Annual report pursuant to Section 13 and 15(d)

Long-Term Debt (Tables)

v3.10.0.1
Long-Term Debt (Tables)
12 Months Ended
Dec. 31, 2018
Long-Term Debt  
Reconciliation of principal balance of outstanding debt

The following table reconciles the principal balance of our outstanding debt to our Consolidated Balance Sheets, in thousands:

 

 

 

 

 

 

 

 

 

 

 

+

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

    

December 31, 

    

December 31, 

Principal debt balances:

 

2018

    

2017

Current portion of long-term debt - term loan

 

$

21,875

 

$

12,500

Current portion of long-term debt - equipment notes

 

 

4,977

 

 

 —

Long-term portion of long-term debt - Senior Notes

 

 

400,000

 

 

 —

Long-term portion of long-term debt - term loan

 

 

305,625

 

 

231,250

Long-term portion of long-term debt - equipment notes

 

 

19,478

 

 

 —

Unamortized debt issuance costs

 

 

(8,481)

 

 

(1,863)

Total debt, net of unamortized debt issuance costs

 

 

743,474

 

 

241,887

Less: current portion of long-term debt

 

 

26,852

 

 

12,500

Total long-term debt

 

$

716,622

 

$

229,387

 

Schedule of remaining principal payments of debt

The following table sets forth our remaining principal payments for our outstanding debt balances as of December 31, 2018, in thousands:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payments Due by Period

 

 

2019

 

2020

 

2021

 

2022

 

2023

 

Thereafter

 

Total

Senior Notes

 

$

 —

 

$

 —

 

$

 —

 

$

 —

 

$

 —

 

$

400,000

 

$

400,000

Term loan

    

 

21,875

    

 

26,250

    

 

30,625

    

 

248,750

    

 

 —

    

 

 —

    

 

327,500

Equipment notes

 

 

4,977

 

 

5,187

 

 

5,407

 

 

5,636

 

 

3,248

 

 

 —

 

 

24,455

Total

 

$

26,852

 

$

31,437

 

$

36,032

 

$

254,386

 

$

3,248

 

$

400,000

 

$

751,955

 

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 December 31, 2018

 

3.59

%

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

 

 

December 31, 

    

December 31, 

 

    

2018

    

2017

Revolving Facility

 

$

250,000

 

$

250,000

Less: standby letters of credit

 

 

(59,288)

 

 

(47,055)

Availability under Revolving Facility

 

$

190,712

 

$

202,945

 

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 June 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 report:

 

 

 

 

 

 

As of December 31, 2018

Maximum Net Leverage Ratio

 

3.50:1.00

Minimum FCCR

 

1.25:1.00

Compliance as of period end

 

In Compliance