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Subsequent Event
9 Months Ended
May 31, 2013
Subsequent Event [Abstract]  
Subsequent Event

12.  Subsequent Event

 

Subsequent to the end of the third fiscal quarter of 2013, the Company announced that certain of its subsidiaries intend to refinance a portion of the 2011 Fixed Rate Notes issued under their securitization debt facility.  The Company’s subsidiaries have entered into a commitment letter, pursuant to which a purchaser has agreed, subject to the conditions contained in the letter, to purchase at par approximately $155 million of Series 2013-1 Senior Secured Fixed Rate Notes, Class A-2 (the “2013 Fixed Rate Notes”) to be issued under the securitization debt facility.  As specified in the commitment letter, the 2013 Fixed Rate Notes are expected to have a fixed interest rate of 3.75%, an anticipated contract monthly weighted average life of seven years and a final legal maturity date in 2043.

 

The net proceeds from the sale of the 2013 Fixed Rate Notes will be used to prepay $155 million of the 2011 Fixed Rate Notes at par.  The 2013 Fixed Rate Notes will be issued pursuant to the securitized financing facility which the Company’s subsidiaries have had in place since May 2011.  The 2011 Fixed Rate Notes have a fixed interest rate of 5.4% with $450.2 million outstanding as of May 31, 2013.