Rayovac 2009 Annual Report Download - page 181

Table of Contents
Index to Financial Statements SPECTRUM BRANDS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(In thousands, except per share amounts)
(8) Debt
Debt consists of the following:
Successor Company Predecessor Company
September 30, 2009 September 30, 2008
Amount Rate(A) Amount Rate(A)
Senior Subordinated Notes, due February 1, 2015 $ — — $ 700,000 7.4%
Senior Subordinated Notes, due October 2, 2013 — — 347,012 12.0%
Term Loan B, U.S. Dollar, expiring June 30, 2012 973,125 8.1% 976,458 6.8%
Term Loan, Euro, expiring June 30, 2012 371,874 8.6% 369,283 9.6%
Senior Subordinated Notes, due October 1, 2013 — — 2,873 8.5%
Revolving Credit Facility, expiring September 28, 2011 — — 80,000 5.0%
Senior Subordinated Notes, due August 28, 2019 218,076 12.0% — —
ABL Revolving Credit Facility, expiring March 31, 2012 33,225 6.6% — —
Supplemental Loan, expiring March 31, 2012 45,000 17.7% — —
Other notes and obligations 5,919 6.2% 34,210 9.7%
Capitalized lease obligations 12,924 4.9% 13,583 4.9%
1,660,143 2,523,419
Fair value adjustment as a result of fresh−start reporting valuation (76,608) —
Less current maturities 53,578 48,637
Long−term debt $1,529,957 $2,474,782
(A) Interest rates on senior credit facilities represent the period−end weighted average rates on balances outstanding exclusive of the effects of any interest
rate swaps. Although the ABL Revolving Credit Facility does not mature until March 31, 2012, the balance is included in current maturities in
accordance with GAAP as a result of a lock−box arrangement required under the ABL Revolving Credit Facility.
The Successor Company’s aggregate scheduled maturities of debt as of September 30, 2009 are as follows:
2010 $ 53,577
2011 14,546
2012 1,363,553
2013 636
2014 636
Thereafter 227,195
$ 1,660,143
The Successor Company’s aggregate capitalized lease obligations included in the amounts above are payable in installments of $792 in 2010, $905 in
2011, $835 in 2012, $636 in 2013, $636 in 2014 and $9,120 thereafter.
Restructuring of Pre−Petition Indebtedness
The Bankruptcy Filing, as described in Note 2, Voluntary Reorganization Under Chapter 11, constituted an event of default under the Company’s
senior secured term credit facility agreement and the respective indentures governing the Company’s Senior Subordinated Notes. In addition, on February 2,
2009, the Company did not
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