Supercuts 2007 Annual Report Download - page 93
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
4.
FINANCING ARRANGEMENTS:
The Company’s long-term debt as of June 30, 2007 and 2006 consists of the following:
The debt agreements contain covenants, including limitations on incurrence of debt, granting of liens, investments, merger or
consolidation, and transactions with affiliates. In addition, the Company must adhere to specified fixed charge coverage and leverage ratios, as
well as minimum net worth levels. Additional details are included below with the discussion of the specific categories of debt.
Aggregate maturities of long-term debt, including associated fair value hedge obligations of $0.9 million and capital lease obligations of
$34.8 million at June 30, 2007, are as follows:
Senior Term Notes
Private Shelf Agreement
At June 30, 2007 and 2006, the Company had $189.7 and $191.0 million, respectively, in unsecured, fixed rate, senior term notes
outstanding under a Private Shelf Agreement. The notes require quarterly payments, and final maturity dates range from November 2007
through June 2013. The interest rates on the notes range from 4.03 to 8.39 percent as of June 30, 2007 and 2006.
The Private Shelf Agreement includes financial covenants including debt to earnings before interest, taxes, depreciation and amortization
(EBITDA) ratios, fixed charge coverage ratios and minimum net equity tests (as defined within the Private Shelf Agreement), as well as other
customary terms and conditions. The maturity date for the debt may be accelerated upon the occurrence of various Events of Default, including
breaches of the agreement, certain cross-default situations, certain bankruptcy related situations, and other customary events of default.
92
Maturity Dates
Interest rate %
Amounts outstanding
(fiscal year)
2007
2006
2007
2006
(Dollars in thousands)
Senior term notes
2008
-
2015
4.03
-
8.39
4.03
-
8.39
$
515,578
$
517,341
Revolving credit facility
2010
6.50
6.21
147,800
63,000
Equipment and leasehold
notes payable
2008
-
2011
7.55
-
8.67
7.33
-
8.16
35,885
29,223
Other notes payable
2008
-
2013
3.90
-
8.00
3.90
-
8.00
9,968
12,705
709,231
622,269
Less current portion
(223,352
)
(101,912
)
Long-term portion
$
485,879
$
520,357
Fiscal year
(Dollars in thousands)
2008
$
223,352
2009
87,281
2010
75,175
2011
46,011
2012
72,914
Thereafter
204,498
$
709,231