Financial Report - Veresen Inc.
Financial Report - Veresen Inc.
Financial Report - Veresen Inc.
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Medium Term Notes<br />
On March 14, 2012, the Company issued $300 million and $50 million of senior unsecured medium term notes maturing on March 14,<br />
2017 and March 14, 2022, respectively, and bearing interest at 3.95% and 5.05%, respectively.<br />
On November 22, 2011, the Company issued $150 million of senior unsecured medium term notes maturing on November 22, 2018,<br />
and bearing interest at 4.0%.<br />
<strong>Veresen</strong> New Credit Facility<br />
On February 9, 2012, the Company drew upon a $250 million non-revolving, floating-rate term loan, the terms of which provided for<br />
prepayments at the Company’s option at any time without premium or penalty. On March 14, 2012, the Company used the proceeds<br />
from its medium term note offerings to retire this facility in its entirety.<br />
Clowhom<br />
In February 2011, Clowhom entered into credit agreements with a Canadian chartered bank, which provide for a $55 million amortizing<br />
term facility and $2 million operating facility. The term facility was fully drawn and the funds used to repay amounts initially drawn on<br />
the Revolving Credit Facility to fund the Clowhom acquisition. Outstanding advances bear interest on floating rates, plus a margin.<br />
Compliance with Debt Covenants<br />
Each of <strong>Veresen</strong> and its businesses were in compliance with their respective debt covenants as at December 31, 2012 and 2011.<br />
Scheduled Principal Repayments of Long-Term Senior Debt<br />
Scheduled principal repayments of long-term senior debt, including the current portion thereof, are as follows:<br />
For the years ending December 31,<br />
2013 11.7<br />
2014 212.5<br />
2015 235.2<br />
2016 60.0<br />
2017 313.1<br />
Thereafter 426.8<br />
1,259.3<br />
Note 12. Subordinated Convertible Debentures<br />
2012 2011<br />
Series C Subordinated convertible debentures due 2017 86.2 86.2<br />
Less: current portion – –<br />
86.2 86.2<br />
The Series C subordinated convertible debentures rank equally with all other unsecured and subordinated indebtedness of the<br />
Company. These debentures mature on July 31, 2017 and are convertible, at the holder’s option, into shares of the Company<br />
at a conversion price of $14.60 per Common Share and are redeemable at the option of the Company after July 31, 2013.<br />
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