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Debt
9 Months Ended
Sep. 30, 2012
Debt Instruments [Abstract]  
DEBT
DEBT
On July 16, 2012, we repaid our $175.0 million 6.00% senior notes on the maturity date.
On July 19, 2012, we issued $250.0 million of fixed rate senior notes that mature on August 1, 2022 and bear interest at 3.00%. The net proceeds from this note offering after issuance discounts, underwriting fees and other costs were approximately $244.8 million.
During the three and nine months ended September 30, 2012, the maximum amount of borrowing outstanding under our $400.0 million revolving credit facility was $186.0 million for both periods, the weighted average borrowings outstanding was $6.1 million and $2.0 million, respectively, and the weighted average interest rate before amortization of debt fees was 1.42% for both periods. At September 30, 2012, there was no balance outstanding. Our revolving credit facility, term loan and certain notes require us to comply with various financial covenants, including the maintenance of minimum shareholders’ equity and debt coverage ratios and a maximum ratio of debt to net worth. As of September 30, 2012, we were in compliance with all loan covenants.