Description of Long-Term Debt |
A description of long-term debt follows:
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May 31,
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2015 |
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2014 |
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(In thousands) |
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Revolving credit facility with a syndicate of banks, through
December 5, 2019(1)
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$ |
111,043 |
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$ |
2,090 |
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Accounts Receivable Securitization Program with two banks, through
May 9, 2017
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100,000 |
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Unsecured 6.70% senior notes due November 1, 2015(2)
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— |
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150,000 |
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Unsecured 6.50% senior notes due February 14, 2018(3)
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248,996 |
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248,627 |
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Unsecured 6.125% senior note due October 15, 2019(4)
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456,802 |
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458,163 |
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Unsecured $205,000 face value at maturity 2.25% senior convertible
notes due December 15, 2020
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188,158 |
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185,474 |
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Unsecured 3.45% senior notes due November 15, 2022
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300,000 |
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300,000 |
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Unsecured 5.25% notes due June 1, 2045(5)
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248,504 |
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— |
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Other obligations, including capital leases and unsecured notes
payable at various rates of interest due in installments through
2017
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2,572 |
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7,273 |
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1,656,075 |
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1,351,627 |
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Less: current portion
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2,038 |
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5,662 |
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Total Long-Term Debt, Less Current Maturities
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$ |
1,654,037 |
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$ |
1,345,965 |
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(1) |
Interest was tied to AUD LIBOR at
May 31, 2015, and averaged 3.095% for AUD denominated debt
($10,316), 1.075% on EUR denominated debt ($16,490), 1.265% on Euro
LIBOR denominated debt ($70,000) and 1.259% on our swing-line
($14,237). Interest was tied to AUD LIBOR at May 31, 2014, and
averaged 3.96% for AUD denominated debt. |
(2) |
We entered into a cross-currency
swap, which fixed the interest and principal payments in euros,
resulting in an effective fixed-rate borrowing of 5.31%. Pursuant
to the Redemption Notice issued to the holders thereof by the
Company on April 28, 2015, the 6.70% Senior Notes issued by
RPM United Kingdom G.P., which were due to mature on
November 1, 2015, were redeemed on May 29, 2015. |
(3) |
The $250.0 million aggregate
principal amount of the notes due 2018 is adjusted for the
amortization of the original issue discount, which approximated
$1.0 million and $1.4 million at May 31, 2015 and 2014,
respectively. The original issue discount effectively reduced the
ultimate proceeds from the financing. The effective interest rate
on the notes, including the amortization of the discount, is 6.704%
for both years presented. |
(4) |
Includes the combination of the
October 2009 initial issuance of $300.0 million aggregate principal
amount and the May 2011 issuance of an additional $150.0 million
aggregate principal amount of these notes. The $300.0 million
aggregate principal amount of the notes due 2019 from the initial
issuance is adjusted for the amortization of the original issue
discount, which approximated $0.1 million and $0.2 million at
May 31, 2015 and 2014. The original issue discount effectively
reduced the ultimate proceeds from the October 2009 financing. The
effective interest rate on the notes issued in October 2009,
including the amortization of the discount, is 6.139%. The
additional $150.0 million aggregate principal amount of the notes
due 2019 issued in May 2011 is adjusted for the unamortized premium
received at issuance, which approximated $6.9 million and $8.3
million at May 31, 2015 and 2014, respectively. The premium
effectively increased the proceeds from the financing. The
effective interest rate on the $150.0 million notes issued in May
2011 is 4.934%. |
(5) |
The $250.0 million face amount of the
notes due 2045 is adjusted for the amortization of the original
issue discount, which approximated $1.5 million at May 31,
2015. The original issue discount effectively reduced the ultimate
proceeds from the financing. The effective interest rate on the
notes, including the amortization of the discount, is 5.29%. |
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