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CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
74
7. Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses at December 31, 2007 and 2006, were as follows (in
thousands):
2007 2006
Trade accounts payable................................................................................... $ 20,754 $ 16,248
Accrued taxes, other than income taxes................................................................. 5,664 3,850
Accrued payroll and fringe benefits ....................................................................... 21,198 21,326
Accrued interest payable......................................................................................... 800 1,456
Purchase consideration payable.............................................................................. 22,704 33,761
Accrual for losses on third-party lender-owned cash advances............................ 1,828 1,153
Acquisition costs payable ....................................................................................... ʊ 844
Other accrued liabilities .................................................................................. 14,451 12,579
Total ................................................................................................................... $ 87,399 $ 91,217
8. Long-term Debt
The Company’s long-term debt instruments and balances outstanding at December 31, 2007 and
2006, were as follows (in thousands):
2007 2006
Line of credit up to $250.0 million, due 2012 ..........................................
.
$ 171,777 $ 81,677
6.21% senior unsecured notes due 2021 ...................................................
.
25,000 25,000
6.09% senior unsecured notes due 2016 ...................................................
.
35,000 35,000
6.12% senior unsecured notes due 2015 ...................................................
.
40,000 40,000
7.20% senior unsecured notes due 2009 ...................................................
.
17,000 25,500
7.10% senior unsecured notes due 2008 ...................................................
.
ʊ 8,572
8.14% senior unsecured notes due 2007 ...................................................
.
ʊ 4,000
Total debt.............................................................................................
.
288,777 219,749
Less current portion ..................................................................................
.
8,500 16,786
Total long-term debt ............................................................................
.
$ 280,277 $ 202,963
In March 2007, the Company amended its line of credit to extend the final maturity by two years, to
March 2012. The amended credit agreement also contained a provision for the ratable $50.0 million increase
in the committed amounts, up to $300.0 million, upon the Company’s request and approval by the lenders.
See Note 23.
Interest on the amended line of credit is charged, at the Company’s option, at either LIBOR plus a
margin or at the agent’s base rate. The margin on the line of credit varies from 0.875% to 1.625% (1.125%
at December 31, 2007), depending on the Company’s cash flow leverage ratios as defined in the amended
agreement. The Company also pays a fee on the unused portion ranging from 0.25% to 0.30% (0.25% at
December 31, 2007) based on the Company’s cash flow leverage ratios. The weighted average interest rate
(including margin) on the line of credit at December 31, 2007 was 6.2%. On December 27, 2007, the
Company entered into an interest rate cap agreement with a notional amount of $10.0 million of the
Company’s outstanding floating rate line of credit for a term of 24 months at a fixed rate of 4.75%. See
Note 13.