Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Price Range of Common Stock and Stockholders
Our common stock is traded on the NASDAQ Global Select Market under the symbol “AINV.”
The following table sets forth, for the quarterly reporting periods indicated, the net asset value (“NAV”) per share of our common stock and the high and low sales price for our common stock, as reported on the NASDAQ Global Select Market, and distributions per share information:
NAV Per Share (1) Sales Price Premium (Discount) of High Sales Price to NAV (2) Premium (Discount) of Low Sales Price to NAV (2) Distributions Declared
High Low
Year Ended March 31, 2021
Fourth quarter $ 15.88 $ 14.94 $ 10.40 (5.9) % (34.5) % $ 0.36
Third quarter 15.59 11.98 7.33 (23.2) % (53.0) % 0.36
Second quarter 15.44 10.40 7.95 (32.6) % (48.5) % 0.36
First quarter 15.29 11.94 5.25 (21.9) % (65.7) % 0.45
Year Ended March 31, 2020
Fourth quarter $ 15.70 $ 17.74 $ 5.20 13.0 % (66.9) % $ 0.45
Third quarter 18.27 18.33 15.18 0.3 % (16.9) % 0.45
Second quarter 18.69 17.00 15.61 (9.1) % (16.5) % 0.45
First quarter 19.00 16.52 15.12 (13.1) % (20.4) % 0.45
____________________
(1) NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the net asset value per share on the date of the high and low sales prices. The net asset values shown are based on outstanding shares at the end of the relevant quarter.
(2) Calculated using the respective high or low sales price divided by the net asset value per share at the end of the relevant quarter.
While our common stock has from time to time traded in excess of our net asset value, there can be no assurance, however, that it will trade at such a premium (to NAV) in the future. The last reported closing market price of our common stock on May 19, 2021 was $14.59 per share. As of May 19, 2020, we had 45 stockholders of record.
Distributions
We intend to continue to make quarterly distributions to our stockholders. Our quarterly distributions, if any, will be determined by our Board of Directors. We expect that our distributions to stockholders generally will be from accumulated net investment income and from cumulative net realized capital gains, as applicable, although a portion may represent a return of capital.
We have elected to be taxed as a RIC under Subchapter M of the Code. To maintain our RIC status, we must distribute at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, out of the assets legally available for distribution. Although we intend to distribute realized net capital gains (i.e., net long-term capital gains in excess of short-term capital losses), if any, at least annually, out of the assets legally available for such distributions, we may in the future decide to retain such capital gains for investment. Currently, we have substantial net capital loss carryforwards and consequently do not expect to generate cumulative net capital gains in the foreseeable future.
We maintain an “opt out” dividend reinvestment plan for our common stockholders. As a result, if we declare a dividend, then stockholders’ cash distributions will be automatically reinvested in additional shares of our common stock, unless they specifically “opt out” of the dividend reinvestment plan so as to receive cash distributions.
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We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of these distributions from time to time. In addition, due to the asset coverage test applicable to us as a BDC, we may in the future be limited in our ability to make distributions. Also, our revolving credit facility may limit our ability to declare distributions if we default under certain provisions or fail to satisfy certain other conditions. If we do not distribute a certain percentage of our income annually, we may suffer adverse tax consequences, including possible loss of the tax benefits available to us as a RIC.
In addition, in accordance with U.S. generally accepted accounting principles and tax regulations, we include in income certain amounts that we have not yet received in cash, such as contractual payment-in-kind interest, which represents contractual interest added to the loan balance that becomes due at the end of the loan term, or the accrual of original issue or market discount. Since we may recognize income before or without receiving cash representing such income, we may not be able to meet the requirement to distribute at least 90% of our investment company taxable income to obtain tax benefits as a RIC.
With respect to the distributions to stockholders, income from origination, structuring, closing, commitment and other upfront fees associated with investments in portfolio companies is treated as taxable income and accordingly, distributed to stockholders.
All distributions declared in cash payable to stockholders that are participants in our dividend reinvestment plan are generally automatically reinvested in shares of our common stock. Stockholders who do not elect to receive distributions in shares of common stock may experience accretion to the net asset value of their shares if our shares are trading at a premium and dilution if our shares are trading at a discount. The level of accretion or discount would depend on various factors, including the proportion of our stockholders who participate in the plan, the level of premium or discount at which our shares are trading and the amount of the dividend payable to a stockholder.
