Question-and-Answer Session
Operator
(Operator Instructions) Our first question is from James Buckman - Dawson James.
James Buckman - Dawson James
With regard to your, the debt that you have, $1.375 billion. Do you intend on paying any of that down in the coming 12 months?
Michael Duckworth
Beyond the investments that we're making in our existing business under the CapEx that we described in the call, we really don't have a lot of other places that we could put that debt other than to apply it to debt repayment under the terms of our credit agreement. So I would expect that to the extent we have excess cash, we will be paying down debt.
James Buckman - Dawson James
Do you have any goal, any parameters, ballpark, that you might see it come off a little bit?
Michael Duckworth
In terms of how much we would reduce the debt?
James Buckman - Dawson James
Yes, yes. Obviously your business is very good; the only overhang that you seem to have is the debt.
Michael Duckworth
I said that and to the extent that we don't find other opportunities to invest in things that generate significant returns or justifiable returns, I would expect us to be applying our excess cash to the reduction of debt.
Operator
Our next question is from Robert Andreotti - [Violin Capital Partners].
Robert Andreotti - [Violin Capital Partners]
A few questions, the first one is you mentioned that about half the 1.375 debt, if I misheard please correct me, is at a fixed rate, when I thought that based on the slide it floated with LIBOR, is there something different there or?
Michael Duckworth
Yes, our high yield ultimately is currently floating, but at the end of the 12-month period it will lock in, it's capped at 11.25%. Then most recently we entered into some interest rate protection with one of our lending institutions to lock in LIBOR at 210 million, to lock in LIBOR at about 3.1%. So slightly over half of our total debt is now fixed.
Robert Andreotti - [Violin Capital Partners]
Just so I'm clear, so you locked in 210 million of LIBOR, or a turn around of the debt at LIBOR 3.1, and then the rest you're talking about the bridge facility of 465 which would be locked at 11.25, is that about accurate?
Michael Duckworth
That's correct, at the end of 12 months from August 1.
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