WeightWatchers 2012 Annual Report Download - page 73

Download and view the complete annual report

Please find page 73 of the 2012 WeightWatchers annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 132

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132

connection with the Tender Offer and related Artal Holdings share repurchase. See “—Stock Transactions” for a
description of the Tender Offer and the related Artal Holdings share repurchase. In addition, we paid $52.0
million of dividends to our shareholders and received $12.7 million in proceeds from stock options exercised in
fiscal 2012.
Fiscal 2011
Net cash used for financing activities totaled $352.0 million in fiscal 2011 and consisted primarily of
payments on the revolving credit facility of $174.0 million and long-term debt repayments of $139.3 million, as
well as stock repurchases of $34.9 million and dividend payments to our shareholders of $51.6 million.
Offsetting these payments were proceeds from stock options exercised of $42.0 million in fiscal 2011.
Fiscal 2010
Net cash used for financing activities totaled $256.8 million in fiscal 2010 and consisted primarily of stock
repurchases of $106.6 million and dividend payments of $53.4 million, net debt payments of $87.9 million and
deferred financing costs of $11.5 million.
Long-Term Debt
We currently plan to meet our long-term debt obligations by using cash flows provided by operating
activities and opportunistically using other means to repay or refinance our obligations as we determine
appropriate.
The following schedule sets forth our long-term debt obligations (and interest rates, exclusive of the impact
of swaps) at December 29, 2012:
Long-Term Debt
At December 29, 2012
(Balances in millions)
Balance
Alternative
Base Rate
or LIBOR
Applicable
Margin
Interest
Rate
Revolver A-1 due June 30, 2014 ............................. $ 6.4 0.250% 2.500% 2.750%
Revolver A-2 due March 15, 2017 ............................ 23.6 0.250% 2.250% 2.500%
Term A-1 Loan due January 26, 2013 ......................... 38.2 0.375% 1.250% 1.625%
Term B Loan due January 26, 2014 ........................... 129.5 0.375% 1.500% 1.875%
Term C Loan due June 30, 2015 ............................. 113.8 0.375% 2.250% 2.625%
Term D Loan due June 30, 2016 ............................. 118.2 0.375% 2.250% 2.625%
Term E Loan due March 15, 2017 ............................ 1,154.7 0.272% 2.250% 2.522%
Term F Loan due March 15, 2019 ............................ 822.0 1.000% 3.000% 4.000%
Total Debt ....................................... 2,406.4
Less Current Portion ................................... 114.7
Total Long-Term Debt ............................. $2,291.7
Our credit facilities consist of certain term loan facilities and revolving credit facilities, which we refer to
collectively as the WWI Credit Facility. During the first quarter of fiscal 2012, the composition of the WWI
Credit Facility changed as a result of our amending and restating the WWI Credit Facility to, among other things,
extend the maturity of certain of our term loan facilities and our revolving credit facility and to obtain new
commitments for the borrowing of an additional $1,449.4 million of term loans to finance the purchases of shares
of our common stock in the Tender Offer and from Artal Holdings pursuant to the Purchase Agreement.
57