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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
Entire Document
 


Table of Contents

11. Debt

 

The Company’s debt as of December 31, 2009 and 2008 consists of the following:

 

     Weighted-
Average
Interest
Rate for the
year ended
December 31,
2009
    December 31,
2009
    December 31,
2008
 

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

   2.75   $ 916,750      $ 926,250   

Senior secured term loan facility (€384.4 million)

   3.56     551,350        547,665   

Revolving credit facility (denominated in U.S. dollars)

   4.25     —          25,000   

Senior Notes (denominated in U.S. dollars)

   8.00     340,006        450,000   

Senior Subordinated Notes (€177.3 million)

   9.00     254,303        320,939   

Senior Subordinated Notes (€137.0 million)

   11.25     196,483        198,810   

Less: current portion

       (15,206     (226,670
                  

Long-term portion of debt

     $ 2,243,686      $ 2,241,994   
                  

Capital lease and other financing obligations

   8.61   $ 41,934      $ 42,523   

Less: current portion

       (1,933     (1,690
                  

Long-term portion of capital lease and other financing obligations

     $ 40,001      $ 40,833   
                  

 

Senior Secured Credit Facility

 

On April 27, 2006 (inception), two of the Company’s subsidiaries, Sensata Technologies and Sensata Technologies Finance Company, LLC, entered into a multi-currency $1,500.0 million senior secured credit facility with Morgan Stanley Senior Funding, Inc., Banc of America Securities LLC and Goldman Sachs Credit Partners, L.P., as joint lead arrangers (the “Senior Secured Credit Facility”). The Senior Secured Credit Facility consists of a $150.0 million revolving credit facility; a $950.0 million U.S. dollar term loan facility; and a €325.0 million Euro term loan facility ($400.1 million, at issuance).

 

Under the $150.0 million revolving credit facility, there is $131.1 million of availability (net of $18.9 million in letters of credit) as of December 31, 2009, and $118.9 million of availability (net of $25.0 million in borrowings and $6.1 million in letters of credit) as of December 31, 2008. Outstanding letters of credit are issued primarily for the benefit of certain operating activities. As of December 31, 2009, no amounts had been drawn against these outstanding letters of credit. These outstanding letters of credit are stated to expire in June 2010.

 

Revolving loans may be borrowed, repaid and re-borrowed to fund the Company’s working capital needs. Term loans may only be borrowed on the closing date and no amount of term loans once repaid may be reborrowed.

 

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. Sensata Technologies issued €73.0 million ($95.4 million, at issuance) on December 19, 2006 to finance the purchase of First Technology Automotive, reducing the amount which may be borrowed under the incremental facility to $154.6 million. The incremental facilities rank pari passu in right of payment and security with the other Senior Secured Credit Facilities and mature at the final maturity of the term loan facility and the revolving credit facility, respectively. 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 those lenders that agree, at their sole discretion, to participate in such incremental facility and subject to certain conditions, including pro forma compliance with all financial covenants as of the date of incurrence and for the most recent determination period after giving effect to the incurrence of such incremental facility.

 

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