Long-Term Debt (Tables)
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9 Months Ended |
Sep. 30, 2017 |
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| Long-Term Debt |
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| Summary of key terms of New Credit Agreement |
The following table outlines the key terms of our New Credit Agreement, dollars in thousands:
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New Credit Agreement
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Senior secured term loan facility (original borrowing) (a)
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$
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250,000
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Additional term loan capacity under delayed draw feature (b)
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$
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100,000
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Additional term loan and/or revolver capacity available under incremental facility (c)
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$
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200,000
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Revolving Facility
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$
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250,000
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Sublimit for issuance of letters of credit under Revolving Facility (d)
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$
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100,000
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Sublimit for swingline loans under Revolving Facility (d)
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$
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20,000
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Interest rate as of September 30, 2017
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2.74
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%
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Scheduled maturity date
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5/05/2022
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(a)
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The New Credit Agreement provides for a term loan limit of $350.0 million; $250.0 million was drawn on May 5, 2017.
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(b)
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We can access $100.0 million through a delayed draw term loan on the New Credit Agreement until May 5, 2018. We have not determined the timing or amounts of our delayed draws, if any.
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(c)
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Additional borrowing capacity is available under the incremental facility, subject to certain terms and conditions (including existing or new lenders providing commitments in respect of such additional borrowing capacity).
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(d)
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Use of the sublimits for the issuance of letters of credit and swingline loans reduces the availability under the Revolving Facility.
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| Schedule of remaining principal payments of debt |
The following table sets forth our remaining principal payments for our outstanding term loan balance as of September 30, 2017, in thousands:
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Future Principal
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Payments
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Schedule of Debt Maturity by Years:
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2017
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$
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3,125
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2018
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12,500
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2019
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15,625
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2020
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18,750
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2021
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21,875
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2022
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175,000
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Total principal maturities
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$
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246,875
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| Reconciliation of principal balance of outstanding debt |
The following table reconciles the principal balance of our outstanding 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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2017
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2016
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Revolving credit facility
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$
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5,000
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$
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—
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Current portion of long-term debt
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12,500
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20,000
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Long-term portion of long-term debt
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234,375
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160,000
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Unamortized debt issuance costs
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(1,970)
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(1,200)
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Total debt
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$
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249,905
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$
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178,800
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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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2017
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2016
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Revolving Facility
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$
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250,000
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$
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125,000
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Less: revolving credit facility
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(5,000)
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—
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Less: standby letters of credit
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(47,055)
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(49,080)
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Capacity under Revolving Facility
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$
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197,945
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$
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75,920
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| Schedule of maximum Net Leverage Ratios and minimum FCCR |
The following table sets forth the maximum Net Leverage Ratios and minimum FCCR:
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Quarter Ending
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Maximum
Net Leverage Ratio
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Minimum
FCCR
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September 30, 2017
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3.50:1.00
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1.25:1.00
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December 31, 2017 through September 30, 2018
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3.25:1.00
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1.25:1.00
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December 31, 2018 and each quarter thereafter
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3.00:1.00
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1.25:1.00
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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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As of September 30, 2017
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Maximum Net Leverage Ratio
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3.50:1.00
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Minimum FCCR
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1.25:1.00
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Compliance as of period end
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In Compliance
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