Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from the line of Larry Klatzkin with Jefferies. Please proceed.
Lawrence Klatzkin – Jefferies & Co.
Hey guys. Jim I hope you win your bet again.
James Perry
I didn't Lawrence.
Lawrence Klatzkin – Jefferies & Co.
A couple of question its housekeeping, total debt and capitalized interest.
Dale Black
Well, total debt at the end of the quarter is $1.452 billion, at the pro form for the pay downs it's about $1.3 billion. Capitalized interest number, give me just a second here, and I'll look it up. If you got another question go ahead and then I'll come back to you.
Lawrence Klatzkin – Jefferies & Co
All right. This tax cut on repurchase of debt and discount. How is that going to affect you?
Dale Black
Well, we believe we'll be allowed to take advantage of that. My understanding of the law is that you get a five-year full deferral, and then after the end of the five years you will bring that gain into income over the next five years. But usually it stretches the tax consequences after 10 years.
Lawrence Klatzkin – Jefferies & Co
All right, you should be eligible. Good. As far as the 20 million CapEx, how much of that is for maintenance?
Dale Black
About 12 million of it's probably.
Lawrence Klatzkin – Jefferies & Co
All right and for 2010, Dale what are you thinking for CapEx. I know it's a rough number.
Dale Black
Well. It is rough we've talked in the past though our philosophy has not changed and essentially right now, virtually all project capital beyond what we already have ongoing has pretty much been put on hold and so we're looking at kind of normal amount of maintenance capital again probably in the $40 million range again going forward next year, and anything above that will be contingent on how the business looks at some point in time. We do have some projects that we think make sense for us, but we're not going to start any of those until we have a little bit more visibility on both the economy and our performance.
Lawrence Klatzkin – Jefferies
All right and then?
Dale Black
And so you know that the capitalized interest in the third quarter was about 250,000.
Lawrence Klatzkin – Jefferies
All right. Not much. And then any other regulatory changes you guys are seeing in your markets?
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