The following table lists the quarterly distributions per share from our common stock for the past two fiscal years:
Distributions Declared
Year Ended March 31, 2021
Fourth quarter $ 0.36
Third quarter 0.36
Second quarter 0.36
First quarter 0.45
Year Ended March 31, 2020
Fourth quarter $ 0.45
Third quarter 0.45
Second quarter 0.45
First quarter 0.45
Unregistered Sales of Equity Securities and Use of Proceeds
Unregistered Sales of Equity Securities
None.
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Issuer Purchases of Equity Securities
The Company adopted the following plans, approved by the Board of Directors, for the purpose of repurchasing its common stock in accordance with applicable rules specified in the 1934 Act (the “Repurchase Plans”):
Date of Adoption Maximum Cost of Shares That May Be Repurchased Cost of Shares Repurchased Remaining Cost of Shares That May Be Repurchased
August 6, 2015 $ 50.0 million $ 50.0 million $ —
December 14, 2015 50.0 million 50.0 million —
September 14, 2016 50.0 million 50.0 million —
October 30, 2018 50.0 million 50.0 million —
February 6, 2019 50.0 million 23.1 million 26.9 million
Total as of March 31, 2021 $ 250.0 million $ 223.1 million $ 26.9 million
The Repurchase Plans were designed to allow the Company to repurchase its shares both during its open window periods and at times when it otherwise might be prevented from doing so under applicable insider trading laws or because of self-imposed trading blackout periods. A broker selected by the Company will have the authority under the terms and limitations specified in an agreement with the Company to repurchase shares on the Company’s behalf in accordance with the terms of the Repurchase Plans. Repurchases are subject to SEC regulations as well as certain price, market volume and timing constraints specified in the Repurchase Plans. Pursuant to the Repurchase Plans, the Company may from time to time repurchase a portion of its shares of common stock and the Company is hereby notifying stockholders of its intention as required by applicable securities laws.
Under the Repurchase Plans described above, the Company allocated the following amounts to be repurchased in accordance with SEC Rule 10b5-1 (the “10b5-1 Repurchase Plans”):
Effective Date Termination Date Amount Allocated to 10b5-1 Repurchase Plans
September 15, 2015 November 5, 2015 $ 5.0 million
January 1, 2016
February 5, 2016 10.0 million
April 1, 2016 May 19, 2016 5.0 million
July 1, 2016 August 5, 2016 15.0 million
September 30, 2016 November 8, 2016 20.0 million
January 4, 2017 February 6, 2017 10.0 million
March 31, 2017 May 19, 2017 10.0 million
June 30, 2017 August 7, 2017 10.0 million
October 2, 2017 November 6, 2017 10.0 million
January 3, 2018 February 8, 2018 10.0 million
June 18, 2018 August 9, 2018 10.0 million
September 17, 2018 October 31, 2018 10.0 million
December 12, 2018 February 7, 2019 10.0 million
February 25, 2019 May 17, 2019 25.0 million
March 18, 2019 May 17, 2019 10.0 million
June 4, 2019 August 7, 2019 25.0 million
June 17, 2019 August 7, 2019 20.0 million
September 16, 2019 November 6, 2019 20.0 million
December 6, 2019 February 5, 2020 25.0 million
December 16, 2019 February 5, 2020 15.0 million
March 12, 2020 March 19, 2020 20.0 million
March 30, 2021 May 21, 2021 10.0 million
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The following table presents information with respect to the Company’s purchases of its common stock since adoption of the Repurchase Plans through March 31, 2021:
Month Total Number of Shares Purchased Average Price Paid Per Share* Total Number of Shares Purchased as Part of Publicly Announced Plans Maximum Dollar Value of Shares That May Yet Be Purchased Under Publicly Announced Plans
August 2015 510,000 $ 19.71 510,000 $ 40.0 million
September 2015 603,466 18.46 603,466 28.8 million
November 2015 1,116,666 18.10 1,116,666 8.6 million
December 2015 627,443 17.58 627,443 47.6 million
January 2016 670,708 14.91 670,708 37.6 million
June 2016 362,933 16.73 362,933 31.5 million
July 2016 16,491 16.53 16,491 31.2 million
August 2016 596,294 17.67 596,294 20.7 million
September 2016 411,523 18.13 411,523 63.2 million
October 2016 527,417 17.82 527,417 53.8 million
November 2016 239,289 17.45 239,289 49.6 million
August 2017 33,333 17.96 33,333 49.0 million
September 2017 186,767 17.98 186,767 45.7 million
