LINES OF CREDIT AND DEBT

The amounts outstanding under the Company’s debt consisted of the following as of the dates indicated:



	Total Debt Outstanding
	September 30, 2014			December 31, 2013
	(In thousands)
10.75% Senior Notes due 2018	$	250,485		$	251,500
Add-On Notes - 10.75% senior notes due 2018	425,000			—
8.02% WML term debt due 2018	—			85,500
Capital lease obligations	120,961			10,153
Other	4,635			1,209
Debt premium (discount), net	17,849			(8,525		)
Total debt outstanding	818,930			339,837
Less current installments	(40,931		)	(44,343		)
Total debt outstanding, less current installments	$	777,999		$	295,494

The following table presents aggregate contractual debt maturities of all debt:



	As of September 30, 2014
	(In thousands)
2014	$	10,896
2015	40,380
2016	38,559
2017	25,764
2018	682,978
Thereafter	2,504
Total	801,081
Plus: debt premium (discount), net	17,849
Total debt	$	818,930

On February 7, 2014, the Company closed on a private offering of $425.0 million in aggregate principal amount of 10.75% senior notes due 2018 at a price of 106.875% plus accrued interest from February 1, 2014, referred to as the New Notes. Total proceeds of the offering were $454.2 million, which included $29.2 million of debt premium. The net proceeds of the offering of the New Notes were used to finance the $282.8 million initial cash payment for the Canadian Acquisition and cash transaction costs associated with the Canadian Acquisition and offering of the New Notes of approximately $24.0 million. The remaining balance of the proceeds were used to fund the prepayment of the WML Notes and for other general corporate purposes. The Company recorded $12.5 million of loss on extinguishment of debt for the nine months ended September 30, 2014 related to the payoff of the WML term debt. This loss included an $11.6 million make-whole payment with the remaining loss due to the write-off of unamortized debt issuance costs. In connection with the WML prepayment, the WML revolving credit facility was terminated. Upon the prepayment of the WML Notes, WML’s assets were pledged as collateral for the senior notes.

Promptly following the completion of the Canadian Acquisition, the Company exchanged the New Notes for $425 million aggregate principal amount of add-on 10.75% senior secured notes due 2018, referred to as the Add-On Notes, and the Company became party to a registration rights agreement, pursuant to which the Company agreed to register with the Securities and Exchange Commission the exchange of Add-On Notes for registered notes with the same terms as the existing 10.75% Senior Notes due 2018. All of the Add-On Notes were exchanged for registered notes in September 2014. The Company will pay interest on the Add-On Notes semi-annually on February 1st and August 1st of each year beginning on August 1, 2014.

The Company amended its existing corporate revolving credit agreement to increase the maximum available borrowing amount to $60 million, with an “accordion feature” pursuant to which the maximum principal amount available for borrowings under the credit agreement can be increased to $100 million under certain circumstances. The revolver may support an equal amount of letters of credit, which would reduce the balance available under the revolver. At September 30, 2014, availability on the revolver was $35.2 million with no outstanding balance and $24.8 million of supported letters of credit.

The Company capitalized debt issuance costs of $16.2 million during the nine months ended September 30, 2014 related to the new senior notes and the amendment of its revolver.

During the nine months ended September 30, 2014, the Company paid $1.0 million, excluding accrued interest, to repurchase Senior Notes with a principal amount of $1.0 million pursuant to the excess cash flow offer requirements under its indenture described below. The Company recognized losses of $0.1 million on these repurchases, which were recorded as losses on extinguishment of debt. The losses on the repurchases were measured based on the carrying value of the repurchased portion of the Senior Notes, which included a portion of the unamortized debt issue costs and the debt discount on the dates of repurchase.

Under the indenture governing the 10.75% Senior Notes, the Company is required to offer a portion of our Excess Cash Flow (as defined by the indenture) for each fiscal year to purchase some of these notes at 100% of the principal amount. The Company had $29.5 million of Excess Cash Flow for the year ended December 31, 2013 and offered $22.1 million for repurchase during the second quarter of 2014. As of December 31, 2013, the Company had classified $22.1 million of the outstanding 10.75% Senior Notes to Current installments of long-term debt related to the required Excess Cash Flow offering. The Excess Cash Flow offer expired by June 30, 2014 with $1.0 million of principal being repaid. The remaining $21.1 million was reclassified to Long-term debt, less current installments as of June 30, 2014.

During the nine months ended September 30, 2014, the Company entered into $15.5 million of new capital leases.

Additional information regarding the Company’s debt is outlined in Note 5 to the Consolidated Financial Statements in the Company’s 2013 Annual Report on Form 10-K.