Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt (Tables)

v3.19.1
Long-Term Debt (Tables)
 3 Months Ended
Mar. 31, 2019
Debt Instrument [Line Items]  
Long-Term Debt
Long-term debt consists of the following:
March 31, 2019 December 31, 2018
(In thousands)
2016 Revolving Credit Facility (1) $ —  $ — 
5.0% Senior Subordinated Notes due 2023 (the “5.0% Notes”) 289,273  289,273 
6.125% Senior Subordinated Notes due 2027 (the “6.125% Notes”) 250,000  250,000 
Mortgage notes to finance companies - fixed rate, bearing interest from 3.51% to 7.03% 211,994  215,196 
Mortgage notes to finance companies - variable rate, bearing interest at 1.50 to 2.90 percentage points above one-month or three-month LIBOR 178,431  180,959 
Other (2) —  20,589 
Subtotal $ 929,698  $ 956,017 
Debt issuance costs (10,343) (10,934)
Total debt $ 919,355  $ 945,083 
Less current maturities of long-term debt (38,416) (26,304)
Long-term debt $ 880,939  $ 918,779 
(1)  The interest rate on the 2016 Revolving Credit Facility (as defined below) was 225 and 250 basis points above LIBOR at March 31, 2019 and December 31, 2018, respectively.
(2) As discussed in Note 1, “Summary of Significant Accounting Policies,” due to the adoption of ASC 842, “Leases,” effective January 1, 2019, previously existing capital lease liabilities have been reclassified from current maturities of long-term debt and long-term debt to current lease liabilities and long-term lease liabilities in the accompanying unaudited condensed consolidated balance sheets.
Financial Covenants Include Required Specified Ratios were in compliance with the financial covenants under the 2016 Credit Facilities as of March 31, 2019. The financial covenants include required specified ratios (as each is defined in the 2016 Credit Facilities) of:
Covenant
Minimum Consolidated Liquidity Ratio Minimum Consolidated Fixed Charge Coverage Ratio Maximum Consolidated Total Lease Adjusted Leverage Ratio
Required ratio 1.05  1.20  5.75 
March 31, 2019 actual 1.16  1.43  4.90 
Summary of Interest Received and Paid under Term of Cash Flow Swap
Under the terms of the interest rate cap agreements, we will receive interest based on the following:
Notional
Amount		 Cap Rate (1) Receive Rate (2) Start Date End Date
(In millions)
$ 375.0  2.000%    one-month LIBOR July 1, 2018 June 30, 2019
$ 375.0  3.000%    one-month LIBOR July 1, 2018 June 30, 2019
$ 312.5  2.000%    one-month LIBOR July 1, 2019 June 30, 2020
$ 250.0  3.000%    one-month LIBOR July 1, 2019 June 30, 2020
$ 225.0  3.000%    one-month LIBOR July 1, 2020 June 30, 2021
$ 150.0  2.000%    one-month LIBOR July 1, 2020 July 1, 2021
$ 250.0  3.000%    one-month LIBOR July 1, 2021 July 1, 2022
(1) Under these interest rate cap agreements, no payment from the counterparty will occur unless the stated receive rate exceeds the stated cap rate, in which case a net payment to us from the counterparty, based on the spread between the
receive rate and the cap rate, will be recognized as a reduction of interest expense, other, net in the accompanying unaudited condensed consolidated statements of income.
(2) The one-month LIBOR rate was approximately 2.495% at March 31, 2019.
5.0% Notes  
Debt Instrument [Line Items]  
Debt Instrument Redemption
We may redeem the remaining outstanding 5.0% Notes, in whole or in part, at any time on or after May 15, 2018 at the following redemption prices, which are expressed as percentages of the principal amount:
Redemption Price
Beginning on May 15, 2018 102.500  %
Beginning on May 15, 2019 101.667  %
Beginning on May 15, 2020 100.833  %
Beginning on May 15, 2021 and thereafter 100.000  %
6.125% Notes  
Debt Instrument [Line Items]  
Debt Instrument Redemption
We may redeem the 6.125% Notes, in whole or in part, at any time on or after March 15, 2022 at the following redemption prices, which are expressed as percentages of the principal amount:
Redemption Price
Beginning on March 15, 2022 103.063  %
Beginning on March 15, 2023 102.042  %
Beginning on March 15, 2024 101.021  %
Beginning on March 15, 2025 and thereafter 100.000  %