NOTES PAYABLE AND LONG-TERM DEBT (Tables)
|
3 Months Ended |
Mar. 31, 2016 |
|---|
| New Accounting Pronouncements and Changes in Accounting Principles |
We have reclassified debt issue costs reported on our December 31, 2015 consolidated balance sheet as follows: | | | December 31, 2015 | | | | | (Dollars in thousands) | | | | | As Reported | | As Updated ASU 2015-03 | | | Balance Sheet Line Items: | | | | | | | | | Term Loan B | | $ | 273,136 | | $ | 274,000 | | | Less: Unamortized discount based on imputed interest rate of 4.78% | | | | | | (864) | | | Less: Unamortized debt issuance costs based on imputed interest rate of 4.78% | | | | | | (2,361) | | | Term Loan B net carrying value | | | 273,136 | | | 270,775 | | | Revolver | | | 3,306 | | | 3,306 | | | Capital leases and other loans | | | 674 | | | 674 | | | | | $ | 277,116 | | $ | 274,755 | | | Less current portion | | | (5,662) | | | (5,662) | | | Long-term debt and capital lease obligations less unamortized discount and debt issuance costs, net of current portion | | $ | 271,454 | | $ | 269,093 | | | | | | | | | | | | Deferred financing costs | | $ | 2,512 | | $ | 151 | |
|
| Long-Term Debt |
Long-term debt consisted of the following: | | | As of December 31, 2015 | | As of March 31, 2016 | | | | | (Dollars in thousands) | | | Term Loan B principal amount | | $ | 274,000 | | $ | 272,441 | | | Less unamortized discount and debt issuance costs based on imputed interest rate of 4.78% | | | (3,225) | | | (3,022) | | | Term Loan B net carrying value | | | 270,775 | | | 269,419 | | | Revolver | | | 3,306 | | | 3,000 | | | Capital leases and other loans | | | 674 | | | 648 | | | | | | 274,755 | | | 273,067 | | | Less current portion | | | (5,662) | | | (6,108) | | | | | $ | 269,093 | | $ | 266,959 | |
|
| Principle Repayment Requirements Under Long Term Agreements Outstanding |
Principal repayment requirements under all long-term debt agreements and capital lease obligations outstanding at March 31, 2016 for each of the next five years and thereafter are as follows: | | | Amount | | | For the Twelve Months Ended March 31, | | (Dollars in thousands) | | | 2017 | | $ | 6,108 | | | 2018 | | | 3,116 | | | 2019 | | | 3,100 | | | 2020 | | | 260,522 | | | 2021 | | | 109 | | | Thereafter | | | 112 | | | | | $ | 273,067 | |
|
| Term Loan B And Revolving Credit Facility [Member] |
|
| 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 | % |
|
| Term B Loan [Member] |
|
| Repayments of Term Loan B |
We made the following payments or prepayments of our Term Loan B during the year ended December 31, 2015 and three month period ending March 31, 2016, including interest through the payment date as follows: | Date | | Principal Paid | | Unamortized Discount | | | | | | | | | | | | | | (Dollars in thousands) | | | March 31, 2016 | | $ | 750 | | $ | | | | March 17, 2016 | | | 809 | | | 2 | | | January 30, 2015 | | | 2,000 | | | 15 | |
|