Western Union 2015 Annual Report Download - page 241

THE WESTERN UNION COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
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On February 26, 2009, the Company issued $500.0 million of aggregate principal amount of unsecured notes due February
26, 2014 ("2014 Notes"). Interest with respect to the 2014 Notes was payable semi-annually on February 26 and August 26 each
year based on the fixed per annum rate of 6.500%. The 2014 Notes were redeemed upon maturity in February 2014.
On November 17, 2006, the Company issued $500.0 million of aggregate principal amount of unsecured notes due November
17, 2036 ("2036 Notes"). Interest with respect to the 2036 Notes is payable semi-annually on May 17 and November 17 each year
based on the fixed per annum rate of 6.200%. The 2036 Notes are subject to covenants that, among other things, limit or restrict
the Company’s and certain of its subsidiaries’ ability to grant certain types of security interests, incur debt (in the case of significant
subsidiaries), or enter into sale and leaseback transactions. The Company may redeem the 2036 Notes at any time prior to maturity
at the greater of par or a price based on the applicable treasury rate plus 25 basis points.
On September 29, 2006, the Company issued $1.0 billion of aggregate principal amount of unsecured notes maturing on
October 1, 2016 ("2016 Notes"). Interest on the 2016 Notes is payable semi-annually on April 1 and October 1 each year based
on the fixed per annum rate of 5.930%. The 2016 Notes are subject to covenants that, among other things, limit or restrict the
Company’s and certain of its subsidiaries’ ability to grant certain types of security interests, incur debt (in the case of significant
subsidiaries) or enter into sale and leaseback transactions. The Company may redeem the 2016 Notes at any time prior to maturity
at the greater of par or a price based on the applicable treasury rate plus 20 basis points.
Certain of the Company’s notes (the 2019 Notes, 2017 Notes, and 2018 Notes) include a change of control triggering event
provision, as defined in the terms of the notes. If a change of control triggering event occurs, holders of the notes may require the
Company to repurchase some or all of their notes at a price equal to 101% of the principal amount of their notes, plus any accrued
and unpaid interest. A change of control triggering event will occur when there is a change of control involving the Company and
among other things, within a specified period in relation to the change of control, the notes are downgraded from an investment
grade rating to below an investment grade rating by all three major credit rating agencies.
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