|
Long Term Debt (Tables)
|
9 Months Ended |
|
Sep. 30, 2012
|
| Long-term debt |
|
| Long-term debt |
| |
|
|
|
|
|
|
|
|
| (In thousands) |
|
September 30, 2012 |
|
|
December 31, 2011 |
|
|
2011 Revolving Credit Facility (1)
|
|
$ |
— |
|
|
$ |
— |
|
|
9.0% Senior Subordinated Notes due 2018 (the “9.0% Notes”)
|
|
|
210,000 |
|
|
|
210,000 |
|
|
7.0% Senior Subordinated Notes due 2022 (the “7.0% Notes”)
|
|
|
200,000 |
|
|
|
— |
|
|
5.0% Convertible Senior Notes due 2029, redeemable in 2014 (the “5.0% Convertible Notes”) (2)
|
|
|
— |
|
|
|
155,055 |
|
|
Notes payable to a finance company bearing interest from 9.52% to 10.52% (with a weighted average of 10.19%)
|
|
|
11,262 |
|
|
|
13,223 |
|
|
Mortgage notes to finance companies-fixed rate, bearing interest from 4.29% to 7.03%
|
|
|
124,132 |
|
|
|
116,584 |
|
|
Mortgage notes to finance companies-variable rate, bearing interest at 1.25 to 3.50 percentage points above one-month
LIBOR
|
|
|
63,082 |
|
|
|
65,640 |
|
|
Net debt discount and premium (3)
|
|
|
(2,810 |
) |
|
|
(18,635 |
) |
|
Other
|
|
|
5,513 |
|
|
|
5,752 |
|
| |
|
|
|
|
|
|
|
|
|
Total debt
|
|
$ |
611,179 |
|
|
$ |
547,619 |
|
|
Less current maturities
|
|
|
(12,289 |
) |
|
|
(11,608 |
) |
| |
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
$ |
598,890 |
|
|
$ |
536,011 |
|
| |
|
|
|
|
|
|
|
|
| (1) |
The interest rate on the revolving credit facility was 2.0% above LIBOR at September 30, 2012 and 2.25% above LIBOR at December 31, 2011.
|
| (2) |
See the heading “5.0% Senior Convertible Notes” below for further discussion. |
| (3) |
September 30, 2012 includes $1.1 million discount associated with the 9.0% Notes, $1.7 million discount associated with the 7.0% Notes, $0.8 million premium
associated with notes payable to a finance company and 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. |
|
| Financial covenants include required specified ratios |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Covenant |
|
| |
|
Minimum
Consolidated
Liquidity
Ratio |
|
|
Minimum
Consolidated
Fixed Charge
Coverage
Ratio |
|
|
Maximum
Consolidated
Total Lease
Adjusted Leverage
Ratio |
|
|
Required ratio
|
|
|
1.05 |
|
|
|
1.20 |
|
|
|
5.50 |
|
| |
|
|
|
|
September 30, 2012 actual
|
|
|
1.21 |
|
|
|
1.66 |
|
|
|
4.01 |
|
|
| Summary of interest received and paid under term of cash flow swap |
| |
|
|
|
|
|
|
|
|
|
|
Notional
Amount |
|
|
Pay Rate |
|
|
Receive Rate (1)
|
|
Maturing Date
|
| (In millions) |
|
|
|
|
|
|
|
|
| $ |
3.2 |
|
|
|
7.100 |
% |
|
one-month LIBOR + 1.50% |
|
July 10, 2017 |
| $ |
25.0 |
(2) |
|
|
4.885 |
% |
|
one-month LIBOR |
|
October 1, 2012 |
| $ |
10.1 |
|
|
|
4.655 |
% |
|
one-month LIBOR |
|
December 10, 2017 |
| $ |
8.2 |
(2) |
|
|
6.860 |
% |
|
one-month LIBOR + 1.25% |
|
August 1, 2017 |
| $ |
6.2 |
|
|
|
4.330 |
% |
|
one-month LIBOR |
|
July 1, 2013 |
| $ |
100.0 |
|
|
|
3.280 |
% |
|
one-month LIBOR |
|
July 1, 2015 |
| $ |
100.0 |
|
|
|
3.300 |
% |
|
one-month LIBOR |
|
July 1, 2015 |
| $ |
6.9 |
(2) |
|
|
6.410 |
% |
|
one-month LIBOR + 1.25% |
|
September 12, 2017 |
| $ |
50.0 |
|
|
|
2.767 |
% |
|
one-month LIBOR |
|
July 1, 2014 |
| $ |
50.0 |
|
|
|
3.240 |
% |
|
one-month LIBOR |
|
July 1, 2015 |
| $ |
50.0 |
|
|
|
2.610 |
% |
|
one-month LIBOR |
|
July 1, 2014 |
| $ |
50.0 |
|
|
|
3.070 |
% |
|
one-month LIBOR |
|
July 1, 2015 |
| $ |
100.0 |
(3) |
|
|
2.065 |
% |
|
one-month LIBOR |
|
June 30, 2017 |
| $ |
100.0 |
(3) |
|
|
2.015 |
% |
|
one-month LIBOR |
|
June 30, 2017 |
| (1) |
The one-month LIBOR rate was 0.214% at September 30, 2012. |
| (2) |
Changes in fair value are recorded through earnings. |
| (3) |
The effective date of these forward-starting swaps is July 1, 2015. |
|
|
9% Senior Subordinate Note due 2018 [Member]
|
|
| Long-term debt |
|
| Redemption price, percentage |
| |
|
|
|
|
| |
|
Redemption
Price |
|
|
Beginning on March 15, 2014
|
|
|
104.50 |
% |
|
Beginning on March 15, 2015
|
|
|
102.25 |
% |
|
Beginning on March 15, 2016 and thereafter
|
|
|
100.00 |
% |
|
|
Senior Subordinated Notes [Member]
|
|
| Long-term debt |
|
| Redemption price, percentage |
| |
|
|
|
|
| |
|
Redemption
Price |
|
|
Beginning on July 15, 2017
|
|
|
103.500 |
% |
|
Beginning on July 15, 2018
|
|
|
102.333 |
% |
|
Beginning on July 15, 2019
|
|
|
101.167 |
% |
|
Beginning on July 15, 2020 and thereafter
|
|
|
100.000 |
% |
|