Last week, Centrus took another step forward in its larger effort to reduce, restructure, and retire its long-term debt. Since these actions have unfolded in several phases, the Company is providing a more comprehensive update on what the effort has achieved.
At the end of 2015, the Company’s debt stood at approximately $247.6 million; the 8 percent interest would amount to roughly $20 million per year. The notes were set to mature in 2019 (2019 Notes.)
Over the past three years, however, the Company has taken a series of steps to put itself in a much stronger position. In fact, Centrus has reduced the aggregate principal amount by nearly 60 percent, while extending the maturity for most of the remaining debt until 2027.
Below is a brief summary of actions taken to date:
Long Term Debt (in millions)
The foregoing is a summary and does not purport to be complete and is qualified in its entirety by the exchange agreements, indentures, and the descriptions of the exchange transactions, each as filed with and described in our annual, quarterly and periodic filings on Forms 10-K, 10-Q and 8-K.