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 (In thousands, except share data) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 6. DEBT
The Company completed a public offering of $150,000 principal amount of 8 1/2% unsecured Senior Subordinated Notes due December 15, 2005 (the 2005 Notes) during November 1995. The 2005 Notes are redeemable at the option of the Company, in whole or in part, at any time on or after December 15, 2000, at redemption prices varying from 104.25% of principal amount to 100.00% of principal amount on or after December 15, 2003, in each case together with accrued and unpaid interest to the date of redemption. The Company completed a public offering of $100,000 principal amount of 9 1/4% unsecured Senior Subordinated Notes due September 15, 2008 (the 2008 Notes) during July 1996. The 2008 Notes are redeemable at the option of the Company, in whole or in part, at any time on or after September 15, 2001, at redemption prices varying from 104.625% of principal amount to 100.00% of principal amount on or after September 15, 2004, in each case together with accrued and unpaid interest to the date of redemption. The Company completed a private placement of $150,000 principal amount of 8% unsecured Senior Subordinated Notes due October 15, 2010 during June 1998. In fiscal 1999, the Company exchanged these outstanding notes for public notes (the 2010 Notes) with the same terms. The 2010 Notes are redeemable at the option of the Company, in whole or in part, at any time on or after October 15, 2003, at redemption prices varying from 104.00% of principal amount to 100.00% of principal amount on or after October 15, 2006, in each case together with accrued and unpaid interest to the date of redemption. The Company has an unsecured credit facility (the Credit Facility), providing for borrowings up to $225,000. The Credit Facility matures May 28, 2002, and on May 28, 2001, borrowing availability reduces to $150,000. The interest rates applicable to borrowings under the Credit Facility are the agent's prime rate or a LIBOR-based rate ranging from LIBOR plus 0.450% to 1.125%. Borrowings at June 30, 2000 were at an average rate of 6.75%. Letters of credit issued through the Credit Facility of $1,659 are outstanding at June 30, 2000. The amount available for borrowing under the Credit Facility is $194,957 at June 30, 2000. The Senior Subordinated Notes are subordinate to the Credit Facility. In connection with the purchase of the nonwoven assets of UPM-Kymmene as of October 1, 1999, the Company entered into four separate promissory notes with the seller. The notes are secured by the stock of certain subsidiaries formed to operate Walkisoft. The principal amount of each note is $22,000 and each bears interest at a rate of 5%. The total principal amount outstanding at June 30, 2000 is $88,000 less the unamortized discount of $2,866, which is based on an imputed interest rate of 7.1%. One note in the principal amount of $22,000 plus accrued interest on all outstanding notes is due on each of the first four anniversaries of the closing date. On March 1, 2000, the Company purchased certain technology from Stac-Pac Technologies Inc. In connection with the purchase, the Company entered into two separate unsecured promissory notes with Stac-Pac Technologies Inc. The principal amount of each note is $5,000 and each bears interest at a rate of 7%. The principal amount of the first note plus accrued interest on both notes is due on March 1, 2001, and the principal amount of the second note plus accrued interest is due on March 1, 2002. The Company has an unsecured term facility, which provides for borrowing up to $15,000 and matures on May 28, 2002. The outstanding balance under this facility was $10,911 at June 30, 2000, at an interest rate of 7.1%. Aggregate maturities of long-term debt are as follows: 2001 – $26,892; 2002 – $65,774; 2003 – $21,093; 2004 – $20,670; 2005 – $149,637 and thereafter $248,809. Terms of long-term debt agreements require compliance with certain covenants including minimum net worth, interest coverage ratios and limitations on restricted payments and levels of indebtedness. At June 30, 2000, the amount available for the payment of dividends and/or the acquisition of treasury stock was $48,062 under the most restrictive of these agreements. The Company has a revolving credit line of approximately $5,900 with a financial institution at a rate of interest of 4.65% at June 30, 2000. There was no outstanding balance under this revolving line of credit at June 30, 2000. Letters of credit issued through the revolving line of credit of $2,108 are outstanding at June 30, 2000. The revolving line of credit expires April 30, 2001. Total interest paid by the Company for the years ended June 30, 2000, 1999 and 1998 was $37,819, $36,883 and $37,143, respectively. |
