Exhibit 99.2
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Nine Months Ended | ||||||||
September 30, 2010 | September 30, 2009 | |||||||
(In Millions, Except Per Share Amounts) | ||||||||
Revenues: | ||||||||
Timber | $ | 429 | $ | 414 | ||||
Real Estate | 181 | 419 | ||||||
Manufacturing | 208 | 189 | ||||||
Other | 16 | 14 | ||||||
Total Revenues | 834 | 1,036 | ||||||
Costs and Expenses: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 317 | 326 | ||||||
Real Estate | 69 | 179 | ||||||
Manufacturing | 184 | 205 | ||||||
Other | 1 | 1 | ||||||
Total Cost of Goods Sold | 571 | 711 | ||||||
Selling, General and Administrative | 70 | 75 | ||||||
Total Costs and Expenses | 641 | 786 | ||||||
Other Operating Income (Expense), net | 9 | — | ||||||
Operating Income | 202 | 250 | ||||||
Equity Earnings from Timberland Venture | 44 | 43 | ||||||
Interest Expense, net: | ||||||||
Interest Expense (Debt Obligations to Unrelated Parties) | 59 | 69 | ||||||
Interest Expense (Note Payable to Timberland Venture) | 43 | 43 | ||||||
Total Interest Expense, net | 102 | 112 | ||||||
Gain on Extinguishment of Debt | — | 1 | ||||||
Income before Income Taxes | 144 | 182 | ||||||
(Benefit) Provision for Income Taxes | 1 | (26 | ) | |||||
Income From Continuing Operations | 143 | 208 | ||||||
Gain on Sale of Properties, net of tax | 11 | — | ||||||
Net Income | $ | 154 | $ | 208 | ||||
Per Share Amounts: | ||||||||
Income From Continuing Operations - Basic | $ | 0.88 | $ | 1.27 | ||||
Income From Continuing Operations - Diluted | $ | 0.88 | $ | 1.27 | ||||
Net Income per Share - Basic | $ | 0.95 | $ | 1.27 | ||||
Net Income per Share - Diluted | $ | 0.94 | $ | 1.27 | ||||
Weighted Average Number of Shares Outstanding | ||||||||
- Basic | 162.2 | 163.5 | ||||||
- Diluted | 162.5 | 163.6 |
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Quarter Ended | ||||||||
September 30, 2010 | September 30, 2009 | |||||||
(In Millions, Except Per Share Amounts) | ||||||||
Revenues: | ||||||||
Timber | $ | 145 | $ | 152 | ||||
Real Estate | 39 | 73 | ||||||
Manufacturing | 70 | 65 | ||||||
Other | 5 | 4 | ||||||
Total Revenues | 259 | 294 | ||||||
Costs and Expenses: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 108 | 120 | ||||||
Real Estate | 18 | 51 | ||||||
Manufacturing | 62 | 65 | ||||||
Other | — | — | ||||||
Total Cost of Goods Sold | 188 | 236 | ||||||
Selling, General and Administrative | 20 | 20 | ||||||
Total Costs and Expenses | 208 | 256 | ||||||
Other Operating Income (Expense), net | — | — | ||||||
Operating Income | 51 | 38 | ||||||
Equity Earnings from Timberland Venture | 15 | 14 | ||||||
Interest Expense, net: | ||||||||
Interest Expense (Debt Obligations to Unrelated Parties) | 20 | 22 | ||||||
Interest Expense (Note Payable to Timberland Venture) | 14 | 14 | ||||||
Total Interest Expense, net | 34 | 36 | ||||||
Income before Income Taxes | 32 | 16 | ||||||
Benefit for Income Taxes | — | (3 | ) | |||||
Net Income | $ | 32 | $ | 19 | ||||
Per Share Amounts: | ||||||||
Net Income per Share - Basic | $ | 0.20 | $ | 0.12 | ||||
Net Income per Share - Diluted | $ | 0.20 | $ | 0.12 | ||||
Weighted Average Number of Shares Outstanding | ||||||||
- Basic | 161.6 | 162.8 | ||||||
- Diluted | 161.8 | 162.9 |
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
September 30, 2010 | December 31, 2009 | |||||||
(In Millions, Except Per Share Amounts) | ||||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and Cash Equivalents | $ | 267 | $ | 299 | ||||
