During fiscal 2002, we repaid the following long-term debt upon its maturity:
- on February 1, 2002, the USD 250 million 9.75% senior notes issued by Stop Shop in February 1992; and
- on March 15, 2002, the USD 39 million 6-month floating rate LIBOR plus 0.70% notes issued by Tops on August 25,
1998.
On July 16, 2002, in connection with our contingent liabilities relating to VRH, we received a default notice from one of
VRH's lenders, which subsequently triggered defaults under all of the VRH loans. As a result, we purchased the shares of
DAIH that had been pledged by VRH to the lenders in connection with those loans for total consideration of approximately
USD 448 million and assumed other debt of VRH. We obtained a portion of the funding for this transaction by obtaining a
EUR 158 million loan from ABN AMRO Bank N.V. ("ABN AMRO") on August 6, 2002, with a floating interest rate of
EURIBOR plus 0.63%, which was subsequently repaid on March 5, 2003. Furthermore, we were required to write off a
USD 5 million unsecured loan that we had granted to VRH. For additional information about VRH and DAIH, including the
VRH loans, please see our financial statements.
For cash management purposes, including the issuance of letters of credit, our operating companies also maintain
uncommitted and committed credit lines. Immediately following the announcements of February 24, 2003, a number of
committed and uncommitted credit lines at our operating company level were cancelled, reduced or restricted, either to
the amount of borrowings outstanding at the time or else with respect to the use of those borrowings. As of October 3,
2003, the aggregate capacity of these committed and uncommitted credit lines, excluding the 2003 Credit Facility, was
EUR 655 million, with EUR 630 million in uncommitted facilities and EUR 25 million in committed facilities.
Subsequent to fiscal year-end 2002, we obtained a EUR 35 million loan from AH Vaste Klanten Fonds ("AHVKF" or
"Dutch Customer Fund"), dated February 3, 2003, with an interest rate of 3.0% and a maturity date of February 3, 2005.
We used this loan to partially refinance a maturing EUR 45.5 million loan with an interest rate of 4.83% issued to us by
AHVKF on February 3, 2001. The EUR 35 million loan was callable, in part or in whole, at any time, and was called by
AHVKF and repaid by us in three tranches. We repaid EUR 15 million on February 25, 2003, EUR 10 million on February
26, 2003, and the balance of EUR 10 million on February 27, 2003.
In addition, on May 15, 2003, Schuitema, our 73.2%-owned consolidated subsidiary, entered into a EUR 135 million,
dual tranche loan with the Nederlandse Investeringsbank (the "NIB"), with both tranches maturing in February 2007.
One tranche of EUR 125 million carries an interest rate of 2.7375%, and the other tranche of EUR 10 million carries
a floating interest rate equal to EURIBOR.
Subsequent to fiscal year-end 2002, in addition to repaying and replacing our 2002 Credit Facility and repaying the debt
described above, we made the following debt repayments.
- on March 5, 2003, we repaid upon maturity the EUR 158 million loan issued to us by ABN AMRO on August 6, 2002,
which had an interest rate of EURIBOR plus 0.63%;
- on March 13, 2003, in connection with entering into the secured tranche of the 2003 Credit Facility, we repaid the
USD 25 million loan issued to Bomprego by Banco Sudameris de Investimento S.A. on December 18, 2001, which
had a floating interest rate of LIBOR plus 0.45% and an original maturity date of February 12, 2006;
- on March 17, 2003, we repaid EUR 5 million on a EUR 22.7 million loan issued to us by AHVKF on August 3, 2001,
which had interest rate of 4.5% and an original maturity date of August 3, 2003 after it was called at the lender's
discretion;
- on April 22, 2003, in connection with entering into the secured tranche of the 2003 Credit Facility, we made an
aggregate payment of USD 106.8 million, including a USD 17.8 million make-whole amount, to the holders of the
USD 39 million 6.11% Series A notes with an original maturity date of June 30, 2003, and the 6.23% Series B notes
with an original maturity date of June 30, 2006, issued by Croesus (formerly known as Ahold U.S.A., Inc.), a finance
subsidiary, on June 30, 1998;
- on May 14, 2003, we repaid upon maturity the USD 100 million 9.125% bonds issued by Disco on May 11, 1998;
- on May 14, 2003, we repaid upon maturity the USD 150 million loan issued to Ahold by Banco Intesa on May 14,
2001, which had an interest rate of LIBOR plus 0.1%;
- on May 15, 2003, we repaid the EUR 31.8 million loan issued to us by the NIB in March 1993, which had an interest
rate of 7.2% and which had been rolled over from its original maturity date in March 2003 through the repayment date;
- on June 1, 2003, we made an annual principal installment payment of EUR 9 million on the EUR 45 million loan issued
to Ahold Vastgoed B.V. on June 1, 1994, by ING Bank N.V. ("ING Bank"), which had interest rate of 7.70%;
- on August 25, 2003, we repaid upon maturity the EUR 91 million 6.75% bond issued on August 24, 1993; and
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