Jack In The Box 2006 Annual Report Download - page 81

Download and view the complete annual report

Please find page 81 of the 2006 Jack In The Box 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.

Page out of 88

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88

JACK IN THE BOX INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share data)
F-31
18. NEW ACCOUNTING PRONOUNCEMENTS (continued)
Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that
do not require adoption until a future date are not expected to have a material impact on the consolidated
financial statements upon adoption.
19. SUBSEQUENT EVENT (unaudited)
On November 21, 2006, the Company announced the commencement of modified “Dutch Auction” tender offer
(the “Tender Offer”) for up to 5.5 million shares of its common stock at a price per share not less than $55.00
and not greater than $61.00, for a maximum aggregate purchase price of $335,500. The shares sought represent
approximately 15.5% of the Company’ s shares outstanding as of November 21, 2006. The Tender Offer will
expire, unless extended by the Company, at midnight Eastern Standard Time on December 19, 2006.
The Company is expecting to fund the Tender Offer with available cash and a new credit facility. The Company
has received commitments for a new $625,000 credit facility, which will be comprised of a $150,000 revolving
credit facility and a $475,000 term loan. Proceeds from the new credit facility will be used to repay the
Company’ s existing term loan with the remaining proceeds, along with existing cash, used to fund the Tender
Offer. The Company expects to close the new credit facility by December 18, 2006.