Long-Term Debt (Tables)
|
9 Months Ended |
Sep. 30, 2019 |
|---|
| Long-Term Debt |
|
| Reconciliation of principal balance of outstanding debt |
The following table reconciles the principal balances of our outstanding debt to our condensed consolidated balance sheets, in thousands:
|
|
|
|
|
|
|
|
|
As of |
|
|
September 30, |
|
December 31, |
Principal debt balances: |
|
2019 |
|
2018 |
Senior Notes |
|
$ |
400,000 |
|
$ |
400,000 |
Term loan |
|
|
312,188 |
|
|
327,500 |
Equipment notes |
|
|
30,341 |
|
|
24,455 |
Unamortized debt issuance costs |
|
|
(7,312) |
|
|
(8,481) |
Total debt, net of unamortized debt issuance costs |
|
|
735,217 |
|
|
743,474 |
Less: current portion of long-term debt |
|
|
33,262 |
|
|
26,852 |
Total long-term debt |
|
$ |
701,955 |
|
$ |
716,622 |
|
| Schedule of remaining principal payments of debt |
The following table sets forth our remaining principal payments for our outstanding debt balances as of September 30, 2019, in thousands:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments Due by Period |
|
|
2019 |
|
2020 |
|
2021 |
|
2022 |
|
2023 |
|
Thereafter |
|
Total |
Senior Notes |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
400,000 |
|
$ |
400,000 |
Term loan |
|
|
6,563 |
|
|
26,250 |
|
|
30,625 |
|
|
248,750 |
|
|
— |
|
|
— |
|
|
312,188 |
Equipment notes |
|
|
1,728 |
|
|
7,082 |
|
|
7,366 |
|
|
7,661 |
|
|
5,345 |
|
|
1,159 |
|
|
30,341 |
Total |
|
$ |
8,291 |
|
$ |
33,332 |
|
$ |
37,991 |
|
$ |
256,411 |
|
$ |
5,345 |
|
$ |
401,159 |
|
$ |
742,529 |
|
| Summary of key terms of Amended Credit Agreement |
The following table outlines the key terms of our Amended Credit Agreement (dollars in thousands):
|
|
|
|
Senior secured term loan facility (original borrowing) (a) |
$ |
250,000 |
|
Additional delayed draw term loan (b) |
$ |
100,000 |
|
|
|
|
|
Additional term loan and/or revolver capacity available under incremental facility (c) |
$ |
200,000 |
|
|
|
|
|
Revolving Facility |
$ |
250,000 |
|
Sublimit for issuance of letters of credit under Revolving Facility (d) |
$ |
100,000 |
|
Sublimit for swingline loans under Revolving Facility (d) |
$ |
20,000 |
|
|
|
|
|
Interest rate as of September 30, 2019 |
|
3.36 |
% |
Scheduled maturity date |
|
5/05/2022 |
|
| (a) |
The Amended Credit Agreement provides for a term loan limit of $350.0 million; $250.0 million was drawn on May 5, 2017.
|
| (b) |
On May 1, 2018, the net proceeds from the $100.0 million delayed draw term loan were used to partially fund the USI acquisition.
|
| (c) |
Additional borrowing capacity is available under the incremental facility, subject to certain terms and conditions (including existing or new lenders providing commitments in respect of such additional borrowing capacity). |
| (d) |
Use of the sublimits for the issuance of letters of credit and swingline loans reduces the availability under the Revolving Facility. |
|
| Schedule of availability under the Revolving Facility |
The following table summarizes our availability under the Revolving Facility, in thousands:
|
|
|
|
|
|
|
|
|
As of |
|
|
September 30, |
|
December 31, |
|
|
2019 |
|
2018 |
Revolving Facility |
|
$ |
250,000 |
|
$ |
250,000 |
Less: standby letters of credit |
|
|
(61,382) |
|
|
(59,288) |
Availability under Revolving Facility |
|
$ |
188,618 |
|
$ |
190,712 |
|
| Schedule of maximum Net Leverage Ratios and minimum FCCR |
The following table sets forth the maximum Net Leverage Ratios and minimum FCCR required:
|
|
|
|
|
Quarter Ending |
|
Maximum
Net Leverage Ratio |
|
Minimum
FCCR |
June 30, 2018 through September 30, 2018 |
|
3.75:1.00 |
|
1.25:1.00 |
December 31, 2018 through September 30, 2019 |
|
3.50:1.00 |
|
1.25:1.00 |
September 30, 2019 and each fiscal quarter end thereafter |
|
3.25:1.00 |
|
1.25:1.00 |
|
| Schedule of the key financial covenants |
The following table outlines the key financial covenants effective for the period covered by this Quarterly Report:
|
|
|
|
|
As of September 30, 2019 |
Maximum Net Leverage Ratio |
|
3.25:1.00 |
Minimum FCCR |
|
1.25:1.00 |
Compliance as of period end |
|
In Compliance |
|