Nucor 2013 Annual Report Download - page 60

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59
During the third quarter of 2013, Nucor amended its $1.50 billion unsecured revolving credit facility. The maturity date was extended
from December 2016 to August 2018. Costs of $0.6 million associated with the amendment have been capitalized and are amortized
over the life of the extension. The unsecured revolving credit facility provides up to $1.50 billion in revolving loans and allows up to
$500.0 million in additional commitments at Nucor’s election in accordance with the terms set forth in the credit agreement. Up
to the equivalent of $850.0 million of the credit facility is available for foreign currency loans, up to $500.0 million is available for
the issuance of letters of credit, and up to $500.0 million is available for the issuance of revolving loans for Nucor subsidiaries in
accordance with terms set forth in the credit agreement. The credit facility provides for a pricing grid based upon the credit rating of
Nucor’s senior unsecured long-term debt and, alternatively, interest rates quoted by lenders in connection with competitive bidding.
The credit facility includes customary financial and other covenants, including a limit on the ratio of funded debt to capital of 60%, a
limit on Nucor’s ability to pledge the Company’s assets and a limit on consolidations, mergers and sales of assets. As of December 31,
2013, Nucor’s funded debt to total capital ratio was 36%, and Nucor was in compliance with all covenants under the credit facility.
No borrowings were outstanding under the credit facility as of December 31, 2013 and 2012.
Harris Steel has credit facilities totaling approximately $33.0 million, with no borrowings outstanding at December 31, 2013. In
addition, the business of Nucor Trading S.A. is financed by uncommitted trade credit arrangements with a number of European
banking institutions. As of December 31, 2013, Nucor Trading S.A. had outstanding borrowings of $29.2 million ($27.1 million
at December 31, 2012) and outstanding guarantees of $0.1 million. In addition, $29.1 million of the amount outstanding at
December 31, 2013 ($21.5 million at December 31, 2012) was guaranteed by Nucor. If Nucor Trading S.A. fails to pay when due
any amounts for which it is obligated, Nucor could be required to pay such amounts pursuant to and in accordance with the terms
of the guarantee.
Letters of credit totaling $31.8 million were outstanding as of December 31, 2013 related to certain obligations, including workers’
compensation, utilities deposits and credit arrangements by Nucor Trading S.A. for commitments to purchase inventories.
13. CAPITAL STOCK
The par value of Nucor’s common stock is $0.40 per share and there are 800 million shares authorized. In addition, 250,000
shares of preferred stock, par value of $4.00 per share, are authorized, with preferences, rights and restrictions as may be fixed
by Nucor’s board of directors. There are no shares of preferred stock issued or outstanding.