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Subsequent Events
9 Months Ended
Sep. 30, 2011
Subsequent Events 
Subsequent Events

19. Subsequent Events

The Company has disclosed the following subsequent events in accordance with ASC 855, "Subsequent Events." Subsequent events have been evaluated through the filing date of this Form 10-Q.

 

   

On October 11, 2011, the Company replaced its old senior revolving credit facility that was scheduled to terminate in April 2013 with a new senior credit facility that provides a $150 million term loan facility, which PCA fully borrowed, and a $250 million revolving credit facility, including a $50.0 million subfacility for letters of credit. Borrowings may be used for general corporate purposes and bear interest at LIBOR plus a margin that is determined based upon PCA's credit ratings. The new senior credit facility will terminate on October 11, 2016.

 

   

Also on October 11, 2011, PCA amended its receivables credit facility agreement described in Note 9 above, which extended the termination date to October 11, 2014 and increased the borrowing availability from $150.0 million to $200.0 million.