Classmates.com 2009 Annual Report Download - page 129
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Table of Contents
UNITED ONLINE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
5. CREDIT AGREEMENTS (Continued)
dividends, asset sales, and the incurrence of additional debt and liens. Impairment charges recorded by the Company do not impact covenants
contained in the FTD Credit Agreement.
The changes in the Company's debt balances, net of discounts, for the years ended December 31, 2009 and 2008 were as follows (in
thousands):
Future minimum principal payments based upon the outstanding and scheduled mandatory debt payments under the UOL Credit Agreement
and FTD Credit Agreement, excluding required prepayments based on excess cash flows, were as follows at December 31, 2009 (in thousands):
At December 31, 2009, the borrowing capacity under the FTD revolving credit facility, which was reduced by $1.0 million in outstanding
standby letters of credit, was $49.0 million.
At December 31, 2009, 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 rate on the FTD Credit Agreement term loan B was 6.75%.
Subject to certain exceptions, United Online, Inc. is required to make quarterly prepayments of a portion of the term loan under the UOL
Credit Agreement based on excess cash flow as defined in the
Balance at
January 1, 2009 Repayments
of Debt Accretion
of Discounts Balance at
December 31, 2009
UOL Credit Agreement
$
54,859
$
(31,431
)
$
955
$
24,383
FTD Credit Agreement, term
loan A
71,812
(12,872
)
839
59,779
FTD Credit Agreement, term
loan B
286,806
(45,816
)
3,794
244,784
FTD Credit Agreement, revolving
credit facility
—
—
—
—
Total
$
413,477
$
(90,119
)
$
5,588
$
328,946
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 Gross Debt
2010 2011 2012 2013 2014
UOL Credit Agreement
$
24,819
$
15,000
$
9,819
$
—
$
—
$
—
FTD Credit
Agreement, term
loan A
61,190
—
7,199
7,649
46,342
—
FTD Credit
Agreement, term
loan B
253,435
—
2,593
2,593
2,593
245,656
Total
$
339,444
$
15,000
$
19,611
$
10,242
$
48,935
$
245,656