Long-Term Debt (Tables)
|
12 Months Ended |
Dec. 31, 2020 |
|---|
| Long-Term Debt |
|
| Reconciliation of principal balance of outstanding debt |
The following table reconciles the principal balances of our outstanding debt to our Consolidated Balance Sheets, in thousands:
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
2020 |
|
2019 |
Senior Notes - 5.625% due May 2026 |
|
$ |
400,000 |
|
$ |
400,000 |
Term loan |
|
|
288,750 |
|
|
305,625 |
Equipment notes |
|
|
25,451 |
|
|
33,525 |
Unamortized debt issuance costs |
|
|
(7,479) |
|
|
(6,923) |
Total debt, net of unamortized debt issuance costs |
|
|
706,722 |
|
|
732,227 |
Less: current portion of long-term debt |
|
|
23,326 |
|
|
34,272 |
Total long-term debt |
|
$ |
683,396 |
|
$ |
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 December 31, 2020, in thousands:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments Due by Period |
|
|
2021 |
|
2022 |
|
2023 |
|
2024 |
|
2025 |
|
Thereafter |
|
Total |
Senior Notes |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
400,000 |
|
$ |
400,000 |
Term loan |
|
|
15,000 |
|
|
20,625 |
|
|
22,500 |
|
|
28,125 |
|
|
202,500 |
|
|
— |
|
|
288,750 |
Equipment notes |
|
|
8,333 |
|
|
8,651 |
|
|
6,337 |
|
|
2,130 |
|
|
— |
|
|
— |
|
|
25,451 |
Total |
|
$ |
23,333 |
|
$ |
29,276 |
|
$ |
28,837 |
|
$ |
30,255 |
|
$ |
202,500 |
|
$ |
400,000 |
|
$ |
714,201 |
|
| 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 December 31, 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 |
|
|
|
|
|
|
|
|
|
As of 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 |
The Amended Credit Agreement requires that we maintain a Net Leverage Ratio and minimum Interest Coverage Ratio throughout the term of the agreement. The following table outlines the key financial covenants effective for the period covered by this Annual Report:
|
|
|
|
|
As of December 31, 2020 |
Maximum Net Leverage Ratio |
|
3.50:1.00 |
Minimum Interest Coverage Ratio |
|
3.00:1.00 |
Compliance as of period end |
|
In Compliance |
|