WeightWatchers 2007 Annual Report Download - page 80

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WEIGHT WATCHERS INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—Continued
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Maturities
At December 29, 2007, the aggregate amounts of existing long-term debt maturing in each of the next five
years and thereafter are as follows:
2008 .................................... $ 45,625
2009 .................................... 162,500
2010 .................................... 215,000
2011 .................................... 470,000
2012 .................................... 229,000
2013 and thereafter ......................... 526,000
$1,648,125
7. Treasury Stock
On October 9, 2003, WWI’s Board of Directors authorized a program to repurchase up to $250,000 of the
Company’s outstanding common stock. On each of June 13, 2005 and May 25, 2006, WWI’s Board of Directors
authorized adding $250,000 to this program. The repurchase program allows for shares to be purchased from
time to time in the open market or through privately negotiated transactions. No shares will be purchased from
Artal under the program.
On December 18, 2006, the Company commenced a tender offer in which it sought to acquire up to 8,300
shares of its common stock at a price between $47.00 and $54.00 per share (the “Tender Offer”). Prior to the
Tender Offer, the Company entered into an agreement with Artal whereby Artal agreed to sell to the Company at
the same price as is determined in the Tender Offer the number of its shares necessary to keep its percentage
ownership in the Company at substantially the same level after the Tender Offer. Artal also agreed not to
participate in the Tender Offer so that it would not affect the determination of the price in the Tender Offer.
The Tender Offer expired at midnight on January 18, 2007, and on January 26, 2007 approximately 8,548
shares were repurchased at a price of $54.00 per share. The 8,548 shares repurchased are comprised of the 8,300
shares the Company offered to purchase and 248 shares purchased pursuant to the Company’s right to purchase
up to an additional 2% of the outstanding shares as of November 30, 2006. On February 2, 2007, the Company
repurchased 10,511 of its shares from Artal at a purchase price of $54.00 per share pursuant to its prior
agreement with Artal. In January 2007, the Company amended the WWI Credit Facility to finance these
repurchases. See Note 6.
F-18