October 2017 144,867 17.96 144,867 43.1 million
November 2017 64,500 17.79 64,500 41.9 million
December 2017 50,100 17.89 50,100 41.0 million
January 2018 577,386 17.32 577,386 31.0 million
February 2018 70,567 16.23 70,567 29.9 million
May 2018 263,667 17.12 263,667 25.4 million
June 2018 198,601 16.94 198,601 22.0 million
July 2018 8,867 16.75 8,867 21.9 million
August 2018 502,767 17.11 502,767 13.3 million
September 2018 444,467 16.54 444,467 5.9 million
October 2018 160,800 16.46 160,800 53.3 million
November 2018 595,672 15.81 595,672 43.9 million
December 2018 741,389 13.49 741,359 33.9 million
February 2019 19,392 15.16 19,392 83.6 million
March 2019 291,426 15.40 291,426 79.1 million
April 2019 44,534 15.23 44,534 78.4 million
May 2019 298,026 15.93 298,026 73.6 million
June 2019 607,073 15.97 607,073 63.9 million
July 2019 89,610 16.10 89,610 62.5 million
August 2019 758,020 16.15 758,020 50.3 million
September 2019 32,371 16.26 32,371 49.7 million
October 2019 495,464 15.65 495,464 42.0 million
November 2019 6,147 15.91 6,147 41.9 million
March 2020 1,286,565 11.62 1,286,565 26.9 million
Total 13,654,608 $ 16.34 13,654,578
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* The average price per share is inclusive of commissions.
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Stock Performance Graph
This graph compares the return on our common stock with that of the Standard & Poor’s 500 Stock Index, the Russell 2000 Financial Services Index, and the S&P Small Cap 600 Financials Index, for the period March 31, 2016 through March 31, 2021. The graph assumes that, on March 31, 2016, a person invested $100 in each of the following: our common stock, the S&P 500 Index, the Russell 2000 Financial Services Index, and the S&P Small Cap 600 Financials Index. The graph measures total stockholder return, which takes into account both changes in stock price and distributions. It assumes that distributions paid are invested in like securities.
The graph and other information furnished under this Part II, Item 5 of this Annual Report on Form 10-K shall not be deemed to be “soliciting material” or to be “filed” with the SEC or subject to Regulation 14A or 14C, or to the liabilities of Section 18 of the 1934 Act. The stock price performance included in the above graph is not necessarily indicative of future stock price performance.
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Fee and Expenses
The following table is intended to assist you in understanding the costs and expenses that an investor in shares of our common stock will bear directly or indirectly based upon the assumptions set forth below. The following table and example should not be considered a representation of our future expenses. Actual expenses may be greater or less than shown. Except where the context suggests otherwise, whenever this From 10-K contains a reference to fees or expenses paid by “you,” “us” or “Apollo Investment,” or that “we” will pay fees or expenses, common stockholders will indirectly bear such fees or expenses as investors in Apollo Investment.
Stockholder transaction expenses:
Sales load (as a percentage of offering price) —%(1)
Offering expenses (as a percentage of offering price) —%(2)
Dividend reinvestment plan expenses —%(3)
Total common stockholder transaction expenses (as a percentage of offering price) None
Annual expenses (as percentage of net assets attributable to common stock) (4):
Management fees 3.51%(5)
Incentive fees payable under investment advisory management agreement 2.12%(6)
Interest and other debt expenses on borrowed funds 5.34%(7)
Other expenses 1.44%(8)
Total annual expenses 12.42%(9)
Example
The following example demonstrates the projected dollar amount of total cumulative expenses that would be incurred over various periods with respect to a hypothetical investment in our common stock. These dollar amounts are based upon the assumption that our annual operating expenses (other than performance-based incentive fees) and leverage would remain at the levels set forth in the table above. Transaction expenses are not included in the following example. In the event that shares of our common stock to which this prospectus relates are sold to or through underwriters, a corresponding prospectus supplement and any related free writing prospectus will restate this example to reflect the applicable sales load.
