Long-Term Debt. Unsecured notes payable to Department of Budget and Finance of the State of Hawaii and assigned by the Department to the indenture trustee for the payment of amounts owing to the holders of special purpose revenue bonds and refunding special purpose revenue bonds (subsidiary obligations unconditionally guaranteed by HECO): HECO, 6.50%, series 2009, due 2039 $ 90,000 HELCO, 6.50%, series 2009, due 2039 60,000 HECO, 4.65%, series 2007A, due 2037 100,000 HELCO, 4.65%, series 2007A, due 2037 20,000 MECO, 4.65%, series 2007A, due 2037 20,000 * HECO, 5.65%, series 1997A, due 2027 50,000 * HELCO, 5.65%, series 1997A, due 2027 30,000 * MECO, 5.65%, series 1997A, due 2027 20,000 HECO, 4.60%, refunding series 2007B, due 2026 62,000 HELCO, 4.60%, refunding series 2007B, due 2026 8,000 MECO, 4.60%, refunding series 2007B, due 2026 55,000 HECO, 4.80%, refunding series 2005A, due 2025 40,000 HELCO, 4.80%, refunding series 2005A, due 2025 5,000 MECO, 4.80%, refunding series 2005A, due 2025 2,000 * HECO, 5.00%, refunding series 2003B, due 2022 40,000 * HELCO, 5.00%, refunding series 2003B, due 2022 12,000 * HELCO, 4.75%, refunding series 2003A, due 2020 14,000 HELCO, 5.50%, refunding series 1999A, due 2014 11,400 Total obligations to the State of Hawaii 639,400 Other long-term debt – unsecured: HECO, 5.39%, series 2012E, unsecured senior note, due 20426.50 %, series 2004, junior subordinated deferrable interest debentures, due 2034HECO, 4.53%, series 2012F, unsecured senior note, due 2032HECO, 4.72%, series 2012D, unsecured senior note, due 2029HECO, 4.55%, series 2012C, unsecured senior note, due 2023HELCO, 4.55%, series 2012B, unsecured senior note, due 2023MECO, 4.55%, series 2012C, unsecured senior note, due 2023HECO, 4.03%, series 2012B, unsecured senior note, due 2020MECO, 4.03%, series 2012B, unsecured senior note, due 2020HECO, 3.79%, series 2012A, unsecured senior note, due 2018HELCO, 3.79%, series 2012A, unsecured senior note, due 2018MECO, 3.79%, series 2012A, unsecured senior note, due 2018 150,00051,54640,00035,00050,00020,00030,00062,00020,00030,00011,0009,000 Total long-term debt 1,147,946 Deposits are used to secure customers' accounts HECO $ 13,614 HELCO 3,853 MECO 4,409 Total customer deposits 21,876 * set to be refinanced/redeemed with the proceeds of the sale of Notes issued under (1) this Note Purchase Agreement, (2) the separate Note Purchase and Guaranty Agreements of HELCO and MECO, and/or (3) from available funds. Conditional notices of redemption...
Long-Term Debt the average of the long-term portion of the debt of the Company (determined in accordance with Section 2(C) hereof) outstanding at the end of each fiscal quarter for which the computation is being made (quarterly average basis).
Long-Term Debt. As of December 31, 1999, the Company was not in compliance with several formula-based covenants in its credit facilities. As a result of this non- compliance, all debt outstanding under the credit facilities and the convertible subordinated notes as of December 31, 1999 was potentially callable and due within one year, and therefore had been reclassified from long-term debt to a current classification. On July 14, 2000, a restructuring of the credit facilities was completed, and the Company became in compliance with all of the credit facilities covenants. Long-term debt was comprised of the following: December 31, --------------------- 2000 -------- 1999 ----------- Credit facilities................................... $498,800 $ 959,610 Capital lease obligations (see Note 11)............. Less current portion and long-term debt potentially 6,053 -------- 975,682 6,799 ----------- 1,457,891 callable under covenant provisions in 1999......... (1,676) -------- $974,006 ======== (1,452,195) ----------- $ 5,696 =========== Scheduled maturities of long-term debt were as follows: 2001................................................................. 1,676 2002................................................................. 15,097 2003................................................................. 232,519 2004................................................................. 70,212 2005................................................................. 70,198 Thereafter........................................................... 585,980 Included in debt expense was interest expense, net of capitalized interest, of $112,180, $106,633 and $72,804 for 2000, 1999, and 1998, respectively. Also included in debt expense were amortization and write-off of deferred financing costs of $4,457, $4,164 and $1,376 for 2000, 1999, and 1998, respectively, and interest rate swap early termination costs of $9,823 in 1998. Credit facilities In July 2000, the major terms of the credit facilities were restructured which included the collateralization of the debt with substantially all of the Company's assets, a reduction in the revolving credit availability to $150,000 together with conversion of $299,000 of the revolving facility into a term loan, a new quarterly amortization schedule beginning September 30, 2000, and the immediate permanent pay-down of $50,000. Total outstanding debt under the credit facilities consisted of the following: December 31, ----------------- 2000 1999 -----...
