Debt

9 Months Ended

Sep. 30, 2011

Debt [Abstract]

Debt

NOTE F – DEBT

Outstanding debt is shown below as of the dates presented (in thousands):

	September 30, 2011			December 31, 2010
8 1/4% Senior Secured Notes	$	350,000		$	350,000
Unamortized discount on Notes		(2,024	)		(2,214	)
		347,976			347,786
Less current portion of long-term debt		—			—
Total long-term debt	$	347,976		$	347,786

Our financing arrangements consist of $350.0 million of 8 ¹/4% Senior Secured Notes (the "Notes") due 2017 (see Note P) and a $175 million revolving credit facility (the "Revolving Credit Facility").

At September 30, 2011, we had total debt of $348.0 million and the ability to access $175.0 million of availability under the Revolving Credit Facility while still maintaining compliance with the covenants contained therein and in the indenture governing the Notes. As of September 30, 2011, we were in compliance with all covenants set forth in the agreement governing the Revolving Credit Facility and the indenture governing the Notes.

1. 8 ¹/4% Senior Secured Notes

The Notes are due October 1, 2017 and interest is paid semi-annually in arrears on April 1 and October 1 of each year. At September 30, 2011 the Notes have a carrying value of $348.0 million and a fair value of approximately $341.7 million.

2. Revolving Credit Facility

The $175 million Revolving Credit Facility matures on April 29, 2014. Availability under the Revolving Credit Facility is limited to the borrowing base, comprised of 85% of eligible accounts receivable and 65% of eligible inventory, as redetermined monthly.