Cash America 2012 Annual Report Download - page 151

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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13. Long-Term Debt
The Company’s long-term debt instruments and balances outstanding as of December 31, 2012 and 2011 were
as follows (dollars in thousands):
Balance at
December 31,
2012 2011
Domestic and multi-currency line of credit up to $380,000
($100,000 matures 2013, $280,000 matures 2015) $ 301,011 $280,839
6.12% senior unsecured notes due 2012 - 16,667
Variable rate senior unsecured note due 2015 41,667 50,000
6.09% senior unsecured notes due 2016 28,000 35,000
7.26% senior unsecured notes due 2017 25,000 25,000
6.00% Series A senior unsecured notes due 2019 47,000 -
6.21% senior unsecured notes due 2021 20,455 22,727
6.58% Series B senior unsecured notes due 2022 5,000 -
5.25% convertible senior notes due 2029 110,197 107,058
Total debt $ 578,330 $537,291
Less current portion 43,617 34,273
Total long-term debt $ 534,713 $503,018
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Domestic and Multi-Currency Line
On March 30, 2011, the Company entered into a new credit agreement for up to $330.0 million of credit with a
group of commercial banks (the “Original Credit Agreement”). On November 29, 2011, the Company amended the
Original Credit Agreement to increase the amount available by $100.0 million to $430.0 million (the “Credit
Agreement”). The Credit Agreement consists of a $380.0 million line of credit, which includes the ability to borrow up
to $50.0 million in specified foreign currencies or U.S. dollars (the “Domestic and Multi-currency Line”) and a $50.0
million term loan facility (the “2015 Variable Rate Notes”). The Domestic and Multi-currency Line will decrease by
$100.0 million to $280.0 million on the earlier of May 29, 2013 or the second business day following the closing of an
initial public offering of common stock of Enova International, Inc., a wholly-owned subsidiary of the Company
(“Enova”), that results in Enova no longer being considered a majority-owned subsidiary of the Company. The
Domestic and Multi-currency Line matures on March 31, 2015. Beginning March 31, 2012, the 2015 Variable Rate
Notes became payable in equal quarterly principal installments of $2.1 million with any outstanding principal
remaining due at maturity on March 31, 2015. Interest on the Domestic and Multi-currency Line is charged, at the
Company’s option, at either the London Interbank Offered Rate (“LIBOR”) plus a margin varying from 2.00% to
3.25% or at the agent’s base rate plus a margin varying from 0.50% to 1.75%. Interest on the 2015 Variable Rate Notes
is charged, at the Company’s option, at either LIBOR plus a margin of 3.50% or at the agent’s base rate plus a margin
of 2.00%. The margin for the Domestic and Multi-currency Line is dependent on the Company’s cash flow leverage
ratios as defined in the Credit Agreement. The Company also pays a fee on the unused portion of the Domestic and
Multi-currency Line ranging from 0.25% to 0.50% (0.38% at December 31, 2012) based on the Company’s cash flow
leverage ratios. The weighted average interest rate (including margin) on the Domestic and Multi-currency Line was
3.06% and 3.08% at December 31, 2012 and 2011, respectively. The weighted average interest rate (including margin)
on the 2015 Variable Rate Notes was 3.75% and 3.81% at December 31, 2012 and 2011, respectively.
In conjunction with the entry into the Original Credit Agreement, the Company repaid all outstanding
revolving credit loans under its $300.0 million domestic line of credit due 2012 (the “USD Line of Credit”) and its
variable rate senior unsecured note due 2012 with proceeds of the Original Credit Agreement.