GNC 2012 Annual Report Download - page 96
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Table of Contents
NOTE 8. LONG-TERM DEBT/INTEREST EXPENSE
Long-term debt consisted of the following:
December 31,
2011 2010
(in thousands)
2011 Senior Credit Facility(a) $ 897,387 $ —
2007 Senior Credit Facility — 644,382
Senior Notes — 298,372
Senior Subordinated Notes — 110,000
Mortgage 4,135 5,711
Capital leases 20 34
Total Debt $ 901,542 $ 1,058,499
Less: current maturities (1,592) (28,070)
Long-term Debt $ 899,950 $ 1,030,429
At December 31, 2011, the Company's total debt principal maturities are as follows:
Year Ending
December 31, Senior Credit
Facility(a) Mortgage Loan/
Capital Leases Total
(in thousands)
2012 $ — $ 1,592 $ 1,592
2013 — 1,812 1,812
2014 — 751 751
2018 900,000 — 900,000
$ 900,000 $ 4,155 $ 904,155
The Senior Credit Facility includes the balance of the initial original issue discount of $2.6 million.(a)
The Company's net interest expense is as follows:
For the year ended December 31,
2011 2010 2009
(in thousands)
Senior Credit Facility:
Term Loan $ 38,356 $ 29,185 $ 32,775
Revolver 598 445 489
Early extinguishment of debt 19,855 — —
Deferred financing fees amortization 2,412 4,282 4,104
Mortgage 766 445 544
OID amortization 344 412 374
Interest income (1,110) (658) (174)
Senior Notes 4,808 19,440 20,003
Senior Subordinated Notes 3,055 11,825 11,825
Termination of interest rate swaps 5,819 — —
Interest expense, net $ 74,903 $ 65,376 $ 69,940
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