Note B: Long-Term Debt
The company had $30.0 million of debt classified as long-term at year-end
2000 and no debt outstanding at year-end 1999. The weighted average interest
rates on borrowings during 2000 and 1999 were 6.8% and 5.5%, respectively.
Bank Credit Facilities. The company has
available under its principal credit agreement a $160 million revolving
credit facility and a $30 million letter of credit facility, both of which
expire in September 2002. Interest is payable upon borrowing maturity but
no less than quarterly. At year-end 2000 and 1999, the company had $30.0
million and no amounts outstanding, respectively under the revolving credit
facility and $21.7 million and $20.3 million outstanding, respectively,
under the letter of credit facility. In addition, the company had $12.6
million and $6.6 million in standby letters of credit outstanding at year-end
2000 and 1999, respectively. Borrowing under the credit facilities is subject
to the company's maintaining certain interest rate coverage and leverage
ratios. As of February 3, 2001, the company was in compliance with these
bank covenants.
In addition, the company has $45 million in uncommitted short-term bank
lines of credit. When utilized, interest is payable monthly. At the end
of 2000, there was $34.0 million outstanding in overnight borrowings under
these lines. There were no balances outstanding under these lines at year-end
1999.
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Notes
to Consolidated Financial Statements