Accounts Receivable | 31 | 24 | ||||||
Taxes Receivable | 1 | 15 | ||||||
Inventories | 46 | 46 | ||||||
Deferred Tax Asset | 7 | 6 | ||||||
Assets Held for Sale | 99 | 115 | ||||||
Other Current Assets | 18 | 14 | ||||||
469 | 519 | |||||||
Timber and Timberlands, net | 3,436 | 3,487 | ||||||
Property, Plant and Equipment, net | 148 | 156 | ||||||
Equity Investment in Timberland Venture | 189 | 201 | ||||||
Deferred Tax Asset | 12 | 14 | ||||||
Investment in Grantor Trusts (at Fair Value) | 32 | 33 | ||||||
Other Assets | 35 | 38 | ||||||
Total Assets | $ | 4,321 | $ | 4,448 | ||||
LIABILITIES | ||||||||
Current Liabilities: | ||||||||
Current Portion of Long-Term Debt | $ | 51 | $ | 55 | ||||
Line of Credit | 320 | — | ||||||
Accounts Payable | 32 | 32 | ||||||
Interest Payable | 34 | 25 | ||||||
Wages Payable | 16 | 20 | ||||||
Taxes Payable | 20 | 14 | ||||||
Deferred Revenue | 28 | 16 | ||||||
Other Current Liabilities | 10 | 21 | ||||||
511 | 183 | |||||||
Long-Term Debt | 1,577 | 1,625 | ||||||
Line of Credit | — | 320 | ||||||
Note Payable to Timberland Venture | 783 | 783 | ||||||
Other Liabilities | 79 | 71 | ||||||
Total Liabilities | 2,950 | 2,982 | ||||||
Commitments and Contingencies | ||||||||
STOCKHOLDERS’ EQUITY | ||||||||
Preferred Stock, $0.01 par value, authorized shares - 75.0, outstanding - none | — | — | ||||||
Common Stock, $0.01 par value, authorized shares -300.6, outstanding (net of Treasury Stock) - 161.6 at September 30, 2010, and 162.8 at December 31, 2009 | 2 | 2 | ||||||
Additional Paid-In Capital | 2,241 | 2,233 | ||||||
Retained Earnings | 59 | 110 | ||||||
Treasury Stock, at cost, Common Shares - 26.2 at September 30, 2010, and 24.8 at December 31, 2009 | (911 | ) | (860 | ) | ||||
Accumulated Other Comprehensive Income (Loss) | (20 | ) | (19 | ) | ||||
Total Stockholders’ Equity | 1,371 | 1,466 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 4,321 | $ | 4,448 | ||||
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended | ||||||||
September 30, 2010 | September 30, 2009 | |||||||
(In Millions) | ||||||||
Cash Flows From Operating Activities: | ||||||||
Net Income | $ | 154 | $ | 208 | ||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||||||||
Depreciation, Depletion and Amortization (includes $10 Lumber Impairment Loss in 2009) | 72 | 85 | ||||||
Basis of Real Estate Sold | 57 | 139 | ||||||
Equity Earnings from Timberland Venture | (44 | ) | (43 | ) | ||||
Distributions from Timberland Venture | 56 | 53 | ||||||
Deferred Income Taxes | 1 | (21 | ) | |||||
Gain on Sales of Properties and Other Assets | (13 | ) | — | |||||
Deferred Revenue from Long-Term Gas Leases (Net of Amortization) | 5 | (5 | ) | |||||
Pension Plan Contributions | (4 | ) | (8 | ) | ||||
Working Capital Changes Impacting Cash Flow: | ||||||||
Like-Kind Exchange Funds | — | 48 | ||||||
Income Tax Receivable | 14 | 17 | ||||||
Other Working Capital Changes | (2 | ) | 12 | |||||
Other | 16 | 7 | ||||||
Net Cash Provided By Operating Activities | 312 | 492 | ||||||
Cash Flows From Investing Activities: | ||||||||
Capital Expenditures (Excluding Timberland Acquisitions) | (51 | ) | (45 | ) | ||||
Timberlands Acquired | — | (1 | ) | |||||
Proceeds from Sales of Properties and Other Assets | 13 | 1 | ||||||
Other | 1 | (1 | ) | |||||
Net Cash Used In Investing Activities | (37 | ) | (46 | ) | ||||
Cash Flows From Financing Activities: | ||||||||
