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Debt
3 Months Ended
Mar. 31, 2012
Debt [Abstract]  
Debt

NOTE 11.  DEBT

On March 22, 2012, we amended our $1.05 billion senior credit facility arranged by Merrill Lynch, Pierce, Fenner & Smith, Inc., J.P. Morgan Securities, Inc. and Barclays Capital. We added $250 million to our existing Term Loan B facility. The amended $1.3 billion facility is made up of a $250 million revolving credit facility (with a $150 million sublimit for letters of credit), a $250 million Term Loan A and an $800 million Term Loan B.  The facility is secured by U.S. personal property, the capital stock of material U.S. subsidiaries, and a pledge of 65% of the stock of our material first tier foreign subsidiaries. The only significant change to existing terms, conditions and covenants related to the consolidated leverage ratio covenant. Under the revised covenant, threshold ratios are as follow: 4.5 to1.0 through December 31, 2013, 4.0 to 1.0 through March 31, 2015, and 3.75 to 1.0 thereafter. During the first quarter of 2012, we were in compliance with all covenants of the previous and amended credit agreements.  

 

In connection with the additional $250 million Term Loan B borrowings, we paid $7.6 million for bank, legal and other fees.  This amount was capitalized and is being amortized into interest expense over the life of the loan.