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Long-term Debt (Tables)
6 Months Ended
Jun. 30, 2013
Long-term debt  
Schedule of Company's long-term debt

The Company’s long-term debt consists of the following (in thousands):

 

 

 

June 30,

 

December 31,

 

 

 

2013

 

2012

 

$140.0 million revolving credit facility with interest rates at LIBOR or prime plus applicable margin, secured on a first priority basis by a perfected security interest in substantially all of the Company’s assets. Interest rates are at LIBOR plus applicable margin due at various maturity dates through October 15, 2016

 

50,000

 

7,500

 

$350.0 million Senior Secured Second Lien Notes due January 15, 2017; semi-annual cash interest payments due on May 15 and November 15, fixed interest rate of 87/8%

 

348,752

 

348,577

 

$376.3 million Senior Subordinated Notes due April 15, 2017; semi-annual cash interest payments due on April 15 and October 15, fixed interest rate of 97/8%

 

374,667

 

374,461

 

Various other notes payable with average interest rate of 15.7% due through August 2019

 

4,044

 

3,753

 

Seller financing promissory notes with average interest rate of 6.21% due through December 2013

 

1,031

 

2,093

 

Seller financing promissory notes with average interest rate of 6.0% due through May 2018

 

2,107

 

 

Capital leases payable with various monthly payments plus interest at rates ranging from 1.0% to 8.5%, due at various maturity dates through March 2022

 

31,334

 

25,984

 

 

 

811,935

 

762,368

 

Less current portion

 

(12,907

)

(11,065

)

 

 

$

799,028

 

$

751,303

 

Schedule of financial covenants compliance under the revolving credit facility

 

 

 

 

Requirement at
June 30, 2013

 

Level at June 30, 2013

 

 

 

 

 

 

 

Maximum permitted first lien leverage ratio

 

<1.25 to 1.00

 

0.73 to 1.00