Best Buy 2000 Annual Report Download - page 41

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39
$ in thousands, except per share amounts
Best Buy Co., Inc. Fiscal 2000 Annual Report
The future maturities of long-term debt consist of the following:
Fiscal Year Capital Leases Other
2001 $ 7,631 $ 8,167
2002 18 4,251
2003 – 1,445
2004 – 895
2005 – 745
Thereafter – 7,506
7,649 $ 23,009
Less amount representing interest 8
Minimum lease payments $ 7,641
Senior Subordinated Notes
On October 5, 1998, the Company prepaid its $150,000, 85⁄8% Senior Subordinated Notes due October 1, 2000,
at 102.5% of their par value.The prepayment premium of $3,750 and the write-off of the remaining deferred
debt offering costs of approximately $1,100 were included in interest expense in fiscal 1999.
4. Convertible Preferred Securities of Subsidiary
In November 1994, the Company and Best Buy Capital, L.P., a special-purpose limited partnership in which
the Company was the sole general partner, completed the public offering of 4.6 million convertible monthly
income preferred securities with a liquidation preference of $50 per security. The securities were convertible
into shares of the Company’s common stock at the rate of 4.444 shares per security (equivalent to a conversion
price of $11.25 per share). In April 1998, substantially all of the preferred securities were converted into
approximately 20.4 million shares of common stock. The remaining preferred securities were redeemed in
June 1998 for cash of $671.
Notes to Consolidated Financial Statements