Long-Term Debt (Tables)
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9 Months Ended |
Sep. 30, 2016 |
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| Long-Term Debt |
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| Summary of key terms of Credit Agreement |
The following table summarizes the key terms of the Credit Agreement, dollars in thousands:
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Senior secured term loan facility (original borrowing)
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$
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200,000
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Additional term loan and/or revolver capacity available under incremental facility*
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$
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100,000
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Interest rate as of September 30, 2016
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2.02
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%
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Scheduled maturity date
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6/30/2020
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Senior secured revolving credit facility ("Revolving Facility")
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$
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125,000
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Sublimit for issuance of letters of credit under Revolving Facility**
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$
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100,000
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Sublimit for swingline loans under Revolving Facility**
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$
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15,000
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* Subject to certain conditions (including existing or new lenders providing commitments in respect of such additional borrowing capacity).
** Use of the sublimits for the issuance of letters of credit and swingline loans reduces the availability under the Revolving Facility.
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| Schedule of remaining principal payments of debt |
The following table sets forth our remaining principal payments for the following five years as of September 30, 2016, in thousands:
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Future Principal
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Payments
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Schedule of Debt Maturity by Years:
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2016
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$
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5,000
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2017
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20,000
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2018
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20,000
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2019
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25,000
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2020
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115,000
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Total principal maturities
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$
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185,000
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| Reconciliation of principal balance of our long-term debt |
The following table reconciles the principal balance of our long-term debt to our Condensed Consolidated Balance Sheets, in thousands:
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As of
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September 30,
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December 31,
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2016
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2015
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Current portion of long-term debt
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$
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20,000
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$
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15,000
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Long-term portion of long-term debt
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165,000
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180,000
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Unamortized debt issuance costs
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(1,286)
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(1,543)
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Long-term debt
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$
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183,714
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$
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193,457
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| Schedule of availability under the Revolving Facility |
The following table summarizes our availability under the Revolving Facility, in thousands:
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As of
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September 30,
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December 31,
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2016
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2015
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Revolving Facility
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$
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125,000
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$
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125,000
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Less: standby letters of credit
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(49,080)
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(55,096)
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Capacity under Revolving Facility
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$
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75,920
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$
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69,904
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| Schedule of the key financial covenants |
The following table outlines the key financial covenants effective for the period covered by this report:
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September 30,
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December 31,
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2016
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2015
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Maximum net leverage ratio
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3.25:1.00
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3.50:1.00
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Minimum fixed charge coverage ratio
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1.10:1.00
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1.10:1.00
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Compliance as of period end
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In Compliance
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In Compliance
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