Attached files
file | filename |
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8-K/A - 8-K/A - VALMONT INDUSTRIES INC | a10-14295_18ka.htm |
EX-99.1 - EX-99.1 - VALMONT INDUSTRIES INC | a10-14295_1ex99d1.htm |
EX-23.1 - EX-23.1 - VALMONT INDUSTRIES INC | a10-14295_1ex23d1.htm |
Exhibit 99.2
UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL DATA
The unaudited pro forma condensed combined financial data set forth below gives effect to the acquisition of Delta plc (Delta) by Valmont Industries Inc. (Valmont) (the Acquisition) and the issuance of $300 million of 6.625% senior unsecured notes (the Notes) by the application of the pro forma adjustments to the historical consolidated financial statements of Valmont. The unaudited pro forma condensed combined financial data should be read in conjunction with the audited historical consolidated financial statements and notes of Valmont and the accompanying notes to the unaudited pro forma condensed combined financial data.
The unaudited pro forma condensed combined balance sheet as of March 27, 2010 gives effect to the Acquisition and the issuance of the Notes as if they had occurred on such date. The unaudited pro forma condensed combined statements of operations gives effect to the Acquisition and the issuance of Notes as if they occurred as of December 28, 2008, the beginning of Valmonts 2009 fiscal year. The unaudited pro forma condensed combined financial data do not purport to represent what Valmonts results of operations or financial position would have been if the Acquisition had occurred as of the dates indicated or what such results will be for any future periods. The actual results in the periods following the Acquisition may differ significantly from that reflected in the unaudited pro forma condensed combined financial data for a number of reasons including, but not limited to, differences between the assumptions used to prepare the unaudited pro forma condensed combined financial data and actual amounts, completion of a final valuation of the Acquisition and other reviews, including a valuation of Deltas fixed assets and intangible assets, evaluation of contingent liabilities and changes in exchange rates. In addition, no adjustments have been made for non-recurring costs related to the Acquisition, including potential upgrades related to information technology integration, accounting migration and other activities necessary to handle financial reporting, tax and regulatory compliance.
The unaudited pro forma condensed combined financial data have been prepared giving effect to the Acquisition, which is accounted for as a purchase business combination in accordance with FASB Accounting Standards Codification 805, Business Combinations. The total purchase price for Delta was allocated to the net assets based upon preliminary estimates of fair value. The purchase price allocations for the Acquisition are preliminary and further refinements are likely to be made based on the results of final valuations and consideration of fair values.
The unaudited pro forma adjustments are based upon available information and certain assumptions that Valmont believes are reasonable, which assumptions are described in the accompanying notes. The unaudited pro forma condensed combined statement of operations excludes certain non-recurring charges that will be incurred in connection with the Acquisition, including an inventory fair value step-up from the Acquisition expected to increase cost of sales by $2.7 million in Valmonts 2010 fiscal year and transaction costs incurred by Valmont which are expected to increase selling, general and administrative expenses by $14.1 million in Valmonts 2010 fiscal year.
The financial information of Delta plc has been extracted from the historical financial statements of Delta which were prepared in accordance with International Financial Reporting Standards as adopted by the IASB (IFRS) which is a method of accounting different from accounting principles generally accepted in the United States of America (U.S. GAAP) and prepared in pounds sterling. Unaudited adjustments have been made to present the Delta IFRS information under U.S. GAAP. After application of U.S. GAAP adjustments, the pounds sterling amounts have been translated to U.S. dollars using historic exchange rates.