Dividends | (205 | ) | (207 | ) | ||||
Borrowings on Line of Credit | 1,505 | 695 | ||||||
Repayments on Line of Credit | (1,505 | ) | (662 | ) | ||||
Principal Payments and Retirement of Long-Term Debt | (53 | ) | (203 | ) | ||||
Proceeds from Stock Option Exercises | 2 | — | ||||||
Acquisition of Treasury Stock | (51 | ) | (87 | ) | ||||
Net Cash Used In Financing Activities | (307 | ) | (464 | ) | ||||
Increase (Decrease) In Cash and Cash Equivalents | (32 | ) | (18 | ) | ||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 299 | 369 | ||||||
End of Period | $ | 267 | $ | 351 | ||||
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Quarter Ended | ||||||||
September 30, 2010 | September 30, 2009 | |||||||
(In Millions) | ||||||||
Cash Flows From Operating Activities: | ||||||||
Net Income | $ | 32 | $ | 19 | ||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||||||||
Depreciation, Depletion and Amortization | 24 | 28 | ||||||
Basis of Real Estate Sold | 14 | 21 | ||||||
Equity Earnings from Timberland Venture | (15 | ) | (14 | ) | ||||
Distribution from Timberland Venture | 28 | 28 | ||||||
Deferred Revenue from Long-Term Gas Leases (Net of Amortization) | (1 | ) | (1 | ) | ||||
Pension Plan Contributions | (4 | ) | (8 | ) | ||||
Working Capital Changes Impacting Cash Flow: | ||||||||
Other Working Capital Changes | 19 | 20 | ||||||
Other | 8 | 5 | ||||||
Net Cash Provided By Operating Activities | 105 | 98 | ||||||
Cash Flows From Investing Activities: | ||||||||
Capital Expenditures (Excluding Timberland Acquisitions) | (20 | ) | (17 | ) | ||||
Timberlands Acquired | — | (1 | ) | |||||
Other | 1 | — | ||||||
Net Cash Used In Investing Activities | (19 | ) | (18 | ) | ||||
Cash Flows From Financing Activities: | ||||||||
Dividends | (69 | ) | (69 | ) | ||||
Borrowings on Line of Credit | 368 | 264 | ||||||
Repayments on Line of Credit | (368 | ) | (206 | ) | ||||
Principal Payments and Retirement of Long-Term Debt | — | (65 | ) | |||||
Net Cash Used In Financing Activities | (69 | ) | (76 | ) | ||||
Increase (Decrease) In Cash and Cash Equivalents | 17 | 4 | ||||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 250 | 347 | ||||||
End of Period | $ | 267 | $ | 351 | ||||
Plum Creek Timber Company, Inc.
Segment Data
(Unaudited)
Nine Months 2010 | Nine Months 2009 | |||||||
(In Millions) | ||||||||
Revenues: | ||||||||
Northern Resources | $ | 162 | $ | 155 | ||||
Southern Resources | 280 | 266 | ||||||
Real Estate | 181 | 419 | ||||||
Manufacturing | 208 | 189 | ||||||
Other | 16 | 14 | ||||||
Eliminations | (13 | ) | (7 | ) | ||||
Total Revenues | $ | 834 | $ | 1,036 | ||||
Operating Income (Loss) | ||||||||
Northern Resources | $ | 12 | $ | (2 | ) | |||
Southern Resources | 79 | 64 | ||||||
Real Estate | 107 | 234 | ||||||
Manufacturing | 21 | (23 | ) | |||||
Other(A) | 20 | 13 | ||||||
Other Costs and Eliminations, net | (37 | ) | (36 | ) | ||||
Total Operating Income | $ | 202 | $ | 250 | ||||
(A) | During the first quarter of 2010, the company agreed to terminate a land lease for consideration of $5 million from the lessor. The land lease had been accounted for as an operating lease. The $5 million consideration is reported as Other Operating Gain/(Loss) in our Other Segment since the consideration was primarily for the release of mineral rights. The $5 million is included in Other Operating Income (Expense), net in the Consolidated Statements of Income. |
Plum Creek Timber Company, Inc.
