XML 77 R22.htm IDEA: XBRL DOCUMENT v2.4.0.8
LONG-TERM DEBT
12 Months Ended
Dec. 31, 2013
LONG-TERM DEBT [Abstract]  
LONG-TERM DEBT
LONG-TERM DEBT

Long-term debt consists of the following:

December 31,
 
2013
  
2012
 
(In millions)
 
  
 
 
Note Payable, due 2014
 
$
-
  
$
0.1
 
5.0% Loan Notes, due 2016
  
10.3
   
10.1
 
5.125% Senior Notes due 2014, net of unamortized discount of $0.0 and $0.1 and including fair value adjustments of $4.3 and $9.4
  
254.3
   
259.3
 
6.875% Senior Notes due 2019, net of unamortized premium of $2.8 and $3.4 and including fair value adjustments of $10.7 and $11.9
  
413.5
   
415.3
 
6.125% Senior Notes due 2034, net of unamortized discount of $0.3 and $0.3
  
249.7
   
249.7
 
 
  
927.8
   
934.5
 
Less current portion
  
254.4
   
0.1
 
 
 
$
673.4
  
$
934.4
 

Long-term debt maturities during the next five years amount to $250.0 million in 2014 and $10.3 million in 2016.  All of our notes contain certain covenants, including, among others, restrictions on liens, sale-leaseback transactions and additional secured debt, and pay interest semiannually.  The weighted-average interest rate of our long-term debt, excluding the effects of our interest rate swaps, was 6.2% at both December 31, 2013 and 2012.

In September 2012, we issued an additional $100.0 million of 6.875% Senior Notes due 2019 (the "2019 Notes").  Net proceeds (including a premium of $3.5 million) were $100.9 million, which will be used for general corporate purposes.  These additional notes are being treated as a single series with, and have the same terms as, the previously issued 2019 Notes and are fungible with the previously-issued 2019 Notes.

In connection with the purchase of Kurt Geiger, approximately £6.2 million of the purchase price payable to certain selling shareholders who are senior managers of Kurt Geiger has been rolled over into 5% Loan Notes, which are payable on or before April 16, 2016 and are subject to forfeiture in the event of termination of employment under certain circumstances.  For more information, see "Acquisitions."