Unaudited Pro Forma Condensed Combined Balance Sheet
As of March 27, 2010
|
|
Valmont |
|
Delta plc |
|
Delta plc |
|
Delta plc |
|
Exchange |
|
Delta plc |
|
Acquisition |
|
Pro |
|
|
|
(amounts in thousands, except per share amounts and exchange rates) |
|
||||||||||||||
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
109,987 |
|
135,829 |
|
|
|
135,829 |
|
1.5353 |
|
208,538 |
|
|
|
318,525 |
|
Restricted cash |
|
264,000 |
|
|
|
|
|
|
|
1.5353 |
|
|
|
(264,000 |
) |
|
|
Receivables, net |
|
256,672 |
|
64,149 |
|
(1,868 |
)(1) |
62,281 |
|
1.5353 |
|
95,620 |
|
|
|
352,292 |
|
Inventories |
|
211,679 |
|
51,737 |
|
|
|
51,737 |
|
1.5353 |
|
79,432 |
|
2,687 |
|
293,798 |
|
Prepaid expenses |
|
20,333 |
|
|
|
1,868 |
(1) |
1,868 |
|
1.5353 |
|
2,868 |
|
|
|
23,201 |
|
Refundable and current deferred income tax |
|
38,104 |
|
7,889 |
|
(5,195 |
)(3) |
2,694 |
|
1.5353 |
|
4,136 |
|
|
|
42,240 |
|
Total current assets |
|
900,775 |
|
259,604 |
|
(5,195 |
) |
254,409 |
|
|
|
390,594 |
|
(261,313 |
) |
1,030,056 |
|
Property, plant and equipment, net |
|
276,628 |
|
99,038 |
|
|
|
99,038 |
|
1.5353 |
|
152,053 |
|
20,435 |
|
449,116 |
|
Goodwill |
|
177,443 |
|
10,019 |
|
|
|
10,019 |
|
1.5353 |
|
15,382 |
|
81,501 |
|
274,326 |
|
Other intangible assets |
|
93,914 |
|
199 |
|
|
|
199 |
|
1.5353 |
|
306 |
|
101,023 |
|
195,243 |
|
Investment in MMC |
|
|
|
15,481 |
|
|
|
15,481 |
|
1.5353 |
|
23,768 |
|
|
|
23,768 |
|
Other assets |
|
29,019 |
|
2,993 |
|
|
|
2,993 |
|
1.5353 |
|
4,595 |
|
3,858 |
|
37,472 |
|
|
|
1,477,779 |
|
387,334 |
|
(5,195 |
) |
382,139 |
|
|
|
586,698 |
|
(54,496 |
) |
2,009,981 |
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of long-term debt |
|
281 |
|
|
|
|
|
|
|
1.5353 |
|
|
|
|
|
281 |
|
Notes payable |
|
10,442 |
|
|
|
|
|
|
|
1.5353 |
|
|
|
|
|
10,442 |
|
Accounts payable |
|
114,319 |
|
52,940 |
|
|
|
52,940 |
|
1.5353 |
|
81,279 |
|
|
|
195,598 |
|
Accrued expenses |
|
106,009 |
|
6,431 |
|
|
|
6,431 |
|
1.5353 |
|
9,874 |
|
|
|
115,883 |
|
Dividends payable |
|
3,947 |
|
|
|
|
|
|
|
1.5353 |
|
|
|
|
|
3,947 |
|
Total current liabilities |
|
234,998 |
|
59,371 |
|
|
|
59,371 |
|
|
|
91,153 |
|
|
|
326,151 |
|
Deferred income taxes |
|
49,577 |
|
7,252 |
|
(3,232 |
)(3) |
4,020 |
|
1.5353 |
|
6,172 |
|
30,852 |
|
86,601 |
|
Long-term debt |
|
351,127 |
|
|
|
|
|
|
|
|
|
|
|
190,549 |
|
541,676 |
|
Pension liability |
|
|
|
65,494 |
|
|
|
65,494 |
|
1.5353 |
|
100,492 |
|
18,233 |
|
118,725 |
|
Other long-term liabilities |
|
29,061 |
|
6,842 |
|
|
|
6,842 |
|
1.5353 |
|
10,505 |
|
23,071 |
|
62,637 |
|
Shareholders equity |
|
792,876 |
|
216,200 |
|
(1,963 |
)(4) |
214,237 |
|
1.5353 |
|
328,916 |
|
(342,871 |
) |
778,921 |
|
Non-controlling interest |
|
20,140 |
|
32,215 |
|
|
|
32,215 |
|
1.5353 |
|
49,460 |
|
25,670 |
|
95,270 |
|
|
|
1,477,779 |
|
387,334 |
|
(5,195 |
) |
382,139 |
|
|
|
586,698 |
|
(54,496 |
) |
2,009,981 |
|
See accompanying notes to unaudited pro forma condensed combined financial data.