1 year 3 years 5 years 10 years
You would pay the following expenses on a $1,000 investment, assuming a 5% annual return $ 100 $ 285 $ 451 $ 794
While the example assumes, as required by the SEC, a 5% annual return, our performance will vary and may result in a return greater or less than 5%. Assuming a 5% annual return, the incentive fee under the investment advisory management agreement may not be earned or payable and is not included in the example. This illustration assumes that we will not realize any capital gains computed net of all realized capital losses and gross unrealized capital depreciation in any of the indicated time periods. If we achieve sufficient returns on our investments, including through the realization of capital gains, to trigger an incentive fee of a material amount, our expenses, and returns to our investors, would be higher.
For example, if we assumed that we received our 5% annual return completely in the form of net realized capital gains on our investments, which results in a capital gains incentive fee earned, the projected dollar amount of total cumulative expenses set forth in the above illustration and the capital gains incentive fee would be as follows:
1 year 3 years 5 years 10 years
You would pay the following expenses on a $1,000 investment, assuming a 5% annual return (all of which is subject to a capital gains incentive fee) $ 120 $ 333 $ 516 $ 866
In addition, while the example assumes reinvestment of all dividends and distributions at net asset value, participants in our dividend reinvestment plan will receive a number of shares of our common stock, determined by dividing the total dollar
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amount of the dividend payable to a participant by the market price per share of our common stock at the close of trading on the valuation date for the dividend.
These examples and the expenses in the table above should not be considered a representation of our future expenses, and actual expenses may be greater or less than those shown.
(1) In the event that the securities are sold to or through underwriters, a corresponding prospectus supplement and any related free writing prospectus will disclose the applicable sales load. Purchases of shares of our common stock on the secondary market are not subject to sales charges but may be subject to brokerage commissions or other charges. The table does not include any sales load that stockholders may have paid in connection with their purchase of shares of our common stock.
(2) The related prospectus supplement and any related free writing prospectus will disclose the estimated amount of offering expenses, the offering price and the offering expenses borne by us as a percentage of the offering price.
(3) The expenses of the dividend reinvestment plan per share are included in “Other expenses.”
(4) “Net assets attributable to common stock” equals average net assets for the twelve month period ended March 31, 2021.
(5) Assumes management fees earned by our Investment Adviser, AIM, remain consistent with our current fee structure adjusted for new debt and equity issuances, if applicable. Calculated based on the twelve month average of gross assets for the year ended March 31, 2021.
Effective April 1, 2018, the base management fee is calculated initially at an annual rate of 1.50% (0.375% per quarter) of the lesser of (i) the average of the value of the Company’s gross assets (excluding cash or cash equivalents but including other assets purchased with borrowed amounts) at the end of each of the two most recently completed calendar quarters and (ii) the average monthly value (measured as of the last day of each month) of the Company’s gross assets (excluding cash or cash equivalents but including other assets purchased with borrowed amounts) during the most recently completed calendar quarter; provided, however, in each case, the base management fee is calculated at an annual rate of 1.00% (0.25% per quarter) of the average of the value of the Company’s gross assets (excluding cash or cash equivalents but including other assets purchased with borrowed amounts) that exceeds the product of (A) 200% and (B) the value of the Company’s net asset value at the end of the prior calendar quarter. For more detailed information about our computation of average total assets, please see Note 3 of our financial statements incorporated in this Form 10-K.
On January 16, 2019, we entered into a fee offset agreement with AIM in connection with revenue realized by AIM and its affiliates for the management of certain aircraft assets. We will receive an offsetting credit against total incentive fees otherwise due to AIM under the investment advisory management agreement. The amount offset will initially be 20% of the management fee revenue earned and incentive fee revenue realized by AIM and its affiliates in connection with managing aircraft assets on related insurance balance sheets (“New Balance Sheet Investments”), new aircraft managed account capital (“New Managed Accounts”) and new dedicated aircraft funds (“New Aircraft Funds”). Once the aggregate capital raised by New Aircraft Funds or New Managed Accounts and capital invested by the New Balance Sheet Investments exceeds $3 billion cumulatively, the fee offset will step down to 10% of the amount of incremental management fee revenue earned and incentive fee revenue realized by AIM and its affiliates. The fee offset will be in place for seven years, however the incentive fees realized by AIM and its affiliates after this seven-year period from applicable investments that were raised or made within the seven-year period will also be used to offset incentive fees payable to AIM by us. The offset will be limited to the amount of incentive fee payable by us to AIM and any unapplied fee offset which exceeds the incentive fees payable in a given quarter will carry forward to be credited against the incentive fees payable by us in subsequent quarters. For the year ended March 31, 2021, there was no fee offset.
