Balance Sheet Information as of March 31, 2014
The Company ended the quarter with a cash and cash equivalents balance of $119 million and $145 million in outstanding borrowings under its revolving credit facility under its senior secured credit agreement. Total long-term corporate debt, including the short term portion, net of cash and cash equivalents totaled $3.9 billion at March 31, 2014.
In the first quarter, the Company completed the repricing of its term loan and repurchased $44 million of senior secured notes. In April, the Company issued $450 million of 4.50 percent unsecured notes and used a portion of the net proceeds to repurchase $354 million of senior secured notes for aggregate consideration of $387 million, before accrued interest. To date in 2014, the Company has reduced its senior secured notes balance by $398 million.
“We continue to opportunistically improve our capital structure,” says Hull. “We intend to continue to pay down high-cost debt and reduce interest costs and we are focused on reducing our overall leverage.”
