Mattel 2006 Annual Report Download - page 92
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2006 and 2005, respectively, and 10.0% and 10.8% during 2006 and 2005, respectively, on the foreign credit
lines and short-term borrowings.
Long-Term Debt
Mattel’s long-term debt consists of the following (in thousands):
December 31,
2006 2005
Medium-term notes due May 2007 to November 2013 ............................ $350,000 $ 400,000
Senior Notes due June 2009 to June 2011 ...................................... 300,000 —
MAPS term loan facility due December 2007 to December 2008 ................... 50,000 225,000
700,000 625,000
Less: current portion .................................................. (64,286) (100,000)
Total long-term debt ...................................................... $635,714 $ 525,000
Mattel’s Medium-term notes bear interest at fixed rates ranging from 6.50% to 7.49%, with a weighted
average interest rate of 7.09% and 7.08% as of December 31, 2006 and 2005, respectively. During 2006, Mattel
repaid $50.0 million of Medium-term notes upon maturity.
In June 2006, Mattel issued $100.0 million of unsecured Floating Rate Senior Notes due June 15, 2009 and
$200.0 million of unsecured 6.125% Senior Notes due June 15, 2011. In June 2006, Mattel entered into two
interest rate swap agreements on the $100.0 million Floating Rate Senior Notes, each in a notional amount of
$50.0 million, for the purpose of hedging the variability of cash flows in the interest payments due to fluctuations
of the LIBOR benchmark interest rate.
In December 2006, Mattel repaid $50.0 million and prepaid $125.0 million of the MAPS term loan facility.
In January 2007, Mattel repaid the remaining $50.0 million of the MAPS term loan facility. The MAPS term loan
facility bears interest at various rates as selected by Mattel, based on Eurodollar rates or bank reference rates,
with a weighted average interest rate of 5.6% and 5.2% during 2006 and 2005, respectively.
During 2005, Mattel repaid $150.0 million of 6 1/8% senior notes and the 10.15% mortgage note for
$39.1 million upon maturity.
The aggregate amount of long-term debt maturing in the next five years is as follows (in thousands):
Medium-
Term
Notes
Senior
Notes
MAPS
Term
Loan Total
2007 .................................................. $ 50,000 $ — $14,286 $ 64,286
2008 .................................................. 50,000 — 35,714 85,714
2009 .................................................. 50,000 100,000 — 150,000
2010 .................................................. 50,000 — — 50,000
2011 .................................................. 50,000 200,000 — 250,000
Thereafter ............................................. 100,000 — — 100,000
$350,000 $300,000 $50,000 $700,000
Note 6—Stockholders’ Equity
Preference Stock
Mattel is authorized to issue up to 20.0 million shares of $0.01 par value preference stock, of which none is
currently outstanding.
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