Strong Balance Sheet
Perhaps of equal importance, we have been maintaining our focus on a strong balance sheet. In June 2008, we had the foresight to enter the capital markets at the right time. In doing so we raised $550 million of additional debt capital, resulting in net proceeds of approximately $536 million. At year end we had $596 million in unrestricted cash, cash equivalents and short-term investments. The majority of our debt is fixed rate, and our first significant principal payment is not due until September 2012.
In today’s challenging business environment, Leap is keenly focused on managing costs and cash flow. We are optimistic that our mix of assets puts us in a good position to grow in the future. We believe our balance sheet, together with our ability to generate cash flow, gives us the financial resources to support responsible growth that we expect will generate positive returns for stockholders. At the same time, we continue to implement processes to make our Company even more scalable and efficient.