WeightWatchers 2015 Annual Report Download - page 66

Fiscal 2013
Net cash used for financing activities totaled $74.4 million in fiscal 2013 and included $44.8 million of
deferred financing fees in connection with our April 2013 debt refinancing. Additionally, term loan payments
under our then-existing credit facility of $2.41 billion were offset by new borrowings of $2.40 billion in
connection with our April 2013 debt refinancing. In addition, we paid $29.6 million of dividends to our
shareholders which offset $18.3 million in proceeds from stock options exercised and the tax benefit thereon in
fiscal 2013.
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 at January 2, 2016:
Long-Term Debt
At January 2, 2016
(Balances in millions)
Balance
Revolving Facility due April 2, 2018 .................................................... $ 48.0
Tranche B-1 Term Facility due April 2, 2016 .............................................. 144.3
Tranche B-2 Term Facility due April 2, 2020 .............................................. 2,042.3
Total Debt ................................................................. 2,234.6
Less Current Portion ............................................................. 213.3
Total Long-Term Debt ....................................................... $2,021.3
Our credit facilities at the end of the first quarter of fiscal 2013 consisted of the following term loan
facilities and revolving credit facilities: a tranche B loan, or Term B Loan, a tranche C loan, or Term C Loan, a
tranche D loan, or Term D Loan, a tranche E loan, or Term E Loan, a tranche F loan, or Term F Loan, revolving
credit facility A-1, or Revolver A-1, and revolving credit facility A-2, or Revolver A-2.
On April 2, 2013, we refinanced our credit facilities pursuant to a new Credit Agreement, or as amended,
supplemented or otherwise modified, the Credit Agreement, among the Company, the lenders party thereto,
JPMorgan Chase Bank, N.A., as administrative agent and an issuing bank, The Bank of Nova Scotia, as
revolving agent, swingline lender and an issuing bank, and the other parties thereto. The Credit Agreement
provides for (a) a revolving credit facility (including swing line loans and letters of credit) in an initial aggregate
principal amount of $250.0 million that will mature on April 2, 2018, or the Revolving Facility, (b) an initial
term B-1 loan credit facility in an aggregate principal amount of $300.0 million that will mature on April 2, 2016,
or Tranche B-1 Term Facility, and (c) an initial term B-2 loan credit facility in an aggregate principal amount of
$2,100.0 million that will mature on April 2, 2020, or Tranche B-2 Term Facility. We refer herein to the Tranche
B-1 Term Facility together with the Tranche B-2 Term Facility as the Term Facilities, and the Term Facilities
and Revolving Facility collectively as the WWI Credit Facility. In connection with this refinancing, we used the
proceeds from borrowings under the Term Facilities to pay off a total of $2,399.9 million of outstanding loans,
consisting of $128.8 million of Term B Loans, $110.6 million of Term C Loans, $117.6 million of Term D
Loans, $1,125.0 million of Term E Loans, $817.9 million of Term F Loans, $21.2 million of loans under the
Revolver A-1 and $78.8 million of loans under the Revolver A-2. Following the refinancing of a total of
$2,399.9 million of loans, at April 2, 2013, we had $2,400.0 million debt outstanding under the Term Facilities
and $248.8 million of availability under the Revolving Facility. We incurred fees of $44.8 million during the
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