Burger King 2013 Annual Report Download - page 84
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Table of Contents
In connection with entering into the 2012 Credit Agreement as described above, we settled interest rate caps denominated in Euros with a notional amount
of €183.8 million, including the payment of $6.4 million in deferred premiums.
The aggregate maturities of long-term debt as of December 31, 2013, including the effects of the discount accretion on the 2012 Credit Facilities and
Discount Notes, are as follows (in millions):
2014 $ 72.3
2015 98.2
2016 124.2
2017 747.5
2018 801.6
Thereafter 1,240.0
Total $3,083.8
Interest expense, net consists of the following (in millions):
Tranche A Term Loans $ 26.3 $ 7.1 $ —
Tranche B Term Loans 26.6 7.1 —
Secured Term Loan—USD tranche — 51.2 75.4
Secured Term Loan—Euro tranche — 8.8 14.3
Interest Rate Caps 6.8 4.2 1.2
9 7/8 % Senior Notes 78.5 78.6 78.8
11.0% Discount Notes 46.0 43.8 31.0
Amortization of deferred financing costs and debt issuance discount 10.3 13.2 15.3
Capital lease obligations 6.4 8.2 9.1
Other 1.7 2.7 3.2
Interest income (2.6) (1.1) (1.6)
Total $ 200.0 $ 223.8 $ 226.7
We had total unamortized deferred financing costs of $44.6 million at December 31, 2013 and $53.5 million at December 31, 2012. The long-term
portion of these amounts are classified as other assets, net and are amortized over the term of the debt into interest expense using the effective interest method.
The amortization of deferred financing costs included in interest expense was $8.9 million for 2013, $10.9 million for 2012 and $12.5 million for 2011.
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Source: Burger King Worldwide, Inc., 10-K, February 21, 2014 Powered by Morningstar® Document Research℠
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