Wendy's 2014 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
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 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
2014 2013
Sale of investments, net ........................................ $ 1.7 $(28.6)
Distributions, including dividends ................................ (23.9) 15.7
Other, net .................................................. (0.2) 0.2
$(22.4) $(12.7)
The decrease in distributions, including dividends in 2014 and the corresponding increase in distributions,
including dividends in 2013 was primarily a result of 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. The increase in distributions, including dividends in
2013 was more than offset by a decrease in net gains on the sale of investments due to the recording of 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.
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