Unaudited Pro Forma Condensed Combined Statement of Operations
Fiscal Year Ended December 26, 2009
|
|
Valmont |
|
Delta
plc |
|
Delta
plc |
|
Delta
plc |
|
Exchange |
|
Delta
plc |
|
Acquisition |
|
Pro
Forma |
|
||
|
|
(amounts in thousands, except per share amounts and exchange rates) |
|
||||||||||||||||
Net sales |
|
1,786,601 |
|
333,000 |
|
|
|
333,000 |
|
1.56561 |
|
521,348 |
|
|
|
2,307,949 |
|
||
Cost of goods sold |
|
1,254,587 |
|
232,000 |
|
|
|
232,000 |
|
1.56561 |
|
363,222 |
|
1,879 |
(5) |
1,619,688 |
|
||
Gross profit |
|
532,014 |
|
101,000 |
|
|
|
101,000 |
|
|
|
158,126 |
|
(1,879 |
) |
688,261 |
|
||
Selling, general and administrative expenses |
|
294,020 |
|
50,600 |
|
100 |
(2) |
50,700 |
|
1.56561 |
|
79,376 |
|
8,210 |
(5) |
381,606 |
|
||
Operating income |
|
237,994 |
|
50,400 |
|
(100 |
) |
50,300 |
|
|
|
78,750 |
|
(10,089 |
) |
306,655 |
|
||
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Interest expense |
|
(15,760 |
) |
(12,600 |
) |
12,400 |
(2) |
(200 |
) |
1.56561 |
|
(313 |
) |
(21,085 |
)(6) |
(37,158 |
) |
||
Interest income |
|
1,510 |
|
3,200 |
|
|
|
3,200 |
|
1.56561 |
|
5,010 |
|
|
|
6,520 |
|
||
Other |
|
2,340 |
|
12,500 |
|
(12,300 |
)(2) |
200 |
|
1.56561 |
|
313 |
|
|
|
2,653 |
|
||
|
|
(11,910 |
) |
3,100 |
|
100 |
|
3,200 |
|
|
|
5,010 |
|
(21,085 |
) |
(27,985 |
) |
||
Earnings before taxes |
|
226,084 |
|
53,500 |
|
|
|
53,500 |
|
1.56561 |
|
83,760 |
|
(31,174 |
) |
278,670 |
|
||
Income tax expense |
|
72,894 |
|
15,300 |
|
|
|
15,300 |
|
1.56561 |
|
23,954 |
|
(11,145 |
)(7) |
85,703 |
|
||
Earnings from continuing operations before equity in earnings of nonconsolidated subsidiaries and noncontrolling interests |
|
153,190 |
|
38,200 |
|
|
|
38,200 |
|
1.56561 |
|
59,806 |
|
(20,029 |
) |
192,967 |
|
||
Earnings in nonconsolidated subsidiaries |
|
751 |
|
3,100 |
|
|
|
3,100 |
|
1.56561 |
|
4,854 |
|
|
|
5,604 |
|
||
Net earnings from continuing operations |
|
153,941 |
|
41,300 |
|
|
|
41,300 |
|
1.56561 |
|
64,660 |
|
(20,029 |
) |
198,571 |
|
||
Less: Loss from discontinued operations, net of tax |
|
|
|
(1,600 |
) |
|
|
(1,600 |
) |
1.56561 |
|
(2,505 |
) |
|
|
(2,505 |
) |
||
Less: Earnings attributable to noncontrolling interests |
|
(3,379 |
) |
(8,700 |
) |
|
|
(8,700 |
) |
1.56561 |
|
(13,621 |
) |
|
|
(17,000 |
) |
||
Net earnings attributable to Valmont Industries, Inc. |
|
150,562 |
|
31,000 |
|
|
|
31,000 |
|
1.56561 |
|
48,534 |
|
(20,029 |
) |
179,066 |
|
||
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Basic |
|
$ |
5.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
6.90 |
|
Diluted |
|
$ |
5.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
6.81 |
|
Shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Basic |
|
25,951,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
25,951,000 |
|
||
Diluted |
|
26,289,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
26,289,000 |
|
See accompanying notes to unaudited pro forma condensed combined financial data.
