Green Dot 2014 Annual Report Download - page 51

2014, we contributed approximately $50 million in capital to Green Dot Bank and we settled our liability associated
with overdrawn cardholder account balances, which is included in our consolidated balance sheet as "amounts due
to card issuing banks for overdrawn accounts." Additionally, our investment securities may act as short-term collateral
to Green Dot Bank to satisfy any requirements associated with its legal lending limit.
Senior Credit Facility
In October 2014, we entered into a $225 million credit agreement with Bank of America, N.A., as administrative
agent, Wells Fargo Bank, National Association, and other lenders party thereto. The agreement provides for (i)„a $75
million five-year revolving facility (the “Revolving Facility”) and (ii) a five-year $150 million term loan facility (the “Term
Facility” and, together with the Revolving Facility, the “Senior Credit Facility”). At our election, loans made under the
credit agreement bear interest at (1) a LIBOR rate or (2) a base rate as defined in the agreement, plus an applicable
margin (2.92% as of December„31, 2014). The balance outstanding on the Term Facility was $150.0 million at December
31, 2014. Quarterly principal payments of $5.6 million are payable on the loans under the Term Facility. The loans
made under the Term Facility mature and all amounts then outstanding thereunder are payable on October 23, 2019.
There were no borrowings on the Revolving Facility at December„31, 2014. We are also subject to certain financial
covenants, which include maintaining a minimum fixed charge coverage ratio and a maximum consolidated leverage
ratio at the end of each fiscal quarter, as defined in the agreement. At December„31, 2014, we were in compliance
with all such covenants.
Contractual Obligations
Our contractual commitments will have an impact on our future liquidity. The following table summarizes our
contractual obligations, including both on and off-balance sheet transactions that represent material expected or
contractually committed future obligations, at December„31, 2014. We believe that we will be able to fund these
obligations through cash generated from operations and from our existing cash balances.
Payments Due by Period
Total
Less than 1
Year 1-3 Years 3-5 Years
More than 5
Years
(In thousands)
Long-term debt obligations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $150,000 $22,500 $67,500 $60,000 $—
Capital lease obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,176 407 769 — —
Operating lease obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,494 7,147 14,233 11,381 16,733
Purchase obligations(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73,285 23,642 42,003 7,640 —
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $273,955 $53,696 $124,505 $79,021 $16,733
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(1) Primarily future minimum payments under agreements with vendors and our retail distributors. See note 19 of the notes to our
audited consolidated financial statements.
Off-Balance Sheet Arrangements
During the years ended December„31, 2014, 2013, and 2012 we did not have any relationships with unconsolidated
organizations or financial partnerships, such as structured finance or special purpose entities that would have been
established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited
purposes.
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