GNC 2008 Annual Report Download - page 93
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Table of Contents
GENERAL NUTRITION CENTERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 13. LONG-TERM DEBT / INTEREST
In conjunction with the Merger, the Company repaid certain of its existing debt, and issued new debt. The new debt, which was entered into
or issued on the closing, consisted of a senior credit facility comprised of a $675.0 million term loan facility and a $60.0 million revolving credit
facility (the "2007 Senior Credit Facility"), $300.0 million aggregate principal amount of Senior Floating Rate Toggle Notes due 2014 (the
"Senior Toggle Notes"), and $110.0 million aggregate principal amount of 10.75% Senior Subordinated Notes due 2015 (the "10.75% Senior
Subordinated Notes"). The Company utilized proceeds from the new debt to repay its December 2003 senior credit facility, its 8 5/8% Senior
Notes issued in January 2005, and its 8 1/2% Senior Subordinated Notes issued in December 2003.
Long-term debt at each respective period consisted of the following:
Successor Predecessor
December 31, December 31,
2007 2006
(in thousands)
2007 Senior credit facility $ 669,937 $ —
Senior Toggle Notes 297,247 —
10.75% Senior Subordinated Notes 110,000 —
2003 Senior credit facility — 55,290
8 5/8% Senior Notes — 150,000
8 1/2% Senior Subordinated Notes — 215,000
Mortgage 9,774 11,065
Capital leases 23 —
Less: current maturities (8,031) (1,765)
Total $ 1,078,950 $ 429,590
At December 31, 2007, the Company's total debt principal maturities are as follows:
Senior 10.75% Senior
Years Ending 2007 Senior Toggle Subordinated Mortgage Loan/
December 31, Credit Facility Notes (a) Notes Capital Leases Total
(in thousands)
2008 $ 6,750 $ — $ — $ 1,281 $ 8,031
2009 6,750 — — 1,381 8,131
2010 6,750 — — 1,476 8,226
2011 6,750 — — 1,582 8,332
2012 6,750 — — 1,695 8,445
Thereafter 636,187 300,000 110,000 2,382 1,048,569
$ 669,937 $ 300,000 $ 110,000 $ 9,797 $ 1,089,734
(a) The Senior Toggle Notes include the balance of the initial original issue discount of approximately $3.0 million.
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