Lets not forget this, from Dec 12th
I must say, MVL has really done a good job turning the ship around. Their "new" business plan was the reason I invested in the first place. The balance sheet sucked, but I hoped they could clean it up in time. Looks good so far. More cleaning to do on the BS, but I have time. Look for the Hulk to smash records.....and the TOYS. DD soon.
Marvel Pays off Balance of Its Bank Loan
Thursday December 12, 7:01 am ET
NEW YORK--(BUSINESS WIRE)--Dec. 12, 2002--Reflecting its strong cash position and confidence in the future strength of each of its business segments, Marvel Enterprises, Inc. (NYSE: MVL - News) announced today that it has repaid in advance the remaining current and long term balances, totaling $22.4 million, of its three-year term loan with HSBC Bank USA.
Kenneth West, Executive Vice President and CFO, commented: "This event, coupled with Marvel's recently completed exchange offer for its 8% preferred stock, reflects management's commitment to continually improve the Company's capital structure and reduce debt with operating cash flow."
After the repayment, Marvel's cash position stood in excess of $55 million at December 11, 2002 compared to $21.6 million at December 31, 2001. The three-year HSBC term loan was initiated in December 2001 (totaling $37 million) to fund a portion of Marvel's repurchases of its 12% Senior Notes. Next week, Marvel will make a required semi-annual interest payment of approximately $9.1 million on its Senior Notes.
Marvel's early retirement of the balance of the HSBC loan requires the accelerated amortization of all unamortized deferred loan costs which were to be spread over the remaining two years of the loan's three-year term. As a result, Marvel will record a non-cash charge (reflected within interest expense) of approximately $9.1 million in the fourth quarter of 2002 to reflect these costs.
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