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Subsequent Events
9 Months Ended
Sep. 30, 2017
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events
On October 13, 2017, the Company amended and restated the credit agreement governing its senior unsecured revolving credit facility and the First Term Loan. The $450.0 million revolving credit facility's maturity date was extended to January 2022, with options to extend the maturity date to January 2023, pursuant to certain terms and conditions and payment of an extension fee. Borrowings under the revolving credit facility bear interest at LIBOR plus 1.45% to 2.25%, depending on the Company's leverage ratio. The maturity date of the Company's First Term Loan was extended to January 2023.
On October 13, 2017, the Company amended and restated the credit agreement governing the Second Term Loan and entered into a second credit agreement, in effect separating it into two tranches, consisting of a $65.0 million unsecured term loan maturing in April 2022 (the "Second Term Loan") and a $110.0 million unsecured term loan maturing in October 2024 (the "Fourth Term Loan").
As a result of the amendments and restatements of the credit agreements governing the senior unsecured revolving credit facility and the First Term Loan, Second Term Loan and the Third Term Loan, and the entry into the credit agreement governing the Fourth Term Loan, the financial and other covenants of the revolving credit facility and the four term loans are substantially identical. Borrowings under the First Term Loan, Second Term Loan, and Third Term Loan bear interest at LIBOR plus 1.40% to 2.20%, depending on the Company's leverage ratio. Borrowings under the Fourth Term Loan bear interest at LIBOR plus 1.70% to 2.60%, depending on the Company's leverage ratio.
The agreement governing the Series A Notes and Series B Notes was also amended to match the financial and other covenants in its amended and restated senior unsecured revolving credit facility. In addition, PHL amended the agreement governing the $10.0 million PHL Credit Facility to extend the maturity date to January 2022 on substantially similar terms as the Company's senior unsecured revolving credit facility.
The Company did not make any changes to its interest rate swap agreements.