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EXCEL - IDEA: XBRL DOCUMENT - ARIAD PHARMACEUTICALS INCFinancial_Report.xls
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v2.4.0.6
Long-term Debt and Capital Lease Obligations
9 Months Ended
Sep. 30, 2012
Long-term Debt and Capital Lease Obligations
5. Long-term Debt and Capital Lease Obligations

Long-term debt and capital lease obligations were comprised of the following at September 30, 2012 and December 31, 2011:

 

In thousands    September 30,
2012
    December 31,
2011
 

Bank term loan

   $ 11,550      $ 12,600   

Capital lease obligations

     27        69   
  

 

 

   

 

 

 
     11,577        12,669   

Less current portion

     (1,952     (1,454
  

 

 

   

 

 

 
   $ 9,625      $ 11,215   
  

 

 

   

 

 

 

 

The term loan provides for quarterly payments of principal and interest with final scheduled maturity on December 31, 2015. The loan bears interest at LIBOR plus 1.25 to 2.25 percent, depending on the percentage of the Company’s liquid assets on deposit with or invested through the bank, or at the prime rate. The effective interest on the loan was 1.47 percent at September 30, 2012. The loan is secured by a lien on all assets of the Company excluding intellectual property, which the Company has agreed not to pledge to any other party. The loan requires the Company to maintain a minimum of $15 million in unrestricted cash, cash equivalents and investments. The loan also contains certain covenants that restrict additional indebtedness, additional liens and sales of assets, and dividends, distributions or repurchases of common stock.

In addition, the Company leases certain equipment under capital leases with original terms of up to four years. These leases have effective interest rates ranging from 7.2 percent to 12.3 percent and are secured by the underlying leased assets.

The future scheduled principal payments due under these financing obligations were as follows at September 30, 2012:

 

In thousands    Bank Term
Loan
    Capital
Lease
Obligations
 

Year ended December 31:

    

2012

   $ 350      $ 12   

2013

     2,100        15   

2014

     4,200        —     

2015

     4,900        —     
  

 

 

   

 

 

 
     11,550        27   

Less current portion

     (1,925     (27
  

 

 

   

 

 

 

Long-term portion

   $ 9,625      $ —