Dollar Tree 2009 Annual Report Download - page 22

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Management’s Discussion And Analysis Of Financial Condition
And Results Of Operations
sheet฀as฀of฀January฀30,฀2010.฀We฀repurchased฀12.8฀
million฀shares฀for฀approximately฀$473.0฀million฀in฀scal฀
2007.฀We฀had฀no฀share฀repurchases฀in฀scal฀2008.฀At฀
January฀30,฀2010,฀we฀have฀approximately฀$260.6฀million฀
remaining฀under฀Board฀authorization.฀
Funding Requirements
Overview
We฀expect฀our฀cash฀needs฀for฀opening฀new฀stores฀
and฀expanding฀existing฀stores฀in฀scal฀2010฀to฀total฀
approximately฀$136.0฀million,฀which฀includes฀capital฀
expenditures, initial inventory and pre-opening costs.
Our฀estimated฀capital฀expenditures฀for฀scal฀2010฀are฀
between฀$155.0฀and฀$165.0฀million,฀including฀planned฀
expenditures for our new and expanded stores and
the฀addition฀of฀freezers฀and฀coolers฀to฀approximately฀
225฀stores.฀We฀believe฀that฀we฀can฀adequately฀fund฀
our working capital requirements and planned capital
expenditures for the next few years from net cash
provided by operations and potential borrowings under
our existing credit facility.
million term loan. The interest rate on the Agreement
is฀based,฀at฀our฀option,฀on฀a฀LIBOR฀rate,฀plus฀a฀margin,฀
or an alternate base rate, plus a margin. The revolving
line of credit also bears a facilities fee, calculated as a
percentage,฀as฀dened,฀of฀the฀amount฀available฀under฀
the line of credit, payable quarterly. The term loan
is฀due฀and฀payable฀in฀full฀at฀the฀ve฀year฀maturity฀
date of the Agreement. The Agreement also bears an
administrative fee payable annually. The Agreement,
among other things, requires the maintenance of
certain฀specied฀nancial฀ratios,฀restricts฀the฀payment฀
of certain distributions and prohibits the incurrence
of฀certain฀new฀indebtedness.฀As฀of฀January฀30,฀2010,฀
the฀$250.0฀million฀term฀loan฀is฀outstanding฀under฀the฀
Agreement and there were no amounts outstanding
under฀the฀$300.0฀million฀revolving฀line฀of฀credit.
We฀repurchased฀approximately฀4.3฀million฀shares฀
for฀approximately฀$193.1฀million฀in฀scal฀2009.฀Less฀than฀
0.1฀million฀of฀these฀shares฀totaling฀$2.4฀million฀had฀not฀
settled฀as฀of฀January฀30,฀2010฀and฀these฀amounts฀have฀
been accrued in the accompanying consolidated balance
20฀฀฀DOLLAR฀TREE,฀INC.฀•฀2009฀Annual฀Report