Unaudited Pro Forma Condensed Combined Statement of Operations
Thirteen Weeks Ended March 27, 2010
|
|
Valmont |
|
Delta
plc |
|
Delta
plc |
|
Delta
plc |
|
Exchange |
|
Delta
plc |
|
Acquisition |
|
Pro
Forma |
|
||
|
|
(amounts in thousands, except per share amounts and exchange rates) |
|
||||||||||||||||
Net sales |
|
367,402 |
|
82,237 |
|
|
|
82,237 |
|
1.5618 |
|
128,428 |
|
|
|
495,840 |
|
||
Cost of goods sold |
|
266,672 |
|
60,377 |
|
|
|
60,377 |
|
1.5618 |
|
94,297 |
|
469 |
(5) |
361,438 |
|
||
Gross profit |
|
100,730 |
|
21,860 |
|
|
|
21,860 |
|
|
|
34,141 |
|
(469 |
) |
134,402 |
|
||
Selling, general and administrative expenses |
|
69,080 |
|
10,996 |
|
1,125 |
(2) |
12,121 |
|
1.5618 |
|
18,931 |
|
2,048 |
(5) |
90,059 |
|
||
Operating income |
|
31,650 |
|
10,864 |
|
(1,125 |
) |
9,739 |
|
|
|
15,210 |
|
(2,517 |
) |
44,343 |
|
||
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Interest expense |
|
(5,962 |
) |
(1,125 |
) |
1,125 |
(2) |
|
|
1.5618 |
|
|
|
(4,974 |
)(6) |
(10,936 |
) |
||
Interest income |
|
356 |
|
594 |
|
|
|
594 |
|
1.5618 |
|
928 |
|
|
|
1,284 |
|
||
Other |
|
(77 |
) |
(128 |
) |
|
|
(128 |
) |
1.5618 |
|
(200 |
) |
|
|
(277 |
) |
||
|
|
(5,683 |
) |
(659 |
) |
|
|
466 |
|
|
|
728 |
|
(4,974 |
) |
(9,929 |
) |
||
Earnings before taxes |
|
25,967 |
|
10,205 |
|
|
|
10,205 |
|
1.5618 |
|
15,938 |
|
(7,491 |
) |
34,414 |
|
||
Income tax expense |
|
9,446 |
|
4,052 |
|
|
|
4,052 |
|
1.5618 |
|
6,328 |
|
(2,670 |
)(7) |
13,104 |
|
||
Earnings from continuing operations before equity in earnings of nonconsolidated subsidiaries and noncontrolling interests |
|
16,521 |
|
6,153 |
|
|
|
6,153 |
|
1.5618 |
|
9,610 |
|
(4,821 |
) |
21,310 |
|
||
Earnings in nonconsolidated subsidiaries |
|
114 |
|
504 |
|
|
|
504 |
|
1.5618 |
|
787 |
|
|
|
901 |
|
||
Net earnings from continuing operations |
|
16,635 |
|
6,657 |
|
|
|
6,657 |
|
1.5618 |
|
10,397 |
|
(4,821 |
) |
22,211 |
|
||
Less: Loss from discontinued operations, net of tax |
|
|
|
(23 |
) |
|
|
(23 |
) |
1.5618 |
|
(36 |
) |
|
|
(36 |
) |
||
Less: Earnings attributable to noncontrolling interests |
|
(172 |
) |
(1,259 |
) |
|
|
(1,259 |
) |
1.5618 |
|
(1,966 |
) |
|
|
(2,138 |
) |
||
Net earnings attributable to Valmont Industries, Inc. |
|
16,463 |
|
5,375 |
|
|
|
5,375 |
|
1.5618 |
|
8,395 |
|
(4,821 |
) |
20,037 |
|
||
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Basic |
|
$ |
0.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.77 |
|
Diluted |
|
$ |
0.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.76 |
|
Shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Basic |
|
26,031,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
26,031,000 |
|
||
Diluted |
|
26,419,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
26,419,000 |
|
See accompanying notes to unaudited pro forma condensed combined financial data.