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(6) Assumes that annual incentive fees earned by our Investment Adviser, AIM, remain consistent with our current fee structure adjusted for new debt and equity issuances, if applicable. Calculated based on the average of pre-incentive fee net investment income for the twelve month period ended March 31, 2021, excluding any potential impact from the “Incentive Fee Cap” which could result in a reduction in the incentive fee.
The Incentive Fee payable to our Investment Adviser is based on our performance and is not paid unless we achieve certain goals. It consists of two components, one based on income and the other based on capital gains, that are determined independent of each other, with the result that one component may be payable even if the other is not.
For a more detailed discussion of the calculation of this fee, see “Business—Investment Advisory Management Agreement” in this Form 10-K.
(7) Our interest and other debt expenses are based on borrowing levels and interest rates consistent with the levels during the year ended March 31, 2021. As of March 31, 2021, we had $1,469.2. million in borrowings outstanding, consisting of $1,119.2 million outstanding under our senior secured credit facility and $350.0 million aggregate principal amount of our 2025 Notes. As of March 31, 2021, the Company had $0.2 million in standby letters of credit issued through the senior secured credit facility. The amount available for borrowing under the senior secured credit facility is reduced by any standby letters of credit issued.
(8) Includes our estimated overhead expenses, including payments under the administration agreement based on our allocable portion of overhead and other expenses incurred by AIA in performing its obligations under the administration agreement. See “Business—Administrative Agreement” in this Form 10-K.
(9) “Total annual expenses” as a percentage of net assets attributable to common stock are higher than the total annual expenses percentage would be for a company that is not leveraged. We borrow money to leverage our net assets and increase our total assets. The SEC requires that the “Total annual expenses” percentage be calculated as a percentage of net assets (defined as total assets less indebtedness), rather than the total assets, including assets that have been funded with borrowed monies. If the “Total annual expenses” percentage were calculated instead as a percentage of total assets, our “Total annual expenses” would be 5.06% of total assets.
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Senior Securities
Information about our senior securities (including debt securities and other indebtedness) is shown in the following table as of each year ended March 31 over the past ten fiscal years. The report of our independent registered public accounting firm covering the total amount of senior securities outstanding as of March 31, 2021, 2020, 2019, 2018, 2017, 2016, 2015, 2014, 2013, and 2012 is included elsewhere in this annual report on Form 10-K.
Class and Year Total Amount Outstanding (1) Asset Coverage Per Unit (2) Involuntary Liquidating Preference Per Unit (3) Estimated Market Value Per Unit (4)
Senior Secured Facility
Fiscal 2021 $ 1,119,186 $ 1,705 $ — N/A(5)
Fiscal 2020 1,449,402 1,567 — N/A(5)
Fiscal 2019 638,888 2,153 — N/A(5)
Fiscal 2018 285,216 2,770 — N/A(5)
Fiscal 2017 200,923 2,709 — N/A(5)
Fiscal 2016 637,904 2,235 — N/A(5)
Fiscal 2015 384,648 2,288 — N/A(5)
Fiscal 2014 602,261 2,496 — N/A(5)
Fiscal 2013 536,067 2,451 — N/A(5)
Fiscal 2012 539,337 2,670 — N/A(5)
Senior Secured Notes
Fiscal 2021 $ — $ — $ — —
Fiscal 2020 — — — —
Fiscal 2019 — — — —(6)
Fiscal 2018 16,000 2,770 — N/A(6)
Fiscal 2017 16,000 2,709 — N/A(6)
Fiscal 2016 45,000 2,235 — N/A(6)
Fiscal 2015 270,000 2,288 — N/A
Fiscal 2014 270,000 2,496 — N/A
Fiscal 2013 270,000 2,451 — N/A
Fiscal 2012 270,000 2,670 — N/A
2042 Notes
Fiscal 2021 $ — $ — $ — —
Fiscal 2020 — — — —
Fiscal 2019 — — — —
Fiscal 2018 — — — —(7)
Fiscal 2017 150,000 2,709 — 101.44
Fiscal 2016 150,000 2,235 — 100.04
Fiscal 2015 150,000 2,288 — 99.59
