Subsequent Event

6 Months Ended

Jun. 30, 2012

Subsequent Event

Subsequent Event

Note 10. Subsequent Event

In July 2012, we entered into a credit agreement which provides an unsecured Euro-denominated term loan facility in an amount up to €365.0 million or approximately $463.2 million based on the exchange rate at June 30, 2012.  As of July 27, 2012, we have not drawn on this facility.  We have the ability to draw on this facility in up to five tranches at any time on or prior to June 30, 2013.  All amounts borrowed under the facility will be due and payable at maturity in July 2017.  Interest on the loan accrues at a floating rate based on EURIBOR plus the applicable margin.  The applicable margin varies with our debt rating and would currently be 3.0%.  In addition, we are subject to a commitment fee of 1.05% per annum of the undrawn amount.  We anticipate the proceeds from this loan facility will be used primarily as part of our refinancing strategy for our bond maturities in 2013 and 2014.  In connection with this transaction, we prepaid our $100.0 million unsecured floating rate term loan due September 2013.