We know there are few fires, few fires observed while extinguishable, and few successful extinguishments; BUT we want the ability to make the choice and the tools to succeed. ❋ Unknown (2009)
The increase in the average balance of Federal funds sold is primarily a result of the timing of the debt extinguishments and the proceeds from securities sales and new borrowings in the Restructuring Transaction.
In the quarter, the loss in the early extinguishments consisted of a $1.7 million write-off of deferred financing costs and a $350,000 prepayment penalty on an unassumable loan associated with a property that was sold during the quarter.
In 2009, the Company recorded losses on extinguishments of debt of $26 million $24 million, net of tax, or $0.15 per diluted share related to the repurchase of its senior secured notes due 2011 and the redemption of its debentures due 2023.
Costs associated with debt extinguishments, acquisition costs and non-cash impairment charges will decrease earnings and FFO per share by $.03.
For the quarter ended March 31, 2011, non-interest expense excludes the loss on debt extinguishments and non-interest income excludes securities gains from the Restructuring Transaction.
The Company's operating results include transactions, such as losses on debt extinguishments, litigation costs, acquisition costs and non-cash impairment charges that can affect earnings and FFO per diluted share.
Represents the write-off of deferred financing fees and, in 2010, the prepayment of insurance fees in connection with the related debt extinguishments. ❋ Unknown (2010)
In the third quarter of 2010, the Company recorded losses on extinguishments of debt of $16 ❋ Unknown (2010)
Under the applicable accounting rules for financial instruments, the exchange transactions were accounted for as extinguishments of the old instruments which resulted in the Company recording non-cash losses on extinguishment of all of the Company's secured debt of $41.7 million related to debt instruments and a deemed dividend of $8.0 million related to the retirement of the Series A Preferred Stock. ❋ Unknown (2010)
Adjusted Pre-tax Income excludes gains on debt extinguishments, unrealized gains/losses on interest rate swaps and the write-off of deferred financing costs. ❋ Unknown (2010)
This excludes any premiums paid or discounts written-off in connection with early extinguishments. ❋ Unknown (2010)
EBITDA is defined as net income before interest and debt expense, income tax expense and depreciation and amortization, and excludes gains on debt extinguishments, unrealized gains/losses on interest rate swaps and the write-off of deferred financing costs. ❋ Unknown (2010)
"Operating EBITDA" as earnings before interest, taxes, depreciation, amortization, LIFO adjustments, stock-based compensation expense, minority interest, post-retirement benefit expense in excess of cash payments and the nonrecurring items of severance accruals and restructuring costs and losses on debt extinguishments. ❋ Unknown (2010)
The company anticipates recording a charge of approximately $14 million in the third quarter for costs associated with the early extinguishments of debt. ❋ Unknown (2010)
