount $45) 46 38
Other 20 61
7,451 8,089
Less current maturities (267) (226)
Long-term debt $7,184 $7,863
Aggregate amount of payments for debt as of February 23, 2008 were:
Fiscal Year
2009 $ 267
2010 1,119
2011 1,129
2012 391
2013 1,485
Thereafter 3,060
The payments above include the potential accelerations due to the debt holders’ ability to cause the Company to
repurchase the debt.
Certain of the Company’s credit facilities and long-term debt agreements have restrictive covenants and cross-
default provisions which generally provide, subject to the Company’s right to cure, for the acceleration of
payments due in the event of a breach of the covenant or a default in the payment of a specified amount of
indebtedness due under certain other debt agreements. The Company was in compliance with all such covenants
and provisions for all periods presented.
On June 1, 2006, the Company executed senior secured credit facilities in the amount of $4,000. These facilities
were provided by a group of lenders and consist of a $2,000 five-year revolving credit facility (the “Revolving
Credit Facility”), a $750 five-year term loan (“Term Loan A”) and a $1,250 six-year term loan (“Term Loan B”).
Pursuant to an amendment to the facilities effective March 8, 2007, rates on the facilities were tied to LIBOR
plus 0.375 percent to 1.75 percent or the Prime Rate plus 0.00 percent to 0.75 percent, depending on the type of
borrowing and the Company’s credit ratings, with facility fees ranging from 0.10 percent to 0.50 percent, also
depending on the Company’s credit ratings. The rates in effect on outstanding borrowings under the facilities as
F-23