|
Long-Term Debt (Tables)
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6 Months Ended |
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Jun. 30, 2012
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| Long-Term Debt [Abstract] |
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| Long-term debt |
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|
| (In thousands) |
|
June 30, 2012 |
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|
December 31, 2011 |
|
| |
|
|
|
2011 Revolving Credit Facility (1)
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|
$ |
— |
|
|
$ |
— |
|
|
9.0% Senior Subordinated Notes due 2018 (the “9.0% Notes”)
|
|
|
210,000 |
|
|
|
210,000 |
|
|
5.0% Convertible Senior Notes due 2029, redeemable in 2014 (the “5.0% Convertible Notes”) (2)
|
|
|
134,905 |
|
|
|
155,055 |
|
|
Notes payable to a finance company bearing interest from 9.52% to 10.52% (with a weighted average of 10.19%)
|
|
|
11,932 |
|
|
|
13,223 |
|
|
Mortgage notes to finance companies-fixed rate, bearing interest from 4.29% to 7.03%
|
|
|
125,228 |
|
|
|
116,584 |
|
|
Mortgage notes to finance companies-variable rate, bearing interest at 1.25 to 3.50 percentage points above one-month
LIBOR
|
|
|
63,930 |
|
|
|
65,640 |
|
|
Net debt discount and premium (3)
|
|
|
(14,015 |
) |
|
|
(18,635 |
) |
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Other
|
|
|
5,590 |
|
|
|
5,752 |
|
| |
|
|
|
|
|
|
|
|
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Total debt
|
|
$ |
537,570 |
|
|
$ |
547,619 |
|
|
Less current maturities
|
|
|
(12,175 |
) |
|
|
(11,608 |
) |
| |
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
$ |
525,395 |
|
|
$ |
536,011 |
|
| |
|
|
|
|
|
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|
| (1) |
The interest rate on the revolving credit facility was 2.0% above LIBOR at June 30, 2012 and 2.25% above LIBOR at December 31, 2011. |
| (2) |
See the heading “5.0% Senior Convertible Notes” below for discussion of the terms under which these notes may be redeemed in 2014. |
| (3) |
June 30, 2012 includes $1.2 million discount associated with the 9.0% Notes, $13.0 million discount associated with the 5.0% Convertible Notes, $1.0 million
premium associated with notes payable to a finance company and $0.8 million discount associated with mortgage notes payable. December 31, 2011 includes $1.2 million discount associated with the 9.0% Notes, $17.7 million discount associated with
the 5.0% Convertible Notes, $1.2 million premium associated with notes payable to a finance company and $0.9 million discount associated with mortgage notes payable. |
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| Financial covenants include required specified ratios |
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Covenant |
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| |
|
Consolidated
Liquidity
Ratio |
|
|
Consolidated
Fixed
Charge
Coverage
Ratio
|
|
|
Consolidated
Total Lease
Adjusted Leverage
Ratio
|
|
| |
|
|
|
|
Required ratio
|
|
³ |
1.05 |
|
|
³ |
1.20 |
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|
£ |
5.50 |
|
| |
|
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|
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June 30, 2012 actual
|
|
|
1.16 |
|
|
|
1.56 |
|
|
|
3.88 |
|
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| Redemption price, percentage |
| |
|
|
|
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| |
|
Redemption
Price |
|
|
Beginning on March 15, 2014
|
|
|
104.50 |
% |
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Beginning on March 15, 2015
|
|
|
102.25 |
% |
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Beginning on March 15, 2016 and thereafter
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|
|
100.00 |
% |
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| Summary of interest received and paid under term of cash flow swap |
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Notional
Amount
|
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|
Pay Rate |
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|
Receive Rate (1)
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Maturing Date
|
| (In millions) |
|
|
|
|
|
|
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|
| $ |
3.3 |
|
|
|
7.100 |
% |
|
one-month LIBOR + 1.50% |
|
July 10, 2017 |
| $ |
25.0 |
(2) |
|
|
5.160 |
% |
|
one-month LIBOR |
|
September 1, 2012 |
| $ |
15.0 |
(2) |
|
|
4.965 |
% |
|
one-month LIBOR |
|
September 1, 2012 |
| $ |
25.0 |
(2) |
|
|
4.885 |
% |
|
one-month LIBOR |
|
October 1, 2012 |
| $ |
10.3 |
|
|
|
4.655 |
% |
|
one-month LIBOR |
|
December 10, 2017 |
| $ |
8.2 |
(2) |
|
|
6.860 |
% |
|
one-month LIBOR + 1.25% |
|
August 1, 2017 |
| $ |
6.3 |
|
|
|
4.330 |
% |
|
one-month LIBOR |
|
July 1, 2013 |
| $ |
100.0 |
(3) |
|
|
3.280 |
% |
|
one-month LIBOR |
|
July 1, 2015 |
| $ |
100.0 |
(3) |
|
|
3.300 |
% |
|
one-month LIBOR |
|
July 1, 2015 |
| $ |
6.9 |
(2) |
|
|
6.410 |
% |
|
one-month LIBOR + 1.25% |
|
September 12, 2017 |
| $ |
50.0 |
(3) |
|
|
2.767 |
% |
|
one-month LIBOR |
|
July 1, 2014 |
| $ |
50.0 |
(3) |
|
|
3.240 |
% |
|
one-month LIBOR |
|
July 1, 2015 |
| $ |
50.0 |
(3) |
|
|
2.610 |
% |
|
one-month LIBOR |
|
July 1, 2014 |
| $ |
50.0 |
(3) |
|
|
3.070 |
% |
|
one-month LIBOR |
|
July 1, 2015 |
| $ |
100.0 |
(4) |
|
|
2.065 |
% |
|
one-month LIBOR |
|
June 30, 2017 |
| $ |
100.0 |
(4) |
|
|
2.015 |
% |
|
one-month LIBOR |
|
June 30, 2017 |
| (1) |
The one-month LIBOR rate was 0.243% at June 30, 2012. |
| (2) |
Changes in fair value are recorded through earnings. |
| (3) |
The effective date of these forward-starting swaps is July 2, 2012. |
| (4) |
The effective date of these forward-starting swaps is July 1, 2015. |
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