Cash America 2007 Annual Report Download - page 95

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CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
75
At December 31, 2007 and 2006, borrowings under the Company’s bank line of credit consisted of
three pricing tranches with conclusion dates ranging from 1 to 32 days, respectively. However, pursuant to
the bank line of credit agreement which expires in 2012, the Company routinely refinances these borrowings
within its long-term facility. Therefore, these borrowings are reported as part of the line of credit and as
long-term debt.
On December 19, 2006, the Company issued $60.0 million of senior unsecured long-term notes.
The notes were comprised of $35.0 million 6.09% senior notes due 2016 payable in five annual payments of
$7.0 million beginning December 19, 2012; and $25.0 million 6.21% senior notes due 2021 payable in
eleven annual payments of $2.3 million beginning December 19, 2011. Net proceeds received from the
issuance of the notes were used to reduce the amount outstanding under the line of credit and for general
corporate purposes.
In December 2005, the Company issued $40.0 million of 6.12% senior unsecured notes, due in
December 2015. The notes are payable in six equal annual payments of approximately $6.7 million
beginning December 2010. Net proceeds received from the issuance of the notes were used to reduce the
amount outstanding under the Company’s bank line of credit.
The credit agreements governing the line of credit and the senior unsecured notes require the Company
to maintain certain financial ratios. The Company is in compliance with all covenants or other requirements set
forth in its credit agreements as amended.
As of December 31, 2007, annual maturities of the outstanding long-term debt, including the
Company’s line of credit, for each of the five years after December 31, 2007 are as follows (in thousands):
2008......................................................................................................................................... $ 8,500
2009......................................................................................................................................... 8,500
2010......................................................................................................................................... 6,667
2011......................................................................................................................................... 8,940
2012......................................................................................................................................... 187,716
Thereafter ................................................................................................................................ 68,454
$ 288,777