Ken Joyce
Ken Joyce
aggregate amount available based believe business cash currently due enhanced face february financial flow forecasts improved march market maturity million notes open principal purchased quarter remaining resources retire satisfy senior sufficient together value
We believe that these initiatives, together with improved cash flow from business operations, have enhanced our financial flexibility. We currently have sufficient resources to retire the remaining '06 convertible notes at maturity and based on current forecasts we believe we will have sufficient liquidity available to satisfy the $146 million of 5% convertible notes due March 2007. As previously announced, during the first quarter of 2006 we purchased in the open market $30 million face value of our outstanding $471 million aggregate principal amount of 9.25% Senior notes due February 2008.
addition available billion completed credit designed due facility financing fourth group improve james june loan members million notes november offering proceeds quarter replaced revolving secured senior series taiwanese term
During the fourth quarter we completed a series of financing initiatives designed to improve our liquidity. We completed a NT$1.8 billion (approximately $54 million) 5-year secured term loan with a group of Taiwanese lenders, and we replaced our $30 million secured revolving credit facility with a new $100 million senior secured revolver that is available through November 2009. In addition our chairman, James Kim, and members of his family, subscribed to an offering of $100 million of 6.25% convertible subordinated notes due 2013, the proceeds of which were used to repurchase $100 million of 5.75% convertible notes due June 1, 2006.