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Long-Term Obligations
9 Months Ended
Sep. 30, 2016
Debt Disclosure [Abstract]  
Long-Term Obligations

6.

LONG-TERM OBLIGATIONS

Long-term obligations are carried at amortized cost. Long-term obligations consisted of the following as of:

 

 

 

September 30,

 

 

December 31,

 

(Amounts in thousands)

 

2016

 

 

2015

 

Senior Secured Term Loans due 2018 (paid in 2016)

 

$

 

 

$

1,813,250

 

Accounts Receivable Securitization Facility

 

 

75,000

 

 

 

 

Senior Secured Term Loans due 2019

 

 

28,814

 

 

 

336,875

 

Senior Secured A Term Loans due 2021

 

 

645,938

 

 

 

 

Senior Secured B Term Loans due 2021

 

 

259,350

 

 

 

250,000

 

4 3/4% Senior Secured Notes due 2021

 

 

400,000

 

 

 

 

5 3/8% Senior Notes due 2022

 

 

1,000,000

 

 

 

1,000,000

 

Senior Secured B Term Loans due 2023

 

 

867,825

 

 

 

 

Unamortized value of debt issuance costs (1)

 

 

(37,677

)

 

 

(57,062

)

Net carrying value

 

 

3,239,250

 

 

 

3,343,063

 

Less: current maturities

 

 

(35,675

)

 

 

(24,375

)

Long-term obligations, net of debt issuance costs

 

$

3,203,575

 

 

$

3,318,688

 

 

(1)

Includes the reclassification of debt issuance costs from “Other assets” as a result of the Company adopting ASU 2015-03. See Note 1.

During the three months ended September 2016, in addition to scheduled amortization payments, we made $109.4 million in voluntary prepayments, which repaid the 2018 maturity term loans under our senior secured term loan facility in full and made a $50.0 million voluntary prepayment on the 2019 maturity term loans.  

At September 30, 2016 and December 31, 2015, the principal balance outstanding on the revolving trade accounts receivable financing facility among the Company, certain of our originating domestic subsidiaries, West Receivables Holding LLC, West Receivables LLC and Wells Fargo (“Securitization Facility”) was $75.0 million and $0, respectively.  The highest outstanding balance during the nine months ended September 30, 2016 and year ended December 31, 2015 was $75.0 million and $185.0 million, respectively.  In August 2016, we amended the Securitization Facility to remove certain originating subsidiaries and to reduce the maximum amount available under the Securitization Facility from $185.0 million to $160.0 million.

At September 30, 2016, we were in compliance with our financial debt covenants.