Segment Data
(Unaudited)
Third Quarter 2010 | Third Quarter 2009 | |||||||
(In Millions) | ||||||||
Revenues: | ||||||||
Northern Resources | $ | 57 | $ | 63 | ||||
Southern Resources | 93 | 94 | ||||||
Real Estate | 39 | 73 | ||||||
Manufacturing | 70 | 65 | ||||||
Other | 5 | 4 | ||||||
Eliminations | (5 | ) | (5 | ) | ||||
Total Revenues | $ | 259 | $ | 294 | ||||
Operating Income (Loss) | ||||||||
Northern Resources | $ | 5 | $ | 3 | ||||
Southern Resources | 25 | 21 | ||||||
Real Estate | 19 | 20 | ||||||
Manufacturing | 7 | (1 | ) | |||||
Other | 5 | 4 | ||||||
Other Costs and Eliminations, net | (10 | ) | (9 | ) | ||||
Total Operating Income | $ | 51 | $ | 38 | ||||
Plum Creek Timber Company, Inc
Selected Operating Statistics
(Unaudited)
2010 | 2009 | |||||||||||||||||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||||||||||||||||||||||
Sales Realization | Units | |||||||||||||||||||||||||||||||||||||
Southern Resources | ||||||||||||||||||||||||||||||||||||||
Sawlog | $/Ton Stumpage | $ | 23 | $ | 23 | $ | 23 | $ | 23 | $ | 24 | $ | 22 | $ | 22 | $ | 21 | $ | 22 | |||||||||||||||||||
Pulpwood | $/Ton Stumpage | $ | 13 | $ | 12 | $ | 11 | $ | 12 | $ | 11 | $ | 9 | $ | 9 | $ | 10 | $ | 10 | |||||||||||||||||||
Northern Resources | ||||||||||||||||||||||||||||||||||||||
Sawlog | $/Ton Delivered | $ | 59 | $ | 66 | $ | 66 | $ | 63 | $ | 57 | $ | 50 | $ | 56 | $ | 56 | $ | 55 | |||||||||||||||||||
Pulpwood | $/Ton Delivered | $ | 38 | $ | 38 | $ | 39 | $ | 38 | $ | 43 | $ | 38 | $ | 38 | $ | 38 | $ | 40 | |||||||||||||||||||
Lumber (1) | $/MBF | $ | 501 | $ | 522 | $ | 490 | $ | 505 | $ | 374 | $ | 340 | $ | 448 | $ | 477 | $ | 397 | |||||||||||||||||||
Plywood (1) | $/MSF | $ | 352 | $ | 397 | $ | 388 | $ | 379 | $ | 362 | $ | 353 | $ | 361 | $ | 352 | $ | 357 | |||||||||||||||||||
Fiberboard (1) | $/MSF | $ | 588 | $ | 607 | $ | 629 | $ | 608 | $ | 601 | $ | 593 | $ | 596 | $ | 599 | $ | 597 | |||||||||||||||||||
Sales Volume | ||||||||||||||||||||||||||||||||||||||
Southern Resources | ||||||||||||||||||||||||||||||||||||||
Sawlog | 1,000 Tons | 1,274 | 1,122 | 1,209 | 3,605 | 942 | 1,217 | 1,250 | 993 | 4,402 | ||||||||||||||||||||||||||||
Pulpwood | 1,000 Tons | 1,526 | 1,448 | 1,674 | 4,648 | 1,487 | 1,849 | 2,014 | 1,649 | 6,999 | ||||||||||||||||||||||||||||
Total Harvest | 2,800 | 2,570 | 2,883 | 8,253 | 2,429 | 3,066 | 3,264 | 2,642 | 11,401 | |||||||||||||||||||||||||||||
Northern Resources | ||||||||||||||||||||||||||||||||||||||
Sawlog | 1,000 Tons | 627 | 484 | 537 | 1,648 | 525 | 371 | 632 | 609 | 2,137 | ||||||||||||||||||||||||||||
Pulpwood | 1,000 Tons | 527 | 348 | 517 | 1,392 | 613 | 397 | 691 | 567 | 2,268 | ||||||||||||||||||||||||||||
Total Harvest | 1,154 | 832 | 1,054 | 3,040 | 1,138 | 768 | 1,323 | 1,176 | 4,405 | |||||||||||||||||||||||||||||
Lumber | MBF | 28,791 | 30,813 | 29,305 | 88,909 | 35,123 | 60,371 | 40,590 | 28,428 | 164,512 | ||||||||||||||||||||||||||||
