Comfort Inn 2013 Annual Report Download - page 90
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Total long-term debt
$ 847,150
Scheduled principal maturities of debt as of December 31, 2013 were as follows:
2014 $ —
$ 1,017
$9,375
$11
$10,403
2015 —
1,017
11,250
12
12,279
2016 —
594
118,125
6
118,725
2017 —
—
—
—
—
2018 —
—
—
—
—
Thereafter 649,572
—
—
3,360
652,932
Total payments 649,572
2,628
138,750
3,389
794,339
Less: Amount representing estimated executory
costs —
(701)
—
—
(701)
Less: Amounts representing interest —
(79)
—
—
(79)
Net principal payments $649,572
$ 1,848
$ 138,750
$ 3,389
$793,559
Senior Unsecured Notes Due 2022
On June 27, 2012, the Company issued unsecured notes in the principal amount of $400 million ("the 2012 Senior Notes") at par, bearing a coupon of
5.75% with an effective rate of 5.94%. The 2012 Senior Notes will mature on July 1, 2022, with interest to be paid semi-annually on January 1st and July
1st. The Company used the net proceeds of this offering, after deducting underwriting discounts and commissions and other offering expenses, together with
borrowings under the Company's senior credit facility, to pay a special cash dividend totaling approximately $600.7 million paid to stockholders on
August 23, 2012. The Company's 2012 Senior Notes are guaranteed jointly, severally, fully and unconditionally, subject to certain customary limitations by
eight wholly-owned domestic subsidiaries.
The Company incurred debt issuance costs in connection with the 2012 Senior Notes totaling approximately $7.5 million, which are included in other
current assets and other assets on the Company's consolidated balance sheets. These debt issuance costs are amortized, on a straight-line basis, which is not
materially different than the effective interest method, through the maturity of the 2012 Senior Notes. Amortization of these costs is included in interest expense
in the consolidated statements of income.
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