Wendy's 2013 Annual Report Download - page 46
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Loss on Early Extinguishment of Debt
During 2013, Wendy’s incurred a loss on the early extinguishment of debt as a result of (1) refinancing its
existing Credit Agreement on May 16, 2013 and (2) redeeming the 6.20% Senior Notes on October 24, 2013 and
terminating the related interest rate swaps, as described below in “Liquidity and Capital Resources—Refinancings of
the Credit Agreement and Other Indebtedness,” as follows:
Year Ended
2013
Deferred costs associated with the Credit Agreement ................................ $11.5
Unaccreted discount on Term B Loans .......................................... 9.6
Premium payment to redeem the 6.20% Senior Notes ............................... 8.4
Unaccreted fair value adjustment associated with the 6.20% Senior Notes ................ 3.2
Benefit from cumulative effect of fair value hedges .................................. (4.1)
Loss on early extinguishment of debt ........................................ $28.6
During 2012, the Company incurred a loss on the early extinguishment of debt related to the repayment of
debt with the proceeds of the 2012 term loan under the Credit Agreement, as follows:
Year Ended
2012
Premium payment to redeem/purchase the Senior Notes ............................. $43.2
Unaccreted discount on the Senior Notes ........................................ 9.3
Deferred costs associated with the Senior Notes .................................... 12.4
Unaccreted discount on the 2010 term loan ....................................... 1.7
Deferred costs associated with the 2010 term loan .................................. 8.5
Loss on early extinguishment of debt ........................................ $75.1
Investment Income, Net
Change
2013 2012
(Loss) gain on sale of investments, net .............................. $(28.6) $27.5
Distributions, including dividends ................................ 15.7 8.3
Other, net ................................................... 0.2 —
$(12.7) $35.8
The decrease in investment income in 2013 and the corresponding increase in investment income in 2012 was
primarily a result of recording a $27.4 million gain in 2012 on the sale of our investment in Jurlique, which included
a loss of $2.9 million on the related settlement of the derivative transaction. The decrease in investment income in
2013 was partially offset by a $40.1 million dividend we received from our investment in Arby’s during 2013, of
which $21.1 million was recognized in investment income, net with the remainder recorded as a reduction to the
carrying value of our investment in Arby’s. In addition, we received a $4.6 million dividend from our investment in
Arby’s during 2012.
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