Long-Term Debt. 102,450,000 -------------- 723,782,000 -------------- 174,464,000 -------------- 1,225,781,000 --------------
Long-Term Debt. The long term debt (excluding current maturities) as determined in accordance with GAAP.
Long-Term Debt. Financing that has a maturity of greater than one year.
Long-Term Debt. The term “LONG TERM DEBT” means all obligations of the BORROWERS to any PERSON, including, but not limited to, the OBLIGATIONS, payable more than twelve (12) months from the date of its creation, which in accordance with G.A.A.P. is shown on the balance sheet as a liability (excluding reserves for deferred income taxes).
Long-Term Debt. To Seller’s knowledge, (a) the Acquired Companies have no other indebtedness for borrowed money that would be treated as long-term debt under U.S. GAAP (including the amount of unamortized debt discount, if any) other than the Long-Term Debt and (b) set forth on Schedule 4.24 is the principal amount outstanding under each of the items listed in the definition of Long-Term Debt (on a per item basis) as of the date hereof.
Long-Term Debt. Long-term debt consists of the following (in thousands): MARCH 31, DECEMBER 31, 2000 1999 Bank credit facilities..................................... $ 2,290,000 $ 2,250,000 Commercial paper, average interest of 5.5% in 1999......... -- 21,899 Senior notes and debentures, interest of 6% to 8 3/4% through 2029............................................. 6,750,725 6,749,785 4% Convertible subordinated notes due 2002................. 535,275 535,275 5.75% Convertible subordinated notes due 2005.............. 30,735 426,726 Tax-exempt and project bonds, principal payable in periodic installments, maturing through 2021, fixed and variable interest rates ranging from 4.0% to 9.25% at March 31, 2000..................................................... 1,201,757 1,234,668 Installment loans, notes payable, and other, interest to Less current maturities.................................... 2,760,371 3,098,742 $ 8,352,949 $ 8,399,346 =========== =========== 8 WASTE MANAGEMENT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED) The Company has a $3 billion syndicated loan facility (the "Syndicated Facility") and a $2 billion senior revolving credit facility (the "Credit Facility"). The Syndicated Facility requires annual renewal by the lender and provides for a one-year term option at the Company's request in the event of non-renewal. The Syndicated Facility is available for borrowings, including letters of credit, and for supporting the issuance of commercial paper. The covenant restrictions for the Syndicated Facility and Credit Facility include, among others, interest coverage and debt capitalization ratios, limitations on dividends, additional indebtedness and liens. The Syndicated Facility and Credit Facility are used to refinance existing bank loans and letters of credit, to fund acquisitions, and for working capital purposes. At March 31, 2000, the Company had borrowings of approximately $1.8 billion under the Syndicated Facility at an average interest rate of 7.03%, and had borrowings of $500.0 million under the Credit Facility at 7.0% interest. The facility fees were 0.20% and 0.25% per annum under the Syndicated Facility and Credit Facility, respectively, at March 31, 2000. The Company had issued letters of credit of approximately $1.2 billion in aggregate under the Syndicated Facility and Credit Facility leaving unused and available credit capacity of approximately $1.5 billion at March 31, 2000. Under the terms of the Syndicated Facil...
Long-Term Debt. The Company has a credit facility with a bank which provides for a $15 million revolving line of credit, a $10 million Term Note A and a $10 million Term Note B. Long-term debt consists of the following: 1999 1998 --------- ----------- (In thousands) Term Note A payable to bank, due in monthly installments of $138,889 through July 2002, with any remaining balance payable on July 1, 2002 (interest at 7.86 percent on February 28, 1999) $ 5,555 $ 7,223 Term Note B payable to bank, due in monthly installments of $119,048 through February 2006, (interest at a fixed rate of 6.80 percent for the term of the note) 9,881 - Revolving line of credit with bank, due July 2001 (interest at 5.84 percent on February 28, 1998) 7,750 5,550 Industrial Revenue Bonds, due in July 1998 (interest at 7.9 percent on February 28, 1998) - 55 Industrial Revenue Bonds, due in December 2003, payable in monthly installments (interest at 5.75 percent on February 28, 1999) 215 250 ---------- ----------- 23,401 13,078 Less amount due within one year 3,135 1,757 ---------- ----------- $20,266 $11,321 ========== =========== The Company's credit facility and industrial revenue bonds are subject to loan agreements which require the Company to comply with various financial covenants including minimum requirements with regard to working capital, debt-to-net worth ratio, dividend payments, capital expenditures and cash flows. The Company was in compliance or obtained waivers for events of non-compliance with these covenants as of February 28, 1999. The Company's long-term debt is secured by receivables, inventory, equipment, and fixtures. Under the terms of the loan agreement, borrowing's on the revolving line of credit are subject to a borrowing base calculation which is limited to 80% of certain trade accounts receivable and a range of 50% to 60% of certain raw materials and finished good inventories and is reduced by the balance of outstanding letters of credit, which amounted to $548,000 at February 28, 1999. In February 1999, the Company entered into an interest rate protection agreement with the bank (the Swap Agreement) to modify the interest characteristics of the $10 million Term Note B from a variable rate to a fixed rate. The Swap Agreement involves the exchange of interest obligations over the life of the Term
