Note 2 - Long-term Debt

9 Months Ended

Sep. 30, 2013

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

2.      Long-term Debt

As of September 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):

	September 30, 2013			December 31, 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		(1,927	)		(2,133	)
Total long-term debt at recorded value	$	833,073		$	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 facility. Excluding accrued interest, the amount outstanding under our 2012 Senior Credit Facility as of September 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 September 30, 2013 and December 31, 2012, we had $300.0 million of our 2020 Notes outstanding.

On October 18, 2013, we issued $375.0 million of additional 2020 Notes (the "Additional Notes"), and used the net proceeds therefrom, after deducting transaction fees and estimated expenses, to repay $376.0 million of the term loan outstanding under the 2012 Senior Credit Facility.  For additional information on this transaction, see Note 9 "Subsequent Events."

As of September 30, 2013 and December 31, 2012, the interest rate on the balance outstanding under the 2012 Senior Credit Facility was 4.8%. As of September 30, 2013 and December 31, 2012, the coupon interest rate and the yield on the 2020 Notes outstanding at those dates were 7.5% and 7.6%, respectively. The yield on the 2020 Notes exceeded the coupon interest rate because the 2020 Notes outstanding at those dates were issued with “original issue discount”.

As of September 30, 2013 and December 31, 2012