WeightWatchers 2013 Annual Report Download - page 105

WEIGHT WATCHERS INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Maturities
At December 28, 2013, the aggregate amounts of the Company’s existing long-term debt maturing in each
of the next five fiscal years and thereafter are as follows:
2014 ........................................................... $ 30,000
2015 ........................................................... 24,000
2016 ........................................................... 307,500
2017 ........................................................... 21,000
2018 ........................................................... 21,000
Thereafter ...................................................... 1,984,500
$2,388,000
7. Treasury Stock
On February 23, 2012, the Company commenced a “modified Dutch auction” tender offer for up to
$720,000 in value of its common stock at a purchase price not less than $72.00 and not greater than $83.00 per
share (the “Tender Offer”). Prior to the Tender Offer, on February 14, 2012, the Company entered into an
agreement (the “Purchase Agreement”) with Artal Holdings Sp. z o.o., Succursale de Luxembourg (“Artal
Holdings”) (the then-current record holder of all of the Company’s shares owned by Artal Group, S.A. and its
affiliates) whereby Artal Holdings agreed to sell to the Company, at the same price as was determined in the
Tender Offer, such number of its shares of the Company’s common stock that, upon the closing of this purchase
after the completion of the Tender Offer, Artal Holdings’ percentage ownership in the outstanding shares of the
Company’s common stock would be substantially equal to its level prior to the Tender Offer. Artal Holdings also
agreed not to participate in the Tender Offer so that it would not affect the determination of the purchase price of
the shares in the Tender Offer.
The Tender Offer expired at midnight, New York time, on March 22, 2012, and on March 28, 2012 the
Company repurchased 8,780 shares at a purchase price of $82.00 per share. On April 9, 2012, the Company
repurchased 9,499 of Artal Holdings’ shares at a purchase price of $82.00 per share pursuant to the Purchase
Agreement. In March 2012, the Company amended and extended the WWI Credit Facility to finance these
repurchases. See Note 6.
On October 9, 2003, the Company’s Board of Directors authorized and the Company announced a program
to repurchase up to $250,000 of the Company’s outstanding common stock. On each of June 13, 2005, May 25,
2006 and October 21, 2010, the Company’s Board of Directors authorized and the Company announced adding
$250,000 to the 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 Holdings and
its parents and subsidiaries under the program. The repurchase program currently has no expiration date.
During the fiscal years ended December 28, 2013 and December 29, 2012, the Company purchased no
shares of its common stock in the open market under the repurchase program. During the fiscal year ended
December 31, 2011, the Company purchased 814 shares of its common stock in the open market under the
repurchase program for a total cost of $31,550. The repurchase of shares of common stock under the Tender
Offer and from Artal Holdings pursuant to the Purchase Agreement was not made pursuant to the Company’s
existing repurchase program.
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