|
NOTES PAYABLE AND LONG-TERM DEBT (Tables)
|
9 Months Ended |
|
Sep. 30, 2014
|
| Change in Rate Based on Leverage Ratio |
Details of the change in our rate based on our leverage ratio were
as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Leverage Ratio
|
|
Base Rate |
|
|
Eurodollar
Rate Loans |
|
|
Applicable Fee
Rate |
|
|
Less than 3.25 to 1.00
|
|
|
0.75 |
% |
|
|
2.25 |
% |
|
|
0.40 |
% |
|
Greater than or equal to 3.25 to 1.00 but less than 4.50 to
1.00
|
|
|
0.75 |
% |
|
|
2.50 |
% |
|
|
0.50 |
% |
|
Greater than or equal to 4.50 to 1.00 but less than 6.00 to
1.00
|
|
|
1.25 |
% |
|
|
3.00 |
% |
|
|
0.60 |
% |
|
Greater than or equal to 6.00 to 1.00
|
|
|
2.25 |
% |
|
|
3.50 |
% |
|
|
0.75 |
% |
|
| Long-Term Debt |
Long-term debt consisted of the following:
|
|
|
|
|
|
|
|
|
| |
|
As of December 31, 2013 |
|
|
As of September 30, 2014
|
|
| |
|
(Dollars in
thousands) |
|
|
Term Loan B
|
|
$ |
289,939 |
|
|
$ |
282,856 |
|
|
Revolver
|
|
|
— |
|
|
|
2,759 |
|
|
Capital leases and other loans
|
|
|
854 |
|
|
|
762 |
|
|
|
|
|
|
|
|
|
|
|
|
|
290,793 |
|
|
|
286,377 |
|
|
Less current portion
|
|
|
(3,121 |
) |
|
|
(2,871 |
) |
|
|
|
|
|
|
|
|
|
|
|
$ |
287,672 |
|
|
$ |
283,506 |
|
|
|
|
|
|
|
|
|
|
|
| Principal Repayment Requirements Under Long-Term Agreements Outstanding |
Principal repayment requirements under all long-term debt
agreements outstanding at September 30, 2014 for each of the
next five years and thereafter are as follows:
|
|
|
|
|
| |
|
Amount |
|
| For the Twelve Months Ended
September 30, |
|
(Dollars in thousands)
|
|
|
2015
|
|
$ |
2,871 |
|
|
2016
|
|
|
3,095 |
|
|
2017
|
|
|
3,098 |
|
|
2018
|
|
|
3,095 |
|
|
2019
|
|
|
3,091 |
|
|
Thereafter
|
|
|
271,127 |
|
|
|
|
|
|
|
|
$ |
286,377 |
|
|
|
|
|
|
|
|
Term Loan B
|
|
| Repayments of Term Loan B |
Information regarding repayments of our Term Loan B is as
follows:
|
|
|
|
|
|
|
|
|
|
Date
|
|
Principal Paid |
|
|
Unamortized Discount |
|
| |
|
(Dollars in
Thousands) |
|
|
September 29, 2014
|
|
$ |
5,000 |
|
|
$ |
18 |
|
|
March 31, 2014
|
|
|
2,250 |
|
|
|
8 |
|
|
December 30, 2013
|
|
|
750 |
|
|
|
3 |
|
|
September 30, 2013
|
|
|
4,000 |
|
|
|
16 |
|
|
June 28, 2013
|
|
|
4,000 |
|
|
|
14 |
|
|
|
Terminated 9 5/8% Senior Secured Second Lien Notes due 2016
|
|
| Repayments of Term Loan B |
Information regarding repurchases and redemptions of the Terminated
9 5⁄8% Notes is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date
|
|
Principal
Redeemed/Repurchased
|
|
|
Premium
Paid
|
|
|
Unamortized
Discount
|
|
|
Bond Issue
Costs
|
|
| |
|
(Dollars in
thousands) |
|
|
June 3, 2013
|
|
$ |
903 |
|
|
$ |
27 |
|
|
$ |
3 |
|
|
$ |
— |
|
|
March 14, 2013
|
|
|
212,597 |
|
|
|
22,650 |
|
|
|
837 |
|
|
|
2,867 |
|
|
December 12, 2012
|
|
|
4,000 |
|
|
|
120 |
|
|
|
17 |
|
|
|
57 |
|
|
June 1, 2012
|
|
|
17,500 |
|
|
|
525 |
|
|
|
80 |
|
|
|
287 |
|
|
December 12, 2011
|
|
|
12,500 |
|
|
|
375 |
|
|
|
62 |
|
|
|
337 |
|
|
September 6, 2011
|
|
|
5,000 |
|
|
|
144 |
|
|
|
26 |
|
|
|
135 |
|
|
June 1, 2011
|
|
|
17,500 |
|
|
|
525 |
|
|
|
93 |
|
|
|
472 |
|
|
December 1, 2010
|
|
|
12,500 |
|
|
|
375 |
|
|
|
70 |
|
|
|
334 |
|
|
June 1, 2010
|
|
|
17,500 |
|
|
|
525 |
|
|
|
105 |
|
|
|
417 |
|
|
|
Term Loan B and Revolving Credit Facility
|
|
| Change in Rate Based on Leverage Ratio |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Revolver Pricing |
|
|
Pricing Level
|
|
Consolidated Leverage Ratio
|
|
Base Rate Loans |
|
|
LIBOR Loans |
|
| 1 |
|
Less than 3.00 to 1.00 |
|
|
1.250 |
% |
|
|
2.250 |
% |
| 2 |
|
Greater than or equal to 3.00 to 1.00 but less
than 4.00 to 1.00 |
|
|
1.500 |
% |
|
|
2.500 |
% |
| 3 |
|
Greater than or equal to 4.00 to 1.00 but less
than 5.00 to 1.00 |
|
|
1.750 |
% |
|
|
2.750 |
% |
| 4 |
|
Greater than or equal to 5.00 to 1.00 but less
than 6.00 to 1.00 |
|
|
2.000 |
% |
|
|
3.000 |
% |
| 5 |
|
Greater than or equal to 6.00 to 1.00 |
|
|
2.500 |
% |
|
|
3.500 |
% |
|