Supercuts 2009 Annual Report Download - page 114

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Table of Contents
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
7. FAIR VALUE MEASUREMENTS (Continued)
Assets and Liabilities that are Measured at Fair Value on a Nonrecurring Basis
As indicated in Note 1 to the Condensed Consolidated Financial Statements, the aspects of SFAS No. 157 for which the effective date was
deferred for one year (i.e., the Company's first quarter of fiscal year 2010) under FSP No. 157-2 relate to nonfinancial assets and liabilities that
are measured at fair value, but are recognized or disclosed at fair value on a nonrecurring basis. This deferral applies to such items as
nonfinancial assets and liabilities initially measured at fair value in a business combination (but not measured at fair value in subsequent periods)
or nonfinancial long-lived asset groups measured at fair value for an impairment assessment.
8. FINANCING ARRANGEMENTS
The Company's long-term debt as of June 30, 2009 and 2008 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. We were in compliance with all covenants and other requirements of our financing arrangements as of June 30, 2009.
Additional details are included below with the discussion of the specific categories of debt.
Aggregate maturities of long-term debt, including associated capital lease obligations of $32.2 million at June 30, 2009, are as follows:
112
Interest rate %
Amounts outstanding
Maturity
Dates
(fiscal year)
2009
2008
2009
2008
(Dollars in thousands)
Senior term notes
2010
-
2018
1.12
-
8.39
%
4.65
-
8.39
%
$
506,643
$
580,514
Term loan
2013
2.07
—
85,000
—
Revolving credit facility
2013
1.00
3.02
5,000
139,100
Equipment and leasehold notes payable
2010
-
2011
8.68
-
9.48
8.07
-
8.97
32,200
36,093
Other notes payable
2010
-
2013
3.00
-
8.00
6.00
-
8.00
5,464
9,040
634,307
764,747
Less current portion
(55,454
)
(230,224
)
Long
-
term portion
$
578,853
$
534,523
Fiscal year
(Dollars in thousands)
2010
$
55,454
2011
93,859
2012
186,308
2013
126,270
2014
18,845
Thereafter
153,571
$
634,307