LONG-TERM DEBT AND REDEEMABLE PREFERRED STOCK (Tables)

12 Months Ended

Dec. 31, 2012

Long-Tem Debt and Redeemable Preferred Stock - Components of Long-Term Debt and Redeemable Preferred Stock


	December 31,
	2012		2011
2011 Term Loan Facility due 2017, net of discounts (See (a) below)	$	780.9	$	787.6
2011 Revolving Credit Facility due 2016 (See (a) below)		—		—
9³/₄% Senior Secured Notes due 2015, net of discounts (See (b) below)		328.0		327.4
Amended and Restated Senior Subordinated Term Loan due 2014 (See (c) below)		58.4		—
Senior Subordinated Term Loan due 2014 (See (c) below)		—		58.4

		1,167.3		1,173.4
Less current portion (*)		(21.5)		(8.0)

		1,145.8		1,165.4

Redeemable Preferred Stock (See (d) below)		48.4		48.4

	$	1,194.2	$	1,213.8

(*)

The Company classified $21.5 million of long-term debt as a current liability, which is comprised of the Company’s regularly scheduled $2.0 million principal repayment due on March 31, 2013 as well as the required “excess cash flow” payment (as defined under the 2011 Term Loan Agreement) to be made in 2013. (See below under “2011 Credit Agreements”).

Long-Tem Debt and Redeemable Preferred Stock - Interest on Borrowings Under 2011 Revolving Credit Facility


Excess Availability	Alternate Base Rate Loans			Eurodollar Loans, Eurocurrency Loans or Local Rate Loans
Greater than or equal to $92,000,000		1.00	%		2.00	%
Less than $92,000,000 but greater than or equal to $46,000,000		1.25	%		2.25	%
Less than $46,000,000		1.50	%		2.50	%

Long-Tem Debt and Redeemable Preferred Stock - Aggregate Amounts of Contractual Long-term Debt Maturities


Years ended December 31,	Long-term debt maturities
2013		21.5	^(a)(b)
2014		58.4	^(c)
2015		332.5	^(d)
2016		8.0	^(e)
2017		756.0	⁽^f⁾
Thereafter		—

Total long-term debt	$	1,176.4

Discounts		(9.1	)

Total long-term debt, net of discounts	$	1,167.3

^(a)

Amount refers to a $2.0 million principal repayment on March 31, 2013, as well as the approximately $19.5 million “excess cash flow” payment (as defined under the 2011 Term Loan Agreement), to be made under the 2011 Term Loan Facility prior to April 10, 2013. Such repayment would satisfy Products Corporation’s future regularly scheduled term loan amortization payments in the direct order of maturities beginning in June 2013 through September 2015.

^(b)

Amount does not include the $48.6 million of Preferred Stock which is required to be redeemed on the earlier of (i) October 8, 2013 and (ii) the consummation of certain change of control transactions. (See “Redeemable Preferred Stock” in this Note 10).

^(c)

Amount refers to the aggregate principal amount outstanding under the Non-Contributed Loan which matures on October 8, 2014.

^(d)

Amount refers to $2.5 million of quarterly amortization payments required under the 2011 Term Loan Facility and the principal balance due on the 9³/₄% Senior Secured Notes which mature on November 15, 2015. The difference between this amount and the carrying amount of the 9³/₄% Senior Secured Notes is due to the issuance of the $330.0 million in aggregate principal amount of the 9³/₄% Senior Secured Notes at a discount, which was priced at 98.9% of par.

^(e)

Amount refers to the quarterly amortization payments required under the 2011 Term Loan Facility. Amount excludes amounts available under the 2011 Revolving Credit Facility which matures on June 16, 2016, and which was undrawn as of December 31, 2012.

^(f)

Amount refers to the aggregate principal amount expected to be outstanding under the 2011 Term Loan Facility on its November 19, 2017 maturity date. The difference between this amount and the carrying amounts of the 2011 Term Loan Facility is due to the issuance of the $800.0 million in aggregate principal amount of the 2011 Term Loan Facility at a discount, which was priced at 99.5% of par.