Long-Term Debt (Tables)
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3 Months Ended |
Mar. 31, 2019 |
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| Long-Term Debt |
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| Reconciliation of principal balance of outstanding debt |
The following table reconciles the principal balances of our outstanding debt to our condensed consolidated balance sheets, in thousands:
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As of
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March 31,
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December 31,
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Principal debt balances:
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2019
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2018
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Current portion of long-term debt - term loan
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$
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24,063
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$
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21,875
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Current portion of long-term debt - equipment notes
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5,028
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4,977
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Long-term portion of long-term debt - Senior Notes
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400,000
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400,000
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Long-term portion of long-term debt - term loan
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299,062
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305,625
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Long-term portion of long-term debt - equipment notes
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18,201
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19,478
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Unamortized debt issuance costs
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(8,091)
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(8,481)
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Total debt, net of unamortized debt issuance costs
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738,263
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743,474
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Less: current portion of long-term debt
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29,091
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26,852
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Total long-term debt
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$
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709,172
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$
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716,622
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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 March 31, 2019, 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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—
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$
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—
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$
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—
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$
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—
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$
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400,000
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$
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400,000
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Term loan
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17,500
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26,250
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30,625
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248,750
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—
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—
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323,125
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Equipment notes
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3,751
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5,187
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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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23,229
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Total
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$
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21,251
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$
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31,437
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$
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36,032
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$
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254,386
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$
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3,248
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$
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400,000
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$
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746,354
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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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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 March 31, 2019
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3.74
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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 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 $100.0 million delayed draw term loan were used to partially fund the USI acquisition.
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(c)
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Additional borrowing capacity is available under the incremental facility, subject to certain terms and conditions (including existing or new lenders providing commitments in respect of such additional borrowing capacity).
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(d)
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Use of the sublimits for the issuance of letters of credit and swingline loans reduces the availability under the Revolving Facility.
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| Schedule of availability under the Revolving Facility |
The following table summarizes our availability under the Revolving Facility, in thousands:
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As of
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March 31,
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December 31,
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2019
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2018
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Revolving Facility
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$
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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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(67,278)
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(59,288)
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Availability under Revolving Facility
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$
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182,722
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$
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190,712
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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 Quarterly Report:
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As of March 31, 2019
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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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