Sunbeam 2006 Annual Report Download - page 35

required prepayment, along with a voluntary prepayment of $25 million of principal outstanding on the Facility Term Loans,
in April 2006.
In accordance with the Senior Credit Facility agreement, the Company was required to repay $19.3million of principal
outstanding under its Senior Credit Facility Term Loans and Foreign Senior Debt as a result of the proceeds received from its
November 2006 equity offering (see Note 13), additionally, a voluntary repayments on its Senior Credit Facility Term Loans
of $1.5million and Foreign Senior Debt of $4.8million, were made on December 29,2006.
At December 31,2006,there was no amount outstanding under the revolving credit portion of the Facility. At December
31,2006,net availability under the Facility was $173.1million, after deducting $26.9million of outstanding letters of credit.
The Company is required to pay commitment fees on the unused balance of the revolving credit facility. At December 31,
2006,the annual commitment fee on unused balances was 0.375%.
Certain foreign subsidiaries of the Company maintain working capital lines of credits with their respective local financial
institutions for use in operating activities. At December 31,2006,the aggregate amount available under these lines of credit
totaled approximately $29.3million.
The Company was in compliance with all its debt covenants as of December 31,2006.
The Company maintains cash balances which at times may be significant, at various international subsidiaries. At
December 31,2006,approximately $30 million of cash was maintained in Venezuela and China and may be subject to certain
availability restrictions. The Company does not believe that such restrictions will materially affect the Company’s liquidity,
nor does the Company rely on these cash balances to fund operations outside of the country where the cash was generated.
On July 18,2005,in connection with the THG Acquisition, the Company issued 6.15 million shares of the Company’s
common stock and paid $420 million in cash. The aggregate purchase price was approximately $680 million.
In November 2006,the Company completed an equity offering which included four million newly issued shares of com-
mon stock that resulted in net proceeds to the Company of approximately $139 million. The proceeds were used to pay down
outstanding loans under its senior credit facility and securitization borrowings.
On March 1,2006,pursuant to the new stock repurchase program, the Company repurchased two million shares of its
common stock for $50 million through a privately negotiated transaction.
CONTRACTUAL OBLIGATIONS AND COMMERCIAL COMMITMENTS
The following table includes aggregate information about its contractual obligations as of December 31,2006 and the peri-
ods in which payments are due. Certain of these amounts are not required to be included in its consolidated balance sheets:
Less
than 11-33-5After 5
(in millions) Total Year Years Years Years
Long-term debt, including scheduled interest payments(1) $1,923.5$125.9$240.3$1,072.6$484.7
Capital leases, including scheduled interest payments 32.62.75.323.90.7
Operating leases, including scheduled interest payments 145.7 31.2 43.1 29.5 41.9
Unconditional purchase obligations 24.8 21.9 2.1 0.2 0.6
Other current and non-current obligations(2) 256.178.938.838.899.6
Total $2,382.7$260.6$329.6$1,165.0$627.5
(1) The debt amounts are based on the principal payments that will be due upon their maturity as well as scheduled interest payments, excluding the impact from
interest rate swaps. Interest payments on its variable debt have been calculated based on their scheduled payment dates and using the weighted average interest rate
on its variable debt as of December 31,2006.Interest payments on its fixed rate debt are calculated based on their scheduled payment dates.
(2) Other includes acquisition related earn-out payments of approximately $29.4million anticipated to be paid in 2007.
33
Management’s Discussion and Analysis
Jarden Corporation 2006 Annual Report