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49
Notes to Consolidated Financial Statements
Jarden Corporation Annual Report 2011 (Dollars in millions, except per share data and unless otherwise indicated)
9. Debt
Debt is comprised of the following at December 31, 2011 and 2010:
Senior Secured Credit Facility
On March 31, 2011, the Company completed a new $1.275 billion senior secured credit facility (the “Facility”), which is comprised of:
• a $525 senior secured term loan A facility maturing in March 2016, that bears interest at LIBOR plus a spread of 225 basis points;
• a $500 senior secured term loan B facility maturing in January 2017, which is subject to extension to 2018 under certain
conditions, that bears interest at LIBOR plus a spread of 300 basis points; and
• a $250 senior secured revolving credit facility (the “Revolver”), which is comprised of a $175 U.S. dollar component and a
$75 multi-currency component. The Revolver matures in March 2016 and bears interest at certain selected rates, including
LIBOR plus a spread of 225 basis points. At December 30, 2011, there was no amount outstanding under the Revolver. The
Company is required to pay an annualized commitment fee of approximately 0.38% on the unused balance of the Revolver.
(In millions) 2011 2010
Senior Secured Credit Facility Term Loans $ 1,001.6 $ 1,059.8
8% Senior Notes due 2016 (1) 294.6 293.6
6 1/8% Senior Notes due 2022 (1) 300.0 300.0
7 1/2% Senior Subordinated Notes due 2017 (2) 656.5 639.8
7 1/2% Senior Subordinated Notes due 2020 (2) 464.0 470.2
Securitization Facility 300.0 300.0
Revolving Credit Facility — —
2% Subordinated Note due 2012 99.7 98.4
Non-U.S. borrowings 35.6 62.0
Other 7.4 16.8
Total debt 3,159.4 3,240.6
Less: current portion (269.3) (434.6)
Total long-term debt $ 2,890.1 $ 2,806.0
(1) Collectively, the “Senior Notes.”
(2) Collectively, the “Senior Subordinated Notes.”
8. Warranty Reserve
Warranty reserve activity for 2011 and 2010 is as follows:
(In millions) 2011 2010
Warranty reserve at January 1, $ 86.0 $ 85.5
Provision for warranties issued 145.5 124.7
Warranty claims paid (146.5) (129.4)
Acquisitions and other adjustments (0.2) 5.2
Warranty reserve at December 31, $ 84.8 $ 86.0
Allocation in the consolidated balance sheets:
Other current liabilities $ 74.3 $ 75.3
Other non-current liabilities 10.5 10.7
$ 84.8 $ 86.0