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Note 2 - Long-term Debt
6 Months Ended
Jun. 30, 2013
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]

2.      Long-term Debt


As of June 30, 2013 and December 31, 2012, long-term debt consisted of our obligations under our senior credit facility (the “2012 Senior Credit Facility”) and our 7½% Senior Notes due 2020 (the “2020 Notes”) as follows (in thousands):


   

June 30,

   

December 31,

 
   

2013

   

2012

 

Long-term debt including current portion:

               

2012 Senior Credit Facility

  $ 535,000     $ 535,000  

2020 Notes

    300,000       300,000  

Total long-term debt at liquidation value

    835,000       835,000  

Less unamortized discount on 2020 Notes

    (1,996 )     (2,133 )

Total long-term debt at recorded value

  $ 833,004     $ 832,867  
                 

Borrowing availability under the 2012 Senior Credit Facility

  $ 40,000     $ 40,000  

Our 2012 Senior Credit Facility consists of a revolving loan and a term loan. Excluding accrued interest, the amount outstanding under our 2012 Senior Credit Facility as of June 30, 2013 and December 31, 2012 was comprised solely of a term loan balance of $535.0 million. Our maximum borrowing availability is limited by our required compliance with certain restrictive covenants, including a first lien net leverage ratio covenant.


As of June 30, 2013 and December 31, 2012, we had $300.0 million of our 2020 Notes outstanding.


As of June 30, 2013 and December 31, 2012, the interest rate on the balance outstanding under the senior credit facility was 4.8%. As of June 30, 2013 and December 31, 2012, the coupon interest rate and the yield on the 2020 Notes were 7.5% and 7.6%, respectively. The yield on the 2020 Notes exceeds the coupon interest rate because the 2020 Notes were issued with “original issue discount”.


As of June 30, 2013 and December 31, 2012, we had a deferred loan cost balance, net of accumulated amortization, of $4.3 million and $4.6 million, respectively, related to the 2012 Senior Credit Facility. As of June 30, 2013 and December 31, 2012, we had a deferred loan cost balance, net of accumulated amortization, of $6.6 million and $7.1 million, respectively, related to our 2020 Notes.


Our obligations under our 2012 Senior Credit Facility are secured by substantially all of our and our subsidiaries’ assets, including real estate. In addition, our subsidiaries are joint and several guarantors of these obligations and our ownership interests in our subsidiaries are pledged to collateralize such obligations. The 2012 Senior Credit Facility contains affirmative and restrictive covenants that we must comply with, including (a) limitations on additional indebtedness, (b) limitations on liens, (c) limitations on the sale of assets, (d) limitations on guarantees, (e) limitations on investments and acquisitions, (f) limitations on the payment of dividends and share repurchases, (g) limitations on mergers, and (h) maintenance of a total leverage ratio as set forth in the 2012 Senior Credit Facility not to exceed certain maximum limits, as well as other customary covenants for credit facilities of this type. As of June 30, 2013 and December 31, 2012, we were in compliance with all covenants required under our debt obligations.