Related Party Transactions

12 Months Ended

Dec. 31, 2013

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

Olympus Advisory Agreement. In connection with the Transactions, the Company entered into a management advisory agreement with the Sponsor pursuant to which the Sponsor received on the closing date a transaction fee of $7.6 million in cash in connection with the Transactions which was recorded as a reduction of the $235.3 million of proceeds received from the issuance of common shares in the successor period. Under the agreement Olympus or its affiliates will continue to provide financial, investment banking, management advisory and other services on the Company’s behalf for an annual fee of $1.0 million, paid in quarterly installments in arrears on the last day of each calendar quarter. The Company accrues the fee ratably to general and administrative expense. The Sponsor will also receive reimbursement for out-of-pocket expenses incurred in connection with services provided pursuant to the agreement. The Company paid $1.3 million and $0.8 million to Sponsor for the fee during the fiscal years ended 2013 and 2012, respectively.

For the predecessor period prior to the Transactions, the Company had the following related party transactions:

MLGPE Advisory Agreement. Upon completion of the acquisition of the Company by Merrill Lynch Global Private Equity (“MLGPE”) (now known as BAML Capital Partners) and certain affiliated entities in 2006, the Company entered into an advisory agreement with an affiliate of MLGPE pursuant to which such entity or its affiliates provided advisory services to the Company. Under the agreement MLGPE or its affiliates provided financial, investment banking, management advisory and other services on the Company’s behalf for an annual fee of $1.0 million. The Company paid $1.0 million to MLGPE for the fee during fiscal year 2011. The advisory agreement was terminated in connection with the Acquisition in 2012.

Bank of America Merchant Services. In January 2009, Bank of America Corporation (“BOA”) acquired the parent company of MLGPE, Merrill Lynch & Co., Inc. During fiscal 2011 the Company paid Bank of America Merchant Services, affiliate of BOA, $0.3 million for credit card processing services.