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Long-term debt of the Company consists
of $70 million of senior unsecured notes,
with a fixed interest rate of 7.0 percent,
which are scheduled to be repaid on December
15, 2005. In addition to the senior unsecured
notes, the Company, including its share
of mining ventures, had capital lease
obligations at December 31, 2000 of $4.0
million, which are largely non-recourse
to the Company. The Company has a $100
million revolving credit agreement, which
expires on May 31, 2003. On January 8,
2001, the Company borrowed $65 million
on the facility for general operating
and working capital requirements. The
loan interest rate, based on the LIBOR
rate plus a premium, is fixed at 6.1 percent
through July 8, 2001. Loan repayment timing
is subject to future uncertainty, but
the Company expects to repay the loan
by the end of 2001.
In 2000 and 1999, the Company purchased
.7 million and .6 million shares of its
Common Shares at a cost of $15.6 million
and $17.2 million, respectively. Through
December 31, 2000, the Company has purchased
2.4 million shares at a total cost of
$79.5 million under its authorization
to repurchase up to 3.0 million Common
Shares. The shares will initially be retained
as Treasury Stock. On January 9, 2001,
the Company announced a reduction in its
quarterly dividends on Common Shares to
$.10 per share from the previous dividend
rate of $.375 per share.
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