On January 1, 2002, the Company adopted SFAS No. In addition, the Company refinanced approximately $3,800,000 of subsidiary debt. This transaction resulted in approximately $19,400,000 of restricted cash, investments and marketable securities recorded in current assets in the accompanying balance sheet at June 29, 2002, related to letter of credit requirements under the Ply Gem credit facility, being reclassified as unrestricted in July 2002. On July 25, 2002, proceeds from the Senior Secured Credit Facility were used to refinance the remaining approximately $42,700,000 due on the Ply Gem credit facility and provide for letters of credit totaling approximately $24,800,000, which were previously issued under the Ply Gem credit facility. The Senior Secured Credit Facility permits the Company to enter into the Recapitalization provided certain conditions are met. The Senior Secured Credit Facility includes customary limitations and covenants, but does not require the Company to maintain any financial covenant unless excess available borrowing capacity, as defined, is less than $40,000,000 in which case the Company would be required to maintain, on a trailing four quarter basis, a minimum level of $175,000,000 of earnings before interest, taxes, depreciation and amortization, as defined.
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The outstanding principal balances under the Senior Secured Credit Facility accrue interest at the Companys option at either LIBOR plus a margin ranging from 2.0% to 2.5% or the banksprime rate plus a margin ranging from 0.5% to 1.0% depending upon the excess available borrowing capacity, as defined, and the timing of the borrowing as the margin rates will be adjusted quarterly. The Senior Secured Credit Facility is secured by substantially all of the Companys accounts receivable and inventory, as well as certain intellectual property rights, and permits borrowings up to the lesser of $200,000,000 or the total of 85% of eligible accounts receivable, as defined, and 50% of eligible inventory, as defined. On July 25, 2002, the Company entered into a $200,000,000 Senior Secured Credit Facility (the Senior Secured Credit Facility), which is syndicated among several banks. It is suggested that these Unaudited Financial Statements be read in conjunction with the consolidated financial statements and the notes included in the Companys latest annual report on Form 10-K as filed with the Securities and Exchange Commission (SEC). 144) and accordingly the presentation for all periods, including the accompanying unaudited condensed consolidated balance sheet at Decemhas been reclassified to conform with the new standard. 144, ∺ccounting for the Impairment or Disposal of Long-Lived Assets(SFAS No. Effective in the third quarter of 2001, the Company adopted Statement of Financial Accounting Standards (SFAS) No. Although certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been omitted, the Company believes that the disclosures included are adequate to make the information presented not misleading. and include the accounts of Nortek, Inc., and all of its wholly-owned subsidiaries (the ∼ompany) after elimination of intercompany accounts and transactions, without audit and, in the opinion of management, reflect all adjustments of a normal recurring nature necessary for a fair statement of the interim periods presented.
The unaudited condensed consolidated financial statements (the Unaudited Financial Statements) presented have been prepared by Nortek, Inc.
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