Classmates.com 2008 Annual Report Download - page 133

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Table of Contents
UNITED ONLINE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
6. CREDIT AGREEMENTS (Continued)
Summary of Indebtedness
FTD debt assumed in connection with the acquisition amounting to $302.3 million was fully repaid upon completion of the acquisition. The
repayment consisted of long-term debt reclassified to current maturities of $290.6 million, current maturities of $1.2 million and premium for
early debt repayment of $10.5 million.
Subsequent to such payments, the changes in the Company's debt balances for the year ended December 31, 2008 were as follows (in
thousands):
Future minimum principal payments based upon the Company's outstanding and scheduled debt payments per the credit agreements were as
follows at December 31, 2008 (in thousands):
At December 31, 2008, the borrowing capacity under the FTD revolving credit facility, which was reduced by $11.0 million in outstanding
standby letters of credit, was $39.0 million.
At December 31, 2008, the interest rate on the UOL Credit Agreement was 6.00%. The interest rate on the FTD Credit Agreement term
loan A was 5.75% and the interest rates on the FTD Credit Agreement term loan B were between 6.75% and 8.04%.
Subject to certain exceptions, the Company is required to make quarterly prepayments of a portion of the term loans under the UOL Credit
Agreement from excess cash flow (commencing in the second quarter of 2009). Subject to certain exceptions, FTD is required to make annual
prepayments of a portion of the term loans and/or commitments under the FTD Credit Agreement from excess cash flow (commencing in the
first quarter of 2010).
F-38
Drawn Downs
of Debt Debt
Discounts
Repayments
of Debt Accretion
of Discounts
Balance at
December 31, 2008
UOL Credit Agreement
$
60,000
$
(1,681
)
$
(3,750
)
$
290
$
54,859
FTD Credit Agreement, term loan A
75,000
(2,458
)
(938
)
208
71,812
FTD Credit Agreement, term loan B
300,000
(13,233
)
(750
)
789
286,806
FTD Credit Agreement, revolving credit facility
6,000
—
(
6,000
)
—
—
Total
$
441,000
$
(17,372
)
$
(11,438
)
$
1,287
$
413,477
Year Ending December 31,
Total
2009
2010
2011
2012
2013
Thereafter
UOL Credit Agreement
$
56,250
$
15,000
$
15,000
$
15,000
$
11,250
$
—
$
—
FTD Credit Agreement, term loan A
74,062
4,219
6,094
7,500
7,969
48,280
—
FTD Credit Agreement, term loan B
299,250
3,000
3,000
3,000
3,000
3,000
284,250
Total
$
429,562
$
22,219
$
24,094
$
25,500
$
22,219
$
51,280
$
284,250