乐天堂fun88(中国区)官方网站 Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

DEBT (Tables)

DEBT (Tables)

12 Months Ended

Dec. 31, 2011

DEBT

听

Outstanding debt

听

听	听	December听31,					听

听	听	2011		听	2010		听
Senior Credit Facilities:	听	听	听	听	听	听	听
Term loans	听	$	1,696	听	$	1,688	听
Amounts outstanding under A/R programs	听	听	237	听	听	238	听
Senior notes	听	听	472	听	听	452	听
Senior Subordinated notes	听	听	976	听	听	1,279	听
HPS (China) debt	听	听	167	听	听	188	听
Variable interest entities	听	听	281	听	听	200	听
Other	听	听	113	听	听	101	听
听	听	听		听	听		听
Total debt鈥攅xcluding debt to affiliates	听	$	3,942	听	$	4,146	听
听	听	听		听	听		听
Total current portion of debt	听	$	212	听	$	519	听
Long-term portion	听	听	3,730	听	听	3,627	听
听	听	听		听	听		听
Total debt鈥攅xcluding debt to affiliates	听	$	3,942	听	$	4,146	听
听	听	听		听	听		听
Total debt鈥攅xcluding debt to affiliates	听	$	3,942	听	$	4,146	听
Notes payable to affiliates-noncurrent	听	听	4	听	听	4	听
听	听	听		听	听		听
Total debt	听	$	3,946	听	$	4,150	听
听	听	听		听	听		听

乐天堂fun88(中国区)官方网站 International

听	听	December听31,					听

听	听	2011		听	2010		听
Senior Credit Facilities:	听	听	听	听	听	听	听
Term loans	听	$	1,696	听	$	1,688	听
Amounts outstanding under A/R programs	听	听	237	听	听	238	听
Senior notes	听	听	472	听	听	452	听
Subordinated notes	听	听	976	听	听	1,279	听
HPS (China) debt	听	听	167	听	听	188	听
Variable interest entities	听	听	281	听	听	200	听
Other	听	听	113	听	听	101	听
听	听	听		听	听		听
Total debt鈥攅xcluding debt to affiliates	听	$	3,942	听	$	4,146	听
听	听	听		听	听		听
Total current portion of debt	听	$	212	听	$	519	听
Long-term portion	听	听	3,730	听	听	3,627	听
听	听	听		听	听		听
Total debt鈥攅xcluding debt to affiliates	听	$	3,942	听	$	4,146	听
听	听	听		听	听		听
Total debt鈥攅xcluding debt to affiliates	听	$	3,942	听	$	4,146	听
Notes payable to affiliates-current	听	听	100	听	听	100	听
Notes payable to affiliates-noncurrent	听	听	439	听	听	439	听
听	听	听		听	听		听
Total debt	听	$	4,481	听	$	4,685	听
听	听	听		听	听		听

Schedule of Senior Credit Facilities

听

Facility	听	Committed Amount		听	Principal Outstanding		听	Carrying Value		听	Interest Rate(2)	听	Maturity		听

Revolving Facility	听	$	300	听	$	鈥�	听	$	鈥�	(1)	USD LIBOR plus 3.00%	听	听	2014	(3)
Term Loan B	听	听	NA	听	$	652	听	$	652	听	USD LIBOR plus 1.50%	听	听	2014	(3)
Term Loan C	听	听	NA	听	$	427	听	$	394	听	USD LIBOR plus 2.25%	听	听	2016	(3)
Extended Term Loan B	听	听	NA	听	$	650	听	$	650	听	USD LIBOR plus 2.50%	听	听	2017	(3)

(1): We had no borrowings outstanding under our Revolving Facility; we had approximately $20听million (U.S. dollar equivalents) of letters of credit and bank guarantees issued and outstanding under our Revolving Facility.
(2): The applicable interest rate of the Senior Credit Facilities is subject to certain secured leverage ratio thresholds. As of December听31, 2011, the weighted average interest rate on our outstanding balances under the Senior Credit Facilities was approximately 2%.
(3): The maturity of the Extended Term Loan B will accelerate if we do not repay, refinance or have a minimum level of liquidity available to enable us to refinance or repay our outstanding 5.50% senior notes due 2016 at least three months prior to the maturity date of such notes.

