Cash America 2013 Annual Report Download - page 156

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
131
11. Long-Term Debt
The Company’s long-term debt instruments and balances outstanding as of December 31, 2013 and 2012 were
as follows (dollars in thousands):
As of December 31,
2013 2012
Domestic and multi-currency line of credit due 2018 $ 193,717 $301,011
6.09% Series A senior unsecured notes due 2016 21,000 28,000
7.26% senior unsecured notes due 2017 20,000 25,000
Variable rate senior unsecured notes due 2018 33,333 41,667
5.75% senior unsecured notes due 2018 300,000 -
6.00% Series A senior unsecured notes due 2019 47,000 47,000
6.21% Series B senior unsecured notes due 2021 18,182 20,455
6.58% Series B senior unsecured notes due 2022 5,000 5,000
5.25% convertible senior notes due 2029 101,757 110,197
Total debt $ 739,989 $578,330
Less current portion (22,606) (43,617)
Total long-term debt $ 717,383 $534,713
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Domestic and Multi-Currency Line
On March 30, 2011, the Company and its domestic subsidiaries as guarantors entered into a Credit Agreement
with a syndicate of financial institutions as lenders (the “Credit Agreement”). The Credit Agreement was amended on
each of November 29, 2011 and May 10, 2013. The Credit Agreement, as amended, provides for a domestic and multi-
currency line of credit totaling $280 million permitting revolving credit loans, including a multi-currency subfacility
that gives the Company the ability to borrow up to $50.0 million that may be in specified foreign currencies, subject to
the terms and conditions of the Credit Agreement (the “Domestic and Multi-currency Line of Credit”), and also subject
to an accordion feature whereby the revolving line of credit may be increased up to an additional $100.0 million with
the consent of any increasing lenders.
Interest on the Domestic and Multi-currency Line of Credit is charged, at the Company’s option, at either the
London Interbank Offered Rate for one week or one-, two-, three- or six-month periods, as selected by the Company
(“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%. The margin for the Domestic and Multi-currency Line of Credit is dependent on the Company’s cash flow
leverage ratios as defined in the Credit Agreement entered into in connection with the Domestic and Multi-currency
Line of Credit. The Company also pays a fee on the unused portion of the Domestic and Multi-currency Line ranging
from 0.25% to 0.50% (0.50% at December 31, 2013) based on the Company’s cash flow leverage ratios. The weighted
average interest rate (including margin) on the Domestic and Multi-currency Line was 3.30% and 3.06% at December
31, 2013 and 2012, respectively.
As of December 31, 2013, borrowings under the Company’s Domestic and Multi-currency Line consisted of
three pricing tranches with maturity dates ranging from three to 31 days, and as of December 31, 2012, borrowings
under the Company’s Domestic and Multi-currency Line consisted of three pricing tranches with maturity dates
ranging from two to 31 days. However, the Company routinely refinances borrowings pursuant to the terms of its
Domestic and Multi-currency Line. Therefore, these borrowings are reported as part of the applicable line of credit and
as long-term debt.