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Table of Contents
Private Placement Senior Term Notes
At June 30, 2009 and 2008, we had $267.0 and $325.0 million, respectively, in private placement senior term notes. The notes had final
maturity dates from March 2009 through March 2015. The interest rates on the notes ranged from fixed coupon rates of 4.97 to 7.2 and 52 to 55
basis points over LIBOR on floating coupon rates.
The private placement senior term notes includes financial covenants including debt to 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.
On June 29, 2009, the Company entered into a prepayment amendment on the private placement senior term notes whereby the Company
negotiated to prepay the notes with a premium over the principal amount that is less than the make-whole premium that is otherwise payable
upon redemption. Subsequent to fiscal year 2009, the net proceeds from the convertible senior notes and common stock issuances in July 2009
were utilized to repay the $267.0 million of private placement senior term notes.
Acquisitions
Acquisitions are discussed throughout Management's Discussion and Analysis in this Item 7, as well as in Note 4 to the Consolidated
Financial Statements in Part II, Item 8 of this Form 10-K. The acquisitions were funded primarily from operating cash flow, debt and the
issuance of common stock.
Contractual Obligations and Commercial Commitments
The following table reflects a summary of obligations and commitments outstanding by payment date as of June 30, 2009:
(a)
Payments due by period
Contractual Obligations
Within 1
years
1
-
3
years
3
-
5
years
More than 5
years
Total
(Dollars in thousands)
On
-
balance sheet:
Long
-
term debt obligations(a)
$
43,248
$
264,892
$
140,396
$
153,571
$
602,107
Capital lease obligations
12,206
15,275
4,719
—
32,200
Other long
-
term liabilities
2,272
2,403
1,916
18,556
25,147
Total on
-
balance sheet
57,726
282,570
147,031
172,127
659,454
Off
-
balance sheet(b):
Operating lease obligations
310,502
448,333
227,009
135,632
1,121,476
Interest on long
-
term debt and capital lease obligations
31,782
48,400
20,882
6,830
107,894
Total off
-
balance sheet
342,284
496,733
247,891
142,462
1,229,370
Total(c)
$
400,010
$
779,303
$
394,922
$
314,589
$
1,888,824
The net proceeds of the financing agreements subsequent to fiscal year 2009 were approximately $323.8 million after deducting
underwriting discounts and before estimated offering expenses. The Company utilized the proceeds to repay $267 million of private
placement senior term notes of varying maturities. The remaining proceeds will be used for general corporate purposes including the
repayment of bank debt
66