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Sensata Technologies Holding N.V.'s SEC Filings

S-1/A
SENSATA TECHNOLOGIES HOLDING PLC filed this Form S-1/A on 03/09/2010
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principal amount of the 9% Senior Subordinated Notes that were repurchased totaled $22.4 million. During fiscal year 2008, we sold, and are now leasing back, our facility in Malaysia. We received proceeds of $12.6 million from this transaction, which is being accounted for as a financing arrangement, rather than a sale-leaseback, due to the nature of the terms of the lease.

 

Net cash provided by financing activities of $175.7 million during fiscal year 2007 consisted of the borrowings under the Senior Subordinated Term Loan of $195.0 million associated with the acquisition of Airpax partially offset by principal payments totaling $(15.0) million on our U.S. dollar and Euro-denominated term loan facilities and payments of debt issuance cost of $(3.8) million associated with the refinancing of the Senior Subordinated Term Loan utilized to finance the acquisition of Airpax.

 

Indebtedness and Liquidity

 

Our liquidity requirements are significant due to the highly leveraged nature of our company. As of December 31, 2009, we had $2,300.8 million in outstanding indebtedness, including our outstanding capital lease and other financing obligations.

 

The following table outlines our outstanding indebtedness as of December 31, 2009 and the associated interest expense and interest rate for such borrowings for the year ended December 31, 2009.

 

Description

   Balance as of
December 31,
2009
   Interest
Expense
   Weighted-
Average Annual
Interest Rate
 
(Amounts in thousands)                 

Senior secured term loan facility (denominated in U.S. dollars)

   $ 916,750    $ 25,855    2.75

Senior secured term loan facility (€384.4 million)

     551,350      19,840    3.56

Revolving credit facility

          605    4.25

Senior Notes (denominated in U.S. dollars)

     340,006      29,400    8.00

Senior Subordinated Notes (€177.3 million)

     254,303      23,893    9.00

Senior Subordinated Notes (€137.0 million)

     196,483      21,829    11.25

Capital lease obligations

     30,293      2,795    9.04

Other financing obligations

     11,641      879    7.50

Amortization of deferred financing costs

          9,055   

Bank fees and other

          16,438   
                

Total

   $ 2,300,826    $ 150,589   
                

 

We have a Senior Secured Credit Facility under which our subsidiaries, Sensata Technologies B.V. and Sensata Technologies Finance Company, LLC, are the borrowers and certain of our other subsidiaries are guarantors. The Senior Secured Credit Facility includes a $150.0 million multi-currency revolving credit facility, a $950.0 million U.S. dollar-denominated term loan facility, and a €325.0 million Euro-denominated term loan facility ($400.1 million, at issuance). As of December 31, 2009, after adjusting for outstanding letters of credit with an aggregate value of $18.9 million, we had $131.1 million of borrowing capacity available under the revolving credit facility. The outstanding letters of credit are issued primarily for the benefit of a consignment arrangement and certain other operating activities. As of December 31, 2009, no amounts had been drawn against these outstanding letters of credit. These outstanding letters of credit are scheduled to expire in June 2010. We do not anticipate difficulty in renewing these letters of credit upon their expiration.

 

The Senior Secured Credit Facility also provides for an incremental term loan facility and/or incremental revolving credit facility in an aggregate principal amount of $250.0 million under certain conditions at the option of our bank group. During fiscal year 2006, to finance the purchase of First Technology Automotive, we borrowed €73.0 million ($95.4 million, at issuance), reducing the available borrowing capacity of this incremental facility to $154.6 million. The incremental borrowing facilities may be activated at any time up to a maximum of three times during the term of the Senior Secured Credit Facility with consent required only from

 

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