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WEN » Topics » (10) Notes Payable

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

(10) Notes Payable

Notes payable, all of which are to financial institutions, bear interest at a weighted average rate of 5.98% and are net of unamortized discount of $21,000, as of December 31, 2006. These notes are non-recourse except in limited circumstances and are secured by certain of the Company’s short-term investments in preferred shares of CDOs having a carrying value of $8,156,000 as of December 31, 2006. The notes bear interest at variable rates at either the three-month London Interbank Offered Rate (“LIBOR”) plus 0.40% to 1.0% or the Euro Interbank Offered Rate plus 1%, with either rate reset quarterly. The notes have no stated maturities, but must be repaid from either a portion or all of distributions the Company receives on, or sales proceeds from, the respective preferred shares of CDOs, as well as certain of the asset management fees to be paid to the Company from the CDOs.

This excerpt taken from the WEN 10-K filed Apr 3, 2006.

(10) Notes Payable

       Notes payable consisted of the following (in thousands):

      Year-End
      2004
   2005
       

Notes payable to financial institutions bearing interest at a weighted average rate of 4.98% and net of unamortized discount of $54, both as of January 1, 2006 (a)

      $ 10,334        $ 8,036  
       

Note payable to an institutional investor settled on January 26, 2005 (b)

        5,000          —  
          
        
 
       

     $ 15,334        $ 8,036  
          
        
 
       

               

(a)   These notes are non-recourse and are secured by certain of the Company's short-term investments in preferred shares of CDOs having a carrying value of $15,349,000 as of January 1, 2006. The notes bear interest at variable rates ranging from the three-month London Interbank Offered Rate (“LIBOR”) plus 0.33% to LIBOR plus 1%, reset quarterly. The notes have no stated maturities, but are payable from a portion or all of distributions the Company receives on, or sales proceeds from, the respective preferred shares of CDOs, as well as certain of the asset management fees to be paid to the Company from the CDOs.

113

Triarc Companies, Inc. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
January 1, 2006

(b)   This note was effectively offset by a related note receivable included in “Accounts and notes receivable” as of January 2, 2005 (see Note 6), both of which were settled on January 26, 2005.

EXCERPTS ON THIS PAGE:

10-K
Mar 1, 2007
10-K
Apr 3, 2006

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