Comfort Inn 2014 Annual Report Download - page 89
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Table of Contents
Debt consists of the following at:
$400 million senior unsecured notes with an effective interest rate of 6.0% at December 31, 2014 and 2013
$ 400,000
$250 million senior unsecured notes with an effective interest rate of 6.19%, less a discount of $0.4 million
at both December 31, 2014 and 2013
249,572
$350 million senior secured credit facility with an effective interest rate of 2.17% at December 31, 2014
and 2013
138,750
Fixed rate collateralized mortgage plus a fair value adjustment of $1.2 million with an effective interest rate
of 4.65% at December 31, 2014
—
Economic development loans with an effective rate interest rate of 3.00% at December 31, 2014 and 2013
3,360
Capital lease obligations due 2016 with an effective interest rate of 3.18% at December 31, 2014 and 2013
1,848
Other notes payable
29
Total debt
793,559
Less current portion
10,088
Total long-term debt
$ 783,471
Scheduled principal maturities of debt, net of unamortized discounts and premiums, as of December 31, 2014 were as follows:
2015 $ —
$ 1,017
$ 11,250
$ 380
$ 12,647
2016 —
594
118,125
409
119,128
2017 —
—
—
440
440
2018 —
—
—
474
474
2019 —
—
—
498
498
Thereafter 649,636
—
—
12,070
661,706
Total payments 649,636
1,611
129,375
14,271
794,893
Less: Amount representing estimated
executory costs —
(432)
—
—
(432)
Less: Amounts representing interest —
(30)
—
—
(30)
Net principal payments $ 649,636
$ 1,149
$ 129,375
$ 14,271
$ 794,431
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 6.0%. 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.
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