TripAdvisor 2013 Annual Report Download - page 106

The Term Loan principal is currently repayable in quarterly installments on the last day of each calendar
quarter equal to 2.5% of the original principal amount with the balance due on the final maturity date. Principal
payments aggregating $40 million were made during the year ended December 31, 2013.
The Revolving Credit Facility includes $40 million of borrowing capacity available for letters of credit and
$40 million for borrowings on same-day notice. As of December 31, 2013 there are no outstanding borrowings
under our Revolving Credit Facility.
During the years ended December 31, 2013, 2012 and 2011, we recorded total interest and commitment fees
on our Credit Agreement of $7.5 million, $8.7 million and $0.3 million, respectively, to interest expense on our
consolidated and combined statements of operations. All unpaid interest and commitment fee amounts as of
December 31, 2013 and 2012 were not material.
In connection with the Credit Agreement, we also incurred debt financing costs totaling $3.5 million, which
were capitalized as deferred financing costs. Approximately $0.7 million, recorded in other current assets, and
approximately $ 1.1 million, reported in other long term assets, remain on the consolidated balance sheet as of
December 31, 2013, net of amortization. During the years ended December 31, 2013, 2012 and 2011, we
recorded amortization expense of $0.8 million, $0.9 million and $0 million, respectively, to interest expense on
our consolidated and consolidated statements of operations. These costs will continue to be amortized over the
remaining term of the Term Loan using the effective interest rate method.
Total outstanding borrowings under the Credit Agreement consist of the following:
December 31,
2013
(in thousands)
Short-Term Debt:
Revolving Credit Facility ...................... $ —
Term Loan ................................. 40,000
Total Short-Term Borrowings ...................... $ 40,000
Long-Term Debt:
Term Loan ................................. $300,000
Total Long-Term Borrowings ...................... $300,000
The future minimum principal payment obligations due under the Credit Agreement related to our Term
Loan is as follows:
Year Ending December 31,
Principal Payments
(in thousands)
2014 .................................. $ 40,000
2015 .................................. 40,000
2016 .................................. 260,000
Total ...................................... $340,000
Prepayments
We may voluntarily repay any outstanding borrowing under the Credit Agreement at any time without
premium or penalty, other than customary breakage costs with respect to eurocurrency loans.
Guarantees
All obligations under the Credit Agreement are unconditionally guaranteed by us and each of our existing
and subsequently acquired or organized direct or indirect wholly-owned domestic and foreign restricted
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