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CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
85
7. Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses at December 31, 2008 and 2007, were as follows (in
thousands):
2008 2007
Trade accounts payable................................................................................... $ 26,637
$ 21,458
Accrued taxes, other than income taxes................................................................. 4,759
5,664
Accrued payroll and fringe benefits....................................................................... 29,233
21,198
Accrued interest payable......................................................................................... 1,051
800
Purchase consideration payable.............................................................................. 9,618
22,000
Deferred acquisition payment................................................................................. 34,746
í
Accrual for losses on third-party lender-owned cash advances............................ 2,135
1,828
Other accrued liabilities .................................................................................. 18,644
14,451
Total ................................................................................................................... $ 126,823 $ 87,399
8. Long-term Debt
The Company’s long-term debt instruments and balances outstanding at December 31, 2008 and
2007, were as follows (in thousands):
2008
2007
USD line of credit up to $300,000 due 2012 ............................................
.
$ 274,344 $ 171,777
GBP line of credit up to £7,500 due 2009 ................................................
.
7,310
––
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 2012...................................................
.
40,000 40,000
7.20% senior unsecured notes due 2009...................................................
.
8,500
17,000
$38 million term senior unsecured note due 2012 ....................................
.
38,000 ––
$10 million term senior unsecured note due 2012 ....................................
.
10,000 ––
Total debt.............................................................................................
.
438,154 288,777
Less current portion..................................................................................
.
15,810 8,500
Total long-term debt ............................................................................
.
$ 422,344 $ 280,277
In March 2007, the Company amended its domestic line of credit (the “USD 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. On February 29, 2008, the Company exercised this
provision and increased the line of credit amount to $300.0 million through maturity. Interest on the
amended line of credit is charged, at the Company’s option, at either USD LIBOR plus a margin or at the
agent’s base rate. The margin on the line of credit varies from 0.875% to 1.875% (1.375% at December 31,
2008), 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,
2008) based on the Company’s cash flow leverage ratios. The weighted average interest rate (including
margin) on the line of credit at December 31, 2008 was 1.91%.
At December 31, 2008 and 2007, borrowings under the Company’s USD Line of Credit consisted of
three pricing tranches with conclusion dates ranging from 1 to 31 days, respectively. However, pursuant to
the bank line of credit agreement which expires in 2012, the Company routinely refinances these borrowings