In December of 1996,
the Company filed a $500 million shelf registration with the Securities
and Exchange Commission and issued $200 million seven-year notes, maturing
December 1, 2003. In June of 1997, the Company issued an additional $100
million medium-term notes under this program with maturities of June 16,
2000 and June 17, 2002. Interest on these notes is paid semi-annually. The
proceeds were subsequently exchanged for Dutch Guilders and loaned to a
European subsidiary. The Company entered into swap transactions to hedge
the foreign currency exposure related to the repayment of the intercompany
loan.
In June of 1996, the Company's Japanese subsidiary
borrowed 10.5 billion yen in a private placement with a maturity of June
26, 2011. Interest is paid semi-annually. The agreement provides for early
retirement after year ten.
The Company's long-term debt ratings are
A+ by Standard and Poor's Corporation and A1 by Moody's Investor Service.
Amounts of long-term maturities in each of
the five fiscal years 1999 through 2003, respectively, are $1.6 million,
$1.0 million, $51.0 million, $0.4 million and $50.1 million.
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