Express Scripts 2014 Annual Report Download - page 78
Download and view the complete annual report
Please find page 78 of the 2014 Express Scripts annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Express Scripts 2014 Annual Report
76
September2020SeniorNotesbeingredeemed,plus,ineachcase,unpaidinterestonthenotesbeingredeemedaccruedtothe
redemptiondate.TheSeptember2010SeniorNotes,issuedbyMedco,arejointlyandseverallyandfullyandunconditionally
(subjecttocertaincustomaryreleaseprovisions,includingsale,exchange,transferorliquidationoftheguarantorsubsidiary)
guaranteedonaseniorbasisbyusandmostofourcurrentandfuture100%owneddomesticsubsidiaries.
TheMay2011seniornotesconsistof$1,500.0millionaggregateprincipalamountof3.125%seniornotesdue
2016(the“May2011SeniorNotes”).TheMay2011SeniorNotesrequireinteresttobepaidsemi-annuallyonMay15and
November15andareredeemablepriortomaturityatapriceequaltothegreaterof(1)100%oftheaggregateprincipalamount
ofanynotesbeingredeemed,plusaccruedandunpaidinterest;or(2)thesumofthepresentvaluesoftheremainingscheduled
paymentsofprincipalandinterestonthenotesbeingredeemed,notincludingunpaidinterestaccruedtotheredemptiondate,
discountedtotheredemptiondateonasemiannualbasis(assuminga360-dayyearconsistingoftwelve30-daymonths)atthe
treasuryrateplus20basispointswithrespecttoanyMay2011SeniorNotesbeingredeemed,plusineachcase,unpaidinterest
onthenotesbeingredeemedaccruedtotheredemptiondate.TheMay2011SeniorNotes,issuedbyESI,arejointlyand
severallyandfullyandunconditionally(subjecttocertaincustomaryreleaseprovisions,includingsale,exchange,transferor
liquidationoftheguarantorsubsidiary)guaranteedonaseniorbasisbyusandmostofourcurrentandfuture100%owned
domesticsubsidiaries.
TheNovember2011seniornotes(the“November2011SeniorNotes”)consistof:
• $1,250.0millionaggregateprincipalamountof4.750%seniornotesdue2021(the“2021SeniorNotes”)
• $700.0millionaggregateprincipalamountof6.125%seniornotesdue2041(the“2041SeniorNotes”)
TheNovember2011SeniorNotesrequireinteresttobepaidsemi-annuallyonMay15andNovember15andare
redeemablepriortomaturityatapriceequaltothegreaterof(1)100%oftheaggregateprincipalamountofanynotesbeing
redeemed,plusaccruedandunpaidinterest;or(2)thesumofthepresentvaluesoftheremainingscheduledpaymentsof
principalandinterestonthenotesbeingredeemed,notincludingunpaidinterestaccruedtotheredemptiondate,discountedto
theredemptiondateonasemiannualbasisatthetreasuryrateplus45basispointswithrespecttoany2021SeniorNotesbeing
redeemedor50basispointswithrespecttoany2041SeniorNotesbeingredeemed,plusineachcase,unpaidinterestonthe
notesbeingredeemedaccruedtotheredemptiondate.TheNovember2011SeniorNotesarejointlyandseverallyandfullyand
unconditionally(subjecttocertaincustomaryreleaseprovisions,includingsale,exchange,transferorliquidationofthe
guarantorsubsidiary)guaranteedonaseniorunsecuredbasisbymostofourcurrentandfuture100%owneddomestic
subsidiaries.
In2014,$1,250.0millionaggregateprincipalamountof3.500%seniornotesdue2016wereredeemedusingthe
proceedsfromtheJune2014SeniorNotes(definedbelow).Totalcashpaymentsrelatedtotheredemptionofthesenoteswere
$1,321.5million,whichincluded$71.5millionofredemptioncostswhicharereflectedwithinthe“Interestexpenseandother”
lineitemoftheconsolidatedstatementofoperationsfortheyearendedDecember31,2014.Alsoin2014,$900.0million
aggregateprincipalamountof2.750%seniornotesdue2014maturedandwereredeemed.
TheFebruary2012seniornotes(the“February2012SeniorNotes”)consistof:
• $1,000.0millionaggregateprincipalamountof2.100%seniornotesdue2015(“February2015SeniorNotes”)
• $1,500.0millionaggregateprincipalamountof2.650%seniornotesdue2017(“February2017SeniorNotes”)
• $1,000.0millionaggregateprincipalamountof3.900%seniornotesdue2022(“February2022SeniorNotes”)
TheFebruary2015SeniorNotesrequireinteresttobepaidsemi-annuallyonFebruary12andAugust12.The
February2017SeniorNotesandtheFebruary2022SeniorNotesrequireinteresttobepaidsemi-annuallyonFebruary15and
August15.TheFebruary2012SeniorNotesareredeemablepriortomaturityatapriceequaltothegreaterof(1)100%ofthe
aggregateprincipalamountofanynotesbeingredeemed,plusaccruedandunpaidinterest;or(2)thesumofthepresentvalues
oftheremainingscheduledpaymentsofprincipalandinterestonthenotesbeingredeemed,notincludingunpaidinterest
accruedtotheredemptiondate,discountedtotheredemptiondateonasemiannualbasis(assuminga360-dayyearconsisting
oftwelve30-daymonths)atthetreasuryrateplus30basispointswithrespecttoanyFebruary2015SeniorNotesbeing
redeemed,35basispointswithrespecttoanyFebruary2017SeniorNotesbeingredeemed,or40basispointswithrespectto
anyFebruary2022SeniorNotesbeingredeemedplus,ineachcase,unpaidinterestonthenotesbeingredeemed,accruedtothe
redemptiondate.TheFebruary2012SeniorNotesarejointlyandseverallyandfullyandunconditionally(subjecttocertain
customaryreleaseprovisions,includingsale,exchange,transferorliquidationoftheguarantorsubsidiary)guaranteedona
seniorunsecuredbasisbymostofourcurrentandfuture100%owneddomesticsubsidiaries.
72