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Long-Term Obligations
6 Months Ended
Jun. 30, 2017
Debt Disclosure [Abstract]  
Long-Term Obligations

5.

LONG-TERM OBLIGATIONS

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

 

 

 

June 30,

 

 

December 31,

 

(Amounts in thousands)

 

2017

 

 

2016

 

Accounts Receivable Securitization Facility

 

$

 

 

$

34,000

 

Senior Secured Term Loans due 2019 (paid in 2017)

 

 

 

 

 

8,814

 

Senior Secured A Term Loans due 2021

 

 

629,688

 

 

 

641,875

 

Senior Secured B Term Loans due 2021

 

 

257,405

 

 

 

258,702

 

4 3/4% Senior Secured Notes due 2021

 

 

400,000

 

 

 

400,000

 

5 3/8% Senior Notes due 2022

 

 

1,000,000

 

 

 

1,000,000

 

Senior Secured B Term Loans due 2023

 

 

861,316

 

 

 

865,655

 

Unamortized value of debt issuance costs

 

 

(35,725

)

 

 

(39,374

)

Net carrying value

 

 

3,112,684

 

 

 

3,169,672

 

Less: current maturities

 

 

(47,834

)

 

 

(39,709

)

Long-term obligations, net of debt issuance costs

 

$

3,064,850

 

 

$

3,129,963

 

 

During the six months ended June 30, 2017, in addition to scheduled amortization payments of $17.8 million, we made $8.8 million in voluntary prepayments which repaid the 2019 maturity term loans under our senior secured term loan facility in full.  

At December 31, 2016, 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 $34.0 million. At June 30, 2017, the Securitization Facility was undrawn. The highest outstanding balance during the six months ended June 30, 2017 and year ended December 31, 2016 was $34.0 million and $75.0 million, respectively. On July 31, 2017, we terminated the Securitization Facility.

At June 30, 2017, we were in compliance with our financial debt covenants.