Crucial 2012 Annual Report Download - page 67

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Debt Restructure
In the first quarter of 2011, in connection with a series of debt restructure transactions with certain holders of our
convertible notes, we recognized a loss of $111 million as follows:
• $15 million on the exchange of $175 million in aggregate principal amount of our 2014 Notes for $175 million in
aggregate principal amount of new 2027 Notes;
• $17 million (including transaction fees) on the repurchase of $176 million in aggregate principal amount of our 2014
Notes for $171 million in cash; and
• $79 million (including transaction fees) on the repurchase of $91 million in aggregate principal amount of our 2013
Notes for $166 million in cash.
Subsequent Events – Financing
On September 5, 2012, we entered into a three-year revolving credit facility. Under this credit facility, we can draw up to
the lesser of $255 million or 80% of the net outstanding balance of a pool of certain accounts receivable. We granted a security
interest in such receivables to collateralize the facility. The availability of the facility is subject to certain customary
conditions, including the absence of any event or circumstance that has a material adverse effect on our business or financial
condition. Interest is payable monthly on any outstanding principal balance at a variable rate equal to the Singapore Interbank
Offering Rate ("SIBOR") plus 2.8% per annum.
On October 2, 2012, we entered into a facility agreement to obtain financing collateralized by semiconductor production
equipment. Subject to customary conditions, we can draw up to $214 million under the facility agreement prior to April 4,
2013. Amounts drawn are payable in 10 equal semi-annual installments beginning six months after the draw date. On October
18, 2012, we drew $173 million with interest at 2.38% per annum. Additional amounts drawn will bear interest, at our option,
at either (i) a fixed rate negotiated at the time of the draw request or (ii) a floating rate equal to the six-month LIBOR rate plus
1.6% per annum. The facility agreement contains customary covenants.
Maturities of Notes Payable and Future Minimum Lease Payments
As of August 30, 2012, maturities of notes payable and future minimum lease payments under capital lease obligations
were as follows:
As of August 30, 2012 Notes Payable Capital Lease Obligations
2013 $ 33 $ 231
2014 974 218
2015 — 224
2016 — 228
2017 175 23
2018 and thereafter 1,690 71
Discounts and interest, respectively (493)(112)
$ 2,379 $ 883