Long-Term Debt (Tables)
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12 Months Ended |
Dec. 31, 2018 |
Long-Term Debt |
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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:
+
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As of
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|
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December 31,
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December 31,
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Principal debt balances:
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2018
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|
2017
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Current portion of long-term debt - term loan
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$
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21,875
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$
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12,500
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Current portion of long-term debt - equipment notes
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|
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4,977
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|
|
—
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Long-term portion of long-term debt - Senior Notes
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|
|
400,000
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|
|
—
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Long-term portion of long-term debt - term loan
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|
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305,625
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231,250
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Long-term portion of long-term debt - equipment notes
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|
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19,478
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|
|
—
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Unamortized debt issuance costs
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|
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(8,481)
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|
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(1,863)
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Total debt, net of unamortized debt issuance costs
|
|
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743,474
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|
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241,887
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Less: current portion of long-term debt
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|
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26,852
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12,500
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Total long-term debt
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|
$
|
716,622
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$
|
229,387
|
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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:
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Payments Due by Period
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2019
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2020
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2021
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2022
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2023
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Thereafter
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Total
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Senior Notes
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$
|
—
|
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$
|
—
|
|
$
|
—
|
|
$
|
—
|
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$
|
—
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|
$
|
400,000
|
|
$
|
400,000
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Term loan
|
|
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21,875
|
|
|
26,250
|
|
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30,625
|
|
|
248,750
|
|
|
—
|
|
|
—
|
|
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327,500
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Equipment notes
|
|
|
4,977
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|
|
5,187
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|
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5,407
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5,636
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|
|
3,248
|
|
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—
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|
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24,455
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Total
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$
|
26,852
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$
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31,437
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$
|
36,032
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$
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254,386
|
|
$
|
3,248
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|
$
|
400,000
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|
$
|
751,955
|
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Summary of key terms of Amended Credit Agreement |
The following table outlines the key terms of our Amended Credit Agreement (dollars in thousands):
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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 delayed draw term loan (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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|
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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 December 31, 2018
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3.59
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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 Amended 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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On May 1, 2018, the net proceeds from the $100.0 million delayed draw term loan were used to partially fund the USI acquisition.
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(c)
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Additional borrowing capacity is available under the incremental facility, subject to certain terms and conditions (including existing or new lenders providing commitments in respect of such additional borrowing capacity).
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(d)
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Use of the sublimits for the issuance of letters of credit and swingline loans reduces the availability under the Revolving Facility.
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Schedule of availability under the Revolving Facility |
The following table summarizes our availability under the Revolving Facility, in thousands:
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As of
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December 31,
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December 31,
|
|
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2018
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|
2017
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Revolving Facility
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$
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250,000
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$
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250,000
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Less: standby letters of credit
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(59,288)
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(47,055)
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Availability under Revolving Facility
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|
$
|
190,712
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$
|
202,945
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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 required:
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Quarter Ending
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Maximum Net Leverage Ratio
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Minimum FCCR
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June 30, 2018 through September 30, 2018
|
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3.75:1.00
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1.25:1.00
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December 31, 2018 through June 30, 2019
|
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3.50:1.00
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1.25:1.00
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September 30, 2019 and each fiscal quarter end thereafter
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3.25:1.00
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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 December 31, 2018
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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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