Long-Term Debt (Tables)
|
9 Months Ended |
Sep. 30, 2020 |
|---|
| 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, |
|
|
2020 |
|
2019 |
Senior Notes - 5.625% due May 2026 |
|
$ |
400,000 |
|
$ |
400,000 |
Term loan |
|
|
292,500 |
|
|
305,625 |
Equipment notes |
|
|
27,484 |
|
|
33,525 |
Unamortized debt issuance costs |
|
|
(7,867) |
|
|
(6,923) |
Total debt, net of unamortized debt issuance costs |
|
|
712,117 |
|
|
732,227 |
Less: current portion of long-term debt |
|
|
23,247 |
|
|
34,272 |
Total long-term debt |
|
$ |
688,870 |
|
$ |
697,955 |
|
| 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, 2020, in thousands:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments Due by Period |
|
|
2020 |
|
2021 |
|
2022 |
|
2023 |
|
2024 |
|
Thereafter |
|
Total |
Senior Notes |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
400,000 |
|
$ |
400,000 |
Term loan |
|
|
3,750 |
|
|
15,000 |
|
|
20,625 |
|
|
22,500 |
|
|
28,125 |
|
|
202,500 |
|
|
292,500 |
Equipment notes |
|
|
2,040 |
|
|
8,326 |
|
|
8,651 |
|
|
6,337 |
|
|
2,130 |
|
|
— |
|
|
27,484 |
Total |
|
$ |
5,790 |
|
$ |
23,326 |
|
$ |
29,276 |
|
$ |
28,837 |
|
$ |
30,255 |
|
$ |
602,500 |
|
$ |
719,984 |
|
| 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 |
$ |
300,000 |
|
|
|
|
|
Additional term loan and/or revolver capacity available under incremental facility (a) |
$ |
300,000 |
|
|
|
|
|
Revolving Facility |
$ |
450,000 |
|
Sublimit for issuance of letters of credit under Revolving Facility (b) |
$ |
100,000 |
|
Sublimit for swingline loans under Revolving Facility (b) |
$ |
35,000 |
|
|
|
|
|
Interest rate as of September 30, 2020 |
|
1.50 |
% |
Scheduled maturity date |
|
3/20/2025 |
|
| (a) |
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). |
| (b) |
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, |
|
|
2020 |
|
2019 |
Revolving Facility |
|
$ |
450,000 |
|
$ |
250,000 |
Less: standby letters of credit |
|
|
(60,382) |
|
|
(61,382) |
Availability under Revolving Facility |
|
$ |
389,618 |
|
$ |
188,618 |
|
| Schedule of the key financial covenants |
|
|
|
|
|
As of September 30, 2020 |
Maximum Net Leverage Ratio |
|
3.50:1.00 |
Minimum Interest Coverage Ratio |
|
3.00:1.00 |
Compliance as of period end |
|
In Compliance |
|