Notes to Unaudited Pro Forma Condensed Combined Financial Data
(amounts in thousands, except per share amounts and exchange rates)
The unaudited pro forma condensed combined financial data have been derived from the financial information of Valmont Industries, Inc. (Valmont) and Delta plc (Delta). The financial information of Delta was prepared in accordance with International Financial Reporting Standards as adopted by the IASB (IFRS) and in pounds sterling. Adjustments have been made to the Delta information to present it in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) and in U.S. dollars. The Acquisition has been treated as an acquisition with Valmont as the acquirer and Delta as the acquiree, assuming that the Acquisition had been completed on March 27, 2010, for the unaudited pro forma condensed combined balance sheet and December 27, 2008 for the unaudited condensed combined statement of operations.
U.S. GAAP adjustments
The following reclassification adjustments have been made to align the IFRS financial information of Delta with Valmonts accounting policies under U.S. GAAP:
Note 1Reclassification to Prepaid Expenses. Certain prepaid expenses were reclassified from receivables to prepaid expenses to conform with Valmonts accounting policies under U.S. GAAP.
Note 2Reclassification to Selling, General and Administrative Expenses. U.S. GAAP requires that expected interest on defined benefit plan liabilities and expected return on defined benefit plan assets be presented in selling, general and administrative expenses rather than in interest expense and investment income.
Note 3Reclassification to Deferred Income Taxes. U.S. GAAP requires deferred income taxes to be classified as current and non-current based on the nature of the associated asset or liability resulting in the deferred tax whereas they are classified as non-current under IFRS. This resulted in a decrease in Refundable and current deferred income taxes and Deferred income taxes liability of £5,195.
Note 4Income tax contingencies. U.S. GAAP requires uncertain income tax positions be provided for where a tax position is not considered to be more likely than not sustainable upon audit. As this interpretation does not exist under IFRS, additional liabilities may exist under U.S. GAAP. This item resulted in an increase in Deferred income taxes and a decrease to shareholders equity of £1,963.
Translation from pounds sterling to U.S. dollars
The financial information of Delta has been translated from pounds sterling to U.S. dollars:
· in the unaudited pro forma condensed combined balance sheet using an exchange rate of $1.5353 / £, the exchange rate at which Valmont completed the acquisition in May 2010;
· in the unaudited pro forma condensed combined statement of operations as of March 27, 2010, using an exchange rate of $1.5618 / £, the average exchange rate from the period of December 31, 2009 through March 27, 2010; and
· in the unaudited pro forma condensed combined statement of operations for the fiscal year ended December 26, 2009, using an exchange rate of $1.56561 / £, the average Noon Buying Rate announced by the Federal Reserve Bank of New York for the pound sterling during the period presented.
Other pro forma adjustments
The following entries reflect the pro forma adjustments related to the Acquisition.
Note 5Adjustments to Depreciation and Amortization Expense. The adjustments reflect additional depreciation and amortization expenses associated with the fair market value adjustments to property, plant and equipment (included in cost of goods sold) and finite-lived intangible assets (included in selling, general and administrative expenses):
|
|
Year ended |
|
Period ended |
|
||
|
|
December 26, 2009 |
|
March 27, 2010 |
|
||
Property, plant and equipment |
|
$ |
1,879 |
|
$ |
469 |
|
Finite-lived intangible assets |
|
8,210 |
|
2,048 |
|
||
Note 6Adjustments to Interest Expense. Adjustments have been made to interest expense as follows:
|
|
Year ended |
|
Period ended |
|
||
|
|
December 26, 2009 |
|
March 27, 2010 |
|
||
Interest on the $300 million of 6.625% senior unsecured notes due 2020 |
|
$ |
19.875 |
|
$ |
4,969 |
|
Less: Interest on borrowings incurred by Valmont related to Acquisition |
|
|
|
(306 |
) |
||
Pro forma interest on borrowings from Valmonts revolving credit facility (assuming an average interest rate of 1.60%) |
|
860 |
|
215 |
|
||
Amortization of deferred financing costs for the Notes |
|
350 |
|
96 |
|
||
|
|
$ |
21,085 |
|
$ |
4,974 |
|
The interest rate on borrowings under Valmonts revolving credit facility is variable, and is partially dependent on Valmonts ratio of debt to EBITDA. The $300 million of 6.625% senior unsecured notes were issued in April 2010 to fund a portion of the acquisition of Delta plc.