Fiscal 2014 150,000 2,496 — 92.11
Fiscal 2013 150,000 2,451 — 97.43
Fiscal 2012 — — — N/A
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Class and Year Total Amount Outstanding (1) Asset Coverage Per Unit (2) Involuntary Liquidating Preference Per Unit (3) Estimated Market Value Per Unit (4)
2043 Notes
Fiscal 2021 $ — $ — $ — —
Fiscal 2020 — — — —(10)
Fiscal 2019 150,000 2,153 — 103.80
Fiscal 2018 150,000 2,770 — 101.36
Fiscal 2017 150,000 2,709 — 104.12
Fiscal 2016 150,000 2,235 — 101.16
Fiscal 2015 150,000 2,288 — 99.74
Fiscal 2014 150,000 2,496 — 89.88
Fiscal 2013 — — — N/A
Fiscal 2012 — — — N/A
2025 Notes
Fiscal 2021 $ 350,000 $ 1,705 $ — N/A
Fiscal 2020 350,000 1,567 — N/A
Fiscal 2019 350,000 2,153 — N/A
Fiscal 2018 350,000 2,770 — N/A
Fiscal 2017 350,000 2,709 — N/A
Fiscal 2016 350,000 2,235 — N/A
Fiscal 2015 350,000 2,288 — N/A
Fiscal 2014 — — — N/A
Fiscal 2013 — — — N/A
Fiscal 2012 — — — N/A
Convertible Notes
Fiscal 2021 $ — $ — $ — —
Fiscal 2020 — — — —
Fiscal 2019 — — — —
Fiscal 2018 — — — —
Fiscal 2017 — — — —
Fiscal 2016 — — — —(8)
Fiscal 2015 200,000 2,235 — 104.43
Fiscal 2014 200,000 2,288 — 106.60
Fiscal 2013 200,000 2,451 — 102.84
Fiscal 2012 200,000 2,670 — 97.81(9)
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Class and Year Total Amount Outstanding (1) Asset Coverage Per Unit (2) Involuntary Liquidating Preference Per Unit (3) Estimated Market Value Per Unit (4)
Total Debt Securities
Fiscal 2021 $ 1,469,186 $ 1,705 $ — N/A
Fiscal 2020 1,799,402 1,567 — N/A
Fiscal 2019 1,138,888 2,153 — N/A
Fiscal 2018 801,216 2,770 — N/A
Fiscal 2017 866,923 2,709 — N/A
Fiscal 2016 1,332,904 2,235 — N/A
Fiscal 2015 1,504,648 2,288 — N/A
Fiscal 2014 1,372,261 2,496 — N/A
Fiscal 2013 1,156,067 2,451 — N/A
Fiscal 2012 1,009,337 2,670 — N/A
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(1) Total amount of each class of senior securities outstanding at the end of the period presented.
(2) The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the Asset Coverage Per Unit.
(3) The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it.
(4) Not applicable, except for with respect to the 2042 Notes, the 2043 Notes, and the Convertible Notes, as other senior securities do not have sufficient trading for an average market value per unit to be determined. The average market value per unit for each of the 2042 Notes, the 2043 Notes, and the Convertible Notes is based on the closing daily prices of such notes and is expressed per $100 of indebtedness (including for the 2042 Notes and the 2043 Notes, which were issued in $25 increments).
(5) Included in this amount is foreign currency debt obligations as outlined in Note 8 to the financial statements, which are incorporated this Form 10-K.
(6) On October 4, 2015, the Senior Secured Notes, which had an outstanding principal balance of $225,000, matured and were repaid in full. On September 29, 2016, the Senior Secured Notes, Series A, which had an outstanding principal balance of $29,000, matured and were repaid in full. On October 1, 2018, the Senior Secured Notes, Series B, which had an outstanding principal balance of $16,000, matured and were repaid in full.
(7) On October 16, 2017, the Company redeemed the entire $150 million aggregate principal amount outstanding of the 2042 Notes in accordance with the terms of the indenture governing the 2042 Notes, before its stated maturity.
(8) On January 15, 2016, the Convertible Notes, which had an outstanding principal balance of $200,000, matured and were repaid in full.
(9) Restrictive legends were removed in Fiscal 2012.
(10) On August 12, 2019, the Company redeemed the entire $150 million aggregate principal amount outstanding of the 2043 Notes in accordance with the terms of the indenture governing the 2043 Notes, before its stated maturity.
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Item 6. Selected Financial Data
The Part II, Item 6 is no longer required as the Company has elected to early adopt the change to Item 301 of Regulation S-K contained in SEC Release No. 33-10890.
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