Plywood | MSF | 45,104 | 47,002 | 44,223 | 136,329 | 35,439 | 40,729 | 41,479 | 37,271 | 154,918 | ||||||||||||||||||||||||||||
Fiberboard | MSF | 35,347 | 50,010 | 39,394 | 124,751 | 34,044 | 32,802 | 34,282 | 30,964 | 132,092 |
(1) | Represents prices at mill level. |
Plum Creek Timber Company, Inc.
Land Sale Statistics
(Unaudited)
2010 | 2009 | |||||||||||||||||||||||||||||||||||
1st Qtr (1) | 2nd Qtr | 3rd Qtr | YTD | 1st Qtr (2) | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||||||||||||||||||||
Acres Sold | ||||||||||||||||||||||||||||||||||||
Small Non-strategic | 29,640 | 1,950 | 10,270 | 41,860 | 1,665 | 9,840 | 5,545 | 2,570 | 19,620 | |||||||||||||||||||||||||||
Large Non-strategic | 24,310 | — | — | 24,310 | — | 59,160 | — | — | 59,160 | |||||||||||||||||||||||||||
Conservation | 35,120 | 215 | 2,870 | 38,205 | 113,355 | 3,895 | 43,695 | 4,910 | 165,855 | |||||||||||||||||||||||||||
HBU/Recreation | 9,080 | 18,175 | 9,870 | 37,125 | 2,180 | 10,955 | 10,440 | 26,700 | 50,275 | |||||||||||||||||||||||||||
Development Properties | 730 | 60 | — | 790 | 1,485 | 25 | 515 | 35 | 2,060 | |||||||||||||||||||||||||||
Conservation Easements | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | |||||||||||||||||||||||||||
98,880 | 20,400 | 23,010 | 142,290 | 118,685 | 83,875 | 60,195 | 34,215 | 296,970 | ||||||||||||||||||||||||||||
Price per Acre | ||||||||||||||||||||||||||||||||||||
Small Non-strategic | $ | 885 | $ | 1,120 | $ | 1,025 | $ | 930 | $ | 1,330 | $ | 900 | $ | 970 | $ | 855 | $ | 950 | ||||||||||||||||||
Large Non-strategic | $ | 1,320 | — | — | $ | 1,320 | — | $ | 650 | — | — | $ | 650 | |||||||||||||||||||||||
Conservation | $ | 545 | $ | 1,450 | $ | 1,865 | $ | 650 | $ | 2,225 | $ | 1,705 | $ | 350 | $ | 1,280 | $ | 1,690 | ||||||||||||||||||
HBU/Recreation | $ | 2,125 | $ | 2,210 | $ | 2,335 | $ | 2,225 | $ | 3,420 | $ | 2,200 | $ | 2,115 | $ | 2,200 | $ | 2,235 | ||||||||||||||||||
Development Properties | $ | 3,050 | $ | 5,985 | — | $ | 3,270 | $ | 4,075 | $ | 13,650 | $ | 9,190 | $ | 7,485 | $ | 5,520 | |||||||||||||||||||
Conservation Easements | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Revenue, ($ millions) | ||||||||||||||||||||||||||||||||||||
Small Non-strategic | $ | 26 | $ | 2 | $ | 11 | $ | 39 | $ | 2 | $ | 9 | $ | 5 | $ | 2 | $ | 19 | ||||||||||||||||||
Large Non-strategic | $ | 32 | — | — | $ | 32 | — | $ | 38 | — | — | $ | 38 | |||||||||||||||||||||||
Conservation | $ | 19 | — | $ | 5 | $ | 25 | $ | 252 | $ | 7 | $ | 15 | $ | 6 | $ | 280 | |||||||||||||||||||
HBU/Recreation | $ | 19 | $ | 40 | $ | 23 | $ | 82 | $ | 7 | $ | 24 | $ | 22 | $ | 59 | $ | 112 | ||||||||||||||||||
Development Properties | $ | 2 | — | — | $ | 3 | $ | 6 | — | $ | 5 | — | $ | 12 | ||||||||||||||||||||||
Conservation Easements | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
