Ingram Micro 2010 Annual Report Download - page 63

Note 6 — Debt
The carrying value of our outstanding debt consists of the following:
2010 2009
Fiscal Year End
Senior unsecured notes, 5.25% due 2017 . ......................... $300,000 $ —
Asia Pacific revolving trade accounts receivable-backed financing
program ................................................. — 57,526
Senior unsecured term loan .................................... 243,627 256,537
Revolving unsecured credit facilities .............................. — 861
Lines of credit and other debt ................................... 92,774 64,571
636,401 379,495
Short-term debt and current maturities of long-term debt ............... (105,274) (77,071)
$ 531,127 $302,424
In August 2010, we issued through a public offering $300,000 of 5.25% senior unsecured notes due 2017 in
North America, resulting in cash proceeds of approximately $297,152, net of discount and issuance costs of
approximately $2,848. Interest on the notes is payable semiannually in arrears on March 1 and September 1,
commencing March 1, 2011. We may redeem the notes in whole at any time or in part from time to time, at our
option, at redemption prices that are designated in the terms and conditions of the notes.
In April 2010, we terminated our revolving trade accounts receivable-backed financing program in North
America, which provided for up to $600,000 in borrowing capacity secured by substantially all U.S.-based
receivables, in conjunction with the execution in the same month of a new revolving trade accounts receivable-
backed financing program secured by a majority of our U.S.-based receivables. This new program provides for up to
$500,000 in borrowing capacity, and may, subject to the financial institutions’ approval and availability of eligible
receivables, be increased to $700,000 in accordance with the terms of the program. The interest rate of this new
program is dependent on designated commercial paper rates (or, in certain circumstances, an alternate rate) plus a
predetermined margin. The new program matures in April 2013. We had no borrowings at January 1, 2011 under
this new North American financing program and we had no borrowings under the terminated facility at January 2,
2010.
In January 2010, we entered into a new revolving trade accounts receivable-backed financing program in
EMEA that matures in January 2014 and provides for a borrowing capacity of up to A100,000, or approximately
$134,000 at January 1, 2011. The current program requires certain commitment fees, and borrowings under this
program incur financing costs based on EURIBOR plus a predetermined margin. We had no borrowings at
January 1, 2011 under this EMEA financing program.
We have two other revolving trade accounts receivable-backed financing programs in EMEA, which mature in
May 2013 and respectively provide for a maximum borrowing capacity of £60,000, or approximately $93,000, and
A90,000, or approximately $120,000, at January 1, 2011. These programs require certain commitment fees, and
borrowings under both programs incur financing costs, based on LIBOR and EURIBOR, respectively, plus a
predetermined margin. At January 1, 2011 and January 2, 2010, we had no borrowings outstanding under these
EMEA financing programs.
We have a multi-currency revolving trade accounts receivable-backed financing program in Asia Pacific,
which matures in September 2011 and provides borrowing capacity of up to 210,000 Australian dollars, or
approximately $215,000, at January 1, 2011. The interest rate is dependent upon the currency in which the drawing
is made and is related to the local short-term bank indicator rate for such currency plus a predetermined margin. We
55
INGRAM MICRO INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)