Print Page  |  Close Window

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
Entire Document
 


Table of Contents

The terms of the collars as of December 31, 2009 are shown in the following table:

 

Current Notional Principal
Amount
        (Euros in millions)        

  

Amortization

  

Effective Date

  

Maturity Date

  

Cap

  

At Prevailing
Market Rates
Between

  

Floor

€245.0

   Amortizing    July 28, 2008    April 27, 2011    4.40%    3.55%-4.40%    3.55%

 

In March 2009, we purchased interest rate caps in order to hedge the risk of changes in cash flows attributable to changes in interest rates above the cap rates on a portion of our U.S. dollar and Euro-denominated term loans.

 

The terms of the interest rate caps as of December 31, 2009 are as follows:

 

Current Notional Principal
Amount

        (in millions)        

       Amortization            Effective Date            Maturity Date            Cap    

$600.0

   Amortizing    March 5, 2009    April 29, 2013    5.00%

€100.0

   Amortizing    March 5, 2009    April 29, 2013    5.00%

 

As of December 31, 2009, we had Euro-denominated debt of €698.7 million ($1,002.1 million).

 

The significant components of our long-term debt are as follows:

 

(Dollars in millions)    Weighted-
Average
Interest
Rate
    Outstanding
balance as of
December 31,
2009
   Fair value
as of
December 31,
2009

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

   2.75   $ 916.7    $ 819.1

Senior secured term loan facility (€384.4 million)

   3.56     551.4      476.2

Senior Notes (denominated in U.S. dollars)

   8.00     340.0      333.0

Senior Subordinated Notes (€177.3 million)

   9.00     254.3      240.6

Senior Subordinated Notes (€137.0 million)

   11.25     196.5      194.5
               

Total (1)

     $ 2,258.9    $ 2,063.4
               

 

(1)   Total outstanding balance excludes capital leases and other financing obligations of $41.9 million.

 

Sensitivity Analysis

 

As of December 31, 2009, we had U.S. dollar and Euro-denominated variable rate debt with an outstanding balance of $1,468.1 million issued under our Senior Secured Credit Facility, as follows:

 

   

$916.7 million of U.S. dollar denominated variable rate debt. An increase of 100 basis points in the LIBOR rate would result in additional annual interest expense of $9.3 million. This increase would be offset by a reduction of $3.2 million in interest expense resulting from our $115.0 million of variable to fixed interest rate swaps adjusted for quarterly amortization.

 

   

€384.4 million (equivalent to $551.4 million as of December 31, 2009) of variable rate debt. An increase of 100 basis points in the EURIBOR rate would result in additional annual interest expense of $5.6 million at an exchange rate of $1.43 to €1.00 as of December 31, 2009. Depending upon prevailing EURIBOR rates, this increase may be offset by a reduction in interest expense resulting from our €245.0 million of interest rate collars.

 

We have $340.0 million of 8.0% fixed rate debt. If market rates relating to this debt increased/(decreased) by 100 basis points, the fair value of the debt would (decrease)/increase by $11.9 million.

 

76