First Data 2013 Annual Report Download - page 44

Proceeds from sale-leaseback transactions. The Company may, from time to time, enter into sale-leaseback transactions as a means of financing
previously or recently acquired fixed assets, primarily equipment.
Distributions and dividends paid to noncontrolling interests and redeemable noncontrolling interest. Distributions and dividends paid to
noncontrolling interests and redeemable noncontrolling interest primarily represent distributions of earnings. The activity in all periods presented was
primarily the result of distributions associated with the BAMS alliance including an incremental distribution in 2011 of approximately $64 million related to
both working capital initiatives and an extra quarterly distribution due to a change in the timing of such distributions.
Purchase of noncontrolling interest. In April 2012, the Company acquired the remaining approximately 30 percent noncontrolling interest in
Omnipay, a provider of card and electronic payment processing services to merchant acquiring banks, for approximately 37.1 million euro, of which 19.0
million euro ($25.1 million) was paid in April 2012 and the remaining 18.1 million euro ($23.7 million) was paid in April 2013.
Cash dividends. The Company paid cash dividends to First Data Holdings Inc. in the periods presented.
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Letters of credit (b) $500.0 $500.0 $46.3 $ 45.1
Lines of credit and other (c) $ 264.8 $ 346.3 $68.7 $ 177.2
(a) Total available without giving effect to amounts outstanding.
(b) Up to $500 million of the Company’s senior secured revolving credit facility is available for letters of credit. Outstanding letters of credit are held in
connection with lease arrangements, bankcard association agreements and other security agreements. The maximum amount of letters of credit
outstanding during 2013 was approximately $49 million. All letters of credit expire prior to December 31, 2014 with a one-year renewal option. FDC
expects to renew most of the letters of credit prior to expiration.
(c) As of December 31, 2013, represents $196.1 million of committed lines of credit as well as certain uncommitted lines of credit and other agreements
that are available in various currencies to fund settlement and other activity for the Company’s international operations. FDC cannot use these lines of
credit for general corporate purposes. Certain of these arrangements are uncommitted but, as of the dates presented, FDC had borrowings outstanding
against them.
In the event one or more of the aforementioned lines of credit becomes unavailable, FDC will utilize its existing cash, cash flows from operating activities
or its revolving credit facility to meet its liquidity needs.
 During 2011, the principal amount of FDC’s senior notes due 2015 increased by $73.1 million resulting from the
“payment” of accrued interest expense. The terms of FDC’s senior unsecured notes due 2015 require interest to be paid in cash for all periods after October 1,
2011.
In December 2011, FDC exchanged substantially all of its aggregate principal amounts of $3.0 billion of its 12.625% senior notes due 2021 for
publicly tradable notes having substantially identical terms and guarantees, except that the exchange notes will be freely tradable. There were no expenditures,
other than professional fees, or receipts of cash associated with the registration statement or exchange offer described above.
During 2013, 2012 and 2011, the Company entered into capital leases, net of trade-ins, totaling approximately $112 million, $55 million and $106
million, respectively.
As discussed above, the Company acquired 100% of Clover Network, Inc. and recorded a $20 million liability for the contingent consideration due to
outside investors based upon the net present value of the Company’s estimate of the future payments.
In November 2011, the Company contributed the assets of its transportation business to an alliance in exchange for a 30% noncontrolling interest in the
alliance. Refer to Note 18 to the Company’s Consolidated Financial Statements in Item 8 of this Form 10-K for additional information.
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