ServiceMagic 2014 Annual Report Download - page 92

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IAC/INTERACTIVECORP AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
NOTE 8—LONG-TERM DEBT
Long-term debt consists of:
We may redeem the 2013 Senior Notes at the redemption prices set forth below, together with accrued and unpaid interest thereon to the
applicable redemption date, if redeemed during the twelve-month period beginning on November 30 of the years indicated below:
At any time prior to December 15, 2017, we may redeem the 2012 Senior Notes at a redemption price equal to the sum of the principal
amount thereof, plus accrued and unpaid interest and a make-whole premium. Thereafter, we may redeem the 2012 Senior Notes at the redemption
prices set forth below, together with accrued and unpaid interest thereon to the applicable redemption date, if redeemed during the twelve-month
period beginning on December 15 of the years indicated below:
The 2013 and 2012 Senior Notes are unconditionally guaranteed by certain domestic subsidiaries, which are designated as guarantor
subsidiaries. The guarantor subsidiaries are the same for the 2013 and 2012 Senior Notes. See Note 20 for guarantor and non-guarantor financial
information.
The indentures governing the 2013 and 2012 Senior Notes contain identical covenants that would limit our ability to pay dividends or make
other distributions and repurchase or redeem our stock in the event a default has occurred or we are not in compliance with the maximum leverage
ratio of 3.0 to 1.0. At December 31, 2014 , there were no limitations pursuant thereto. There are additional covenants that limit our ability and the
ability of our subsidiaries to, among other things, (i) incur indebtedness, make investments, or sell assets in the event we are not in compliance with
the financial ratio set forth in the indenture, and (ii) incur liens, enter into agreements restricting our subsidiaries' ability to pay dividends, enter into
transactions with affiliates and consolidate, merge or sell all or substantially all of our assets.
On December 21, 2012, the Company entered into a $300 million revolving credit facility, which expires on December 21, 2017. The annual
fee to maintain the revolving credit facility is 30 basis points. In addition, the terms of the revolving credit facility require that we maintain a
leverage ratio of not more than 3.0 to 1.0 and restrict our ability to incur
December 31,
2014
2013
(In thousands)
4.875% Senior Notes due November 30, 2018 (the "2013 Senior Notes"); interest payable each May 30
and November 30, which commenced May 30, 2014
$
500,000
$
500,000
4.75% Senior Notes due December 15, 2022 (the "2012 Senior Notes"); interest payable each June 15 and
December 15, which commenced June 15, 2013
500,000
500,000
5% New York City Industrial Development Agency Liberty Bonds due September 1, 2035 (the "Liberty
Bonds"); interest payable each March 1 and September 1, which commenced March 1, 2006
80,000
80,000
Total long-term debt
$
1,080,000
$
1,080,000
Year Percentage
2015
103.250
%
2016
101.625
%
2017 and thereafter
100.000
%
Year Percentage
2017
102.375
%
2018
101.583
%
2019
100.792
%
2020 and thereafter
100.000
%