Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt (Tables)

v3.20.2
Long-Term Debt (Tables)
 9 Months Ended
Sep. 30, 2020
Debt Instrument [Line Items]  
Long-Term Debt
Long-term debt consists of the following:
September 30, 2020 December 31, 2019
(In thousands)
2016 Revolving Credit Facility (1) $ —  $ — 
6.125% Senior Subordinated Notes due 2027 (the “6.125% Notes”) 250,000  250,000 
2019 Mortgage Facility (2) 103,633  109,088 
Mortgage notes to finance companies - fixed rate, bearing interest from 2.41% to 7.03% 217,090  194,535 
Mortgage notes to finance companies - variable rate, bearing interest at 1.50 to 2.90 percentage points above one-month or three-month LIBOR 171,055  161,345 
Subtotal $ 741,778  $ 714,968 
Debt issuance costs (8,181) (8,082)
Total debt 733,597  706,886 
Less current maturities (63,913) (69,908)
Long-term debt $ 669,684  $ 636,978 
(1)The interest rate on the 2016 Revolving Credit Facility (as defined below) was 150 basis points above the London Inter-bank Offered Rate (“LIBOR”) at both September 30, 2020 and December 31, 2019.
(2)The interest rate on the 2019 Mortgage Facility (as defined below) was 150 and 200 basis points above LIBOR at September 30, 2020 and December 31, 2019, respectively.
Financial Covenants Include Required Specified Ratios were in compliance with the financial covenants under the 2016 Credit Facilities, the 2019 Mortgage Facility and the 2020 Line of Credit Facility as of September 30, 2020. Financial covenants include required specified ratios (as each is defined in the 2016 Credit Facilities, the 2019 Mortgage Facility and the 2020 Line of Credit Facility) 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
September 30, 2020 actual 1.17 1.85 2.94
Summary of Interest Received and Paid under Term of Cash Flow Swap
Under the terms of the interest rate cap agreements, to the extent that the stated receive rate exceeds the stated cap rate, we will receive interest based on the following:
Notional
Amount		 Cap Rate (1) Receive Rate (1) (2) Start Date End Date
(In millions)
$ 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 caps, 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 operations.
(2)The one-month LIBOR rate was approximately 0.148% at September 30, 2020.
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  %