Supercuts 2010 Annual Report Download - page 117
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Table of Contents
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
8. FINANCING ARRANGEMENTS
The Company's long-term debt as of June 30, 2010 and 2009 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, 2010. 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 $27.5 million at June 30, 2010, are as follows:
Senior Term Notes
Private Shelf Agreement
At June 30, 2010 and 2009, the Company had $174.1 and $239.6 million, respectively, in unsecured, fixed rate, senior term notes
outstanding under a Private Shelf Agreement, of which $40.5 and $40.5 million were classified as part of the current portion of the Company's
long-term debt at June 30, 2010 and 2009, respectively. The notes require quarterly payments, and final maturity dates range from October
2010 through December 2017.
The Private Shelf Agreement includes financial covenants including debt to EBITDA ratios, fixed charge coverage ratios and minimum
net equity tests (as defined within the Private Shelf Agreement),
113
Interest rate % Amounts outstanding
Maturity
Dates
(fiscal year)
2010 2009 2010 2009
(Dollars in thousands)
Senior term notes
2011
-
2018
5.65
-
8.39
%
1.12
-
8.39
%
$
174,107
$
506,643
Convertible senior notes
2014
5.00
—
151,760
—
Term loan
2013
2.86
2.07
85,000
85,000
Revolving credit facility
2013
—
1.00
—
5,000
Equipment and leasehold
notes payable
2011
-
2015
8.93
-
9.35
8.68
-
9.48
27,473
32,200
Other notes payable
2011
-
2013
3.00
-
8.00
3.00
-
8.00
1,689
5,464
440,029
634,307
Less current portion
(51,629
)
(55,454
)
Long
-
term portion
$
388,400
$
578,853
Fiscal year (Dollars in thousands)
2011
$
51,629
2012
115,834
2013
27,978
2014
172,440
2015
18,577
Thereafter
53,571
$
440,029