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WEN » Topics » (12) Loss on Early Extinguishments of Debt

This excerpt taken from the WEN 10-K filed Mar 1, 2007.

(12) Loss on Early Extinguishments of Debt

The Company recorded losses on early extinguishments of debt aggregating $35,809,000 in 2005 and $14,082,000 in 2006. The 2005 loss related to the Debt Refinancing and the 2006 loss consisted of (1) $13,064,000 related to the Convertible Notes Conversions and (2) $1,018,000 related to the Term Loan Prepayments (see Note 11). The components of the loss on early extinguishments of debt in 2005 and 2006 are as follows (in thousands):

 

 

 

 

 

 

  

2005

  

2006

Premiums paid in cash and Class B Common Shares to converting noteholders

  

 

$

 

—  

    

 

$

 

8,998

  

Prepayment penalties

  

 

  

27,414

    

—

Write-off of previously unamortized deferred financing costs and, in 2005, original issue discount

  

 

  

4,772

    

 

  

5,010

  

Accelerated insurance payments related to the extinguished debt

  

 

  

3,555

    

—

Fees

  

 

  

68

    

 

  

74

  

 

 

 

 

 

 

  

 

$

 

35,809

    

 

$

 

14,082

  

 

 

 

 

 
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