Note 7Adjustments to Income Tax Expense. Adjustments have been made to income tax expense. The tax effect of the interest expense adjustment was estimated at a 38.5% tax rate, which is Valmonts estimated marginal U.S. tax rate. The tax effect of the depreciation and amortization expense adjustment was estimated at 30.0%, which is Deltas applicable tax rate.
Note 8Adjustment Based Upon Purchase Price Allocation. The unaudited pro forma condensed combined financial data includes adjustments based upon the preliminary purchase price allocation, and further adjustments may be made based on the completion of the final valuation of the Acquisition and other reviews. The acquisition price of $436,736 was determined using an exchange rate of $1.5353 / £, the exchange rate at which Valmont completed the acquisition, and consists of £284, 463 for the existing ordinary share capital of Delta. Valmont entered into foreign currency hedging transactions with an average exchange rate of $1.5353 / £ to limit its exposure to any exchange rate fluctuation related to the Acquisition. The following table summarizes the net assets acquired from Delta and the pro forma purchase price allocation based on the March 31, 2010 unaudited consolidated financial statements of Delta:
Net book value of Delta plc |
|
$ |
328,916 |
|
Purchase consideration |
|
$ |
436,736 |
|
Excess purchase price |
|
$ |
107,820 |
|
Preliminary allocation of excess purchase price: |
|
|
|
|
Inventory |
|
$ |
2,687 |
|
Property, plant and equipment |
|
20,435 |
|
|
Finite-lived intangible assets |
|
64,483 |
|
|
Trade name |
|
36,540 |
|
|
Goodwill |
|
81,501 |
|
|
Pension liability |
|
(18,233 |
) |
|
Other long-term liabilities |
|
(23,071 |
) |
|
Noncontrolling interests |
|
(25,670 |
) |
|
Deferred income taxes |
|
(30,852 |
) |
|
|
|
$ |
107,820 |
|
The adjustment to the pension liability relates to an adjustment of the present value of Deltas pension benefit obligations to fair value, reflecting a change from U.S. GAAP liability to funding liability in accordance with purchase accounting requirements.
The deferred income taxes adjustment relates to the recognition of deferred income taxes on the differences between financial accounting and income tax bases related to the allocation of excess purchase price to various assets and liabilities.
The adjustment to other long-term liabilities relates to the recognition of the fair value of certain contingent liabilities of Delta that reflect Valmonts assessment of the probability of the outcome of such liabilities.
The following table summarizes the debt incurred from the Notes and borrowings from Valmonts revolving credit facility to finance the Acquisition plus borrowings on the revolving credit facility to finance the fees of $3,858 and costs of $13,955 associated with the Notes and the Acquisition. The Acquisition was funded as follows:
Notes issued on April 12, 2010 |
|
$ |
300,000 |
|
Restricted cash |
|
264,000 |
|
|
Less: Cash paid for Delta ordinary shares |
|
(436,736 |
) |
|
Less: After-tax acquisition and bridge loan costs |
|
(13,955 |
) |
|
Less: Bond issue costs |
|
(3,858 |
) |
|
Repayment of revolving credit agreement borrowings from proceeds of notes |
|
$ |
(109,451 |
) |
|
|
|
|
|
Notes issued on April 12, 2010 |
|
$ |
300,000 |
|
Repayment of revolving credit agreement borrowings from proceeds of notes |
|
(109,451 |
) |
|
Net increase in long-term debt |
|
$ |
190,549 |
|
Note 9Delta Dividend Paid in 2010. In April 2010, prior to Valmonts acquisition, Delta plc paid a dividend of £7,381 (4.8 pence per ordinary share) to the holders of its ordinary shares.