Sunbeam 2005 Annual Report Download - page 61

Jarden Corporation
Notes to Consolidated Financial Statements (cont’d)
December 31, 2005
The Second Amended Credit Agreement did not significantly change the restrictions on the conduct
of the Company’s business or the financial covenants required in the previous senior credit facility
(“Amended Credit Agreement”) (see “2003 Activity” below). The Second Amended Credit Agreement,
which would have matured on April 24, 2008, also did not change the pricing and principal terms of the $70
million revolving credit facility.
As of December 31, 2004, other debt primarily consisted of $1.5 million of bank notes that are payable
in equal quarterly installments through April 2007 with rates of interest at Euro Interbank Offered Rate
plus 1.00%. In April 2004, the Company repaid the remaining seller debt financing incurred in connection
with a 2002 acquisition, which included both principal and accrued interest thereon, in the amount of
approximately $5.4 million.
Debt disclosures
As of December 31, 2005, the Company had $1.3 billion outstanding under its Term Loan facility and
no amount outstanding under its revolving credit facility. As of December 31, 2005, net availability under
the Senior Credit Facility was approximately $132.2 million, after deducting $67.8 million of issued letters
of credit. The letters of credit outstanding included $9.5 million securing the deferred consideration arising
from the USPC Acquisition. The Company is required to pay commitment fees on the unused balance of
the revolving credit facility. At December 31, 2005, the annual commitment fee on unused balances was
0.50%.
As of December 31, 2004, the Company had $302.9 million outstanding under its term loan facilities
and no amounts outstanding under the revolving credit facility of the Second Amended Credit Agreement.
As of December 31, 2004, net availability under the revolving credit agreement was approximately $44.2
million, after deducting $25.8 million of issued letters of credit. As discussed in Note 3 above, the letters of
credit outstanding include an amount of approximately $20.0 million securing the USPC holdback amount.
The Company is required to pay commitment fees on the unused balance of the revolving credit facility. At
December 31, 2004, the annual commitment fee on unused balances was 0.50%.
The Company’s long-term debt maturities, including Capital Leases, net of unamortized debt
discounts/premiums, for the five years following December 31, 2005 and thereafter are as follows (in
millions):
Years Ended December 31, Amount
2006 ............................................................. $ 86.3
2007 ............................................................. 15.0
2008 ............................................................. 14.9
2009 ............................................................. 15.0
2010 ............................................................. 28.2
Thereafter ....................................................... 1,382.0
Total ........................................................ $1,541.4
As of December 31, 2005, the Company’s long-term debt included approximately $16.6 million of
amortizing non-debt balances arising from the interest rate swap transactions related to the Company’s
outstanding notes as described in Note 6 and is included in the “Thereafter” balance above.
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