$ | 99 | $ | 43 | $ | 39 | $ | 181 | $ | 268 | $ | 78 | $ | 48 | $ | 67 | $ | 461 | |||||||||||||||||||
Revenue from Non-Cash | — | — | — | — | — | — | $ | 25 | — | $ | 25 | |||||||||||||||||||||||||
Basis of Real Estate Sold(4) | $ | 32 | $ | 11 | $ | 14 | $ | 57 | $ | 89 | $ | 29 | $ | 21 | $ | 16 | $ | 155 |
(1) | During the first quarter of 2010 the company sold 24,000 acres of Large Non-strategic lands located in Louisiana for $32 million. In addition, the company sold two larger Conservation properties totaling 35,000 acres in Wisconsin and Arkansas and an aggregation of 23,000 acres of Small Non-strategic timberlands located primarily in the Lake States region. |
(2) | During the 1st quarter of 2009 we sold 112,000 acres in Montana to a conservation buyer for $250 million. The sale is presented as a Conservation sale. The transaction included 56,000 acres of Conservation property, 10,000 acres of Small Non-strategic property, 45,000 acres of HBU/Recreation property, and 1,000 acres of Development property. |
(3) | During the 3rd quarter of 2009 we completed a non-cash exchange with the State of Washington. We relinquished 20,600 acres, in King County, in exchange for 37 parcels containing more than 6,000 acres in nine counties. |
(4) | Includes $7 million in the first quarter of 2010 for a 24,000 acre Large Non-strategic sale in Louisiana, $16 million in the second quarter of 2009 for a 59,000 acre Large Non-strategic sale in Wisconsin and $85 million in the first quarter of 2009 for a 112,000 acre Conservation sale in Montana. |
PLUM CREEK TIMBER COMPANY, INC.
DEBT MATURITIES SCHEDULE
September 30, 2010
(UNAUDITED)
Borrowings (1) | ||||||||
Principal | Weighted Avg. Interest Rate | |||||||
Quarterly Maturities through 2011: | ||||||||
4th Qtr 2010 | $ | 3 | 8.050 | % | ||||
1st Qtr 2011 | $ | 49 | 7.830 | % | ||||
4th Qtr 2011 | $ | 259 | 7.713 | % (2) | ||||
Annual Maturities through 2014: | ||||||||
2012 | $ | 603 | — | (3) | ||||
2013 | $ | 250 | 6.663 | % (4) | ||||
2014 | $ | 3 | 8.050 | % |
(1) | Does not include repayments on the company’s $750 million revolving line of credit due in 2011. |
(2) | Principal amount composed of senior notes with principal amounts of $40 million, $3 million and $216 million and interest rates of 7.970%, 8.050% and 7.660% , respectively. |
(3) | Includes $600 million of maturities for the company’s two term credit agreements and senior notes with principal of $3 million and an interest rate of 8.050%. The interest rate on the $350 million term credit agreement is currently based on LIBOR plus 0.45%. The interest rate on the $250 million term credit agreement is currently based on LIBOR plus 1.00%. |
(4) | Principal amount composed of senior notes with principal amounts of $3 million, $73 million and $174 million and interest rates of 8.050%, 7.760% and 6.180%, respectively. |