Schedule of A/R Programs

听

December听31, 2011

Facility	听	Maturity	听	Maximum Funding Availability(1)	听	Amount Outstanding	听	Interest Rate(2)(3)
U.S. A/R Program	听	April 2014	听	$250	听	$90(4)	听	Applicable Rate plus 1.50%听-听1.65%
EU A/R Program	听	April 2014	听	鈧�225 (approximately $291)	听	鈧�114 (approximately $147)	听	Applicable Rate plus 2.0%

听

December听31, 2010

Facility	听	Maturity	听	Maximum Funding Availability(1)	听	Amount Outstanding	听	Interest Rate(2)(3)
U.S. A/R Program	听	October听2012	听	$125	听	$27.5	听	USD LIBOR rate plus 3.75%
U.S. A/R Program	听	October听2011	听	$125	听	$27.5	听	CP rate plus 3.50%
EU A/R Program	听	October听2011	听	鈧�225 (approximately $297)	听	鈧�139 (approximately $183)	听	GBP LIBOR rate, USD LIBOR rate or EURIBOR rate plus 3.75%

(1): The amount of actual availability under the A/R Programs may be lower based on the level of eligible receivables sold, changes in the credit ratings of our customers, customer concentration levels, and certain characteristics of the accounts receivable being transferred, as defined in the applicable agreements.
(2): Each interest rate is defined in the applicable agreements. In addition, the U.S. SPE and the EU SPE are obligated to pay unused commitment fees to the lenders based on the amount of each lender's commitment.
(3): Applicable rate for the U.S. A/R Program is defined by the lender as either USD LIBOR or CP rate. Applicable rate for the EU A/R Program is either GBP LIBOR, USD LIBOR or EURIBOR.
(4): As of December听31, 2011 we had approximately $4听million (U.S. dollar equivalents) of letters of credit issued and outstanding under our U.S. A/R Program.

Summary of outstanding notes

听

Notes	听	Maturity	听	Interest Rate		听	Amount Outstanding

Senior Notes	听	June 2016	听	听	5.500	%(1)	$600 ($472 carrying value)
Senior Subordinated Notes	听	March 2021	听	听	8.625	%	$530 ($543 carrying value)
Senior Subordinated Notes	听	March 2020	听	听	8.625	%	$350
Senior Subordinated Notes	听	January 2015	听	听	7.500	%	鈧�64 (approximately $83)

(1): The effective interest rate at issuance was 11.73%.

Redemption of Notes and Loss on Early Extinguishment of Debt

听

Date of Redemption	听	Notes	听	Principal Amount of Notes Redeemed	听	Amount Paid (Excluding Accrued Interest)	听	Loss on Early Extinguishment of Debt		听

Three months ended December听31, 2011	听	6.875% Senior Subordinated Notes due 2013	听	鈧�70 (approximately $94)	听	鈧�71 (approximately $96)	听	$	2	听
Three months ended September听30, 2011	听	6.875% Senior Subordinated Notes due 2013	听	鈧�14 (approximately $19)	听	鈧�14 (approximately $19)	听	$	鈥�	听
Three months ended September听30, 2011	听	7.5% Senior Subordinated Notes due 2015	听	鈧�12 (approximately $17)	听	鈧�12 (approximately $17)	听	$	鈥�	听
July听25, 2011	听	7.375% Senior Subordinated Notes due 2015	听	$75	听	$77	听	$	2	听
January听18, 2011	听	7.375% Senior Subordinated Notes due 2015	听	$100	听	$102	听	$	3	听
November听29, 2010	听	7.875% Senior Subordinated Notes due 2014	听	$88	听	$92	听	$	3	听
November听26, 2010	听	7.875% Senior Subordinated Notes due 2014	听	$100	听	$104	听	$	4	听
October听12, 2010	听	7.875% Senior Subordinated Notes due 2014	听	$159	听	$165	听	$	7	听
September听27, 2010	听	6.875% Senior Subordinated Notes due 2013	听	鈧�132 (approximately $177)	听	鈧�137 (approximately $183)	听	$	7	听
March听17, 2010	听	6.875% Senior Subordinated Notes due 2013	听	鈧�184 (approximately $253)	听	鈧�189 (approximately $259)	听	$	7	听
March听17, 2010	听	7.50% Senior Subordinated Notes due 2015	听	鈧�59 (approximately $81)	听	鈧�59 (approximately $81)	听	$	2	听
January听11, 2010(1)	听	7.00% Convertible Notes due 2018	听	$250	听	$382	听	$	146	听

(1): The convertible notes due 2018 were issued to Apollo in December 2008 as part of a settlement agreement with Apollo. These convertible notes, which would have matured on December听23, 2018, bore interest at the rate of 7% per year and were convertible into approximately 31.8听million shares of our common stock at any time by the holders.

Scheduled maturities of our debt (excluding debt to affiliates)

听

Year ending December听31	听	听		听

2012	听	$	212	听
2013	听	听	86	听
2014	听	听	973	听
2015	听	听	135	听
2016	听	听	897	听
Thereafter	听	听	1,639	听
听	听	听		听
听	听	$	3,942	听
听	听	听		听

- Definition

Tabular disclosure of debt extinguished which may include, amount of gain (loss), the income tax effect and the per share amount of the aggregate gain (loss), net of the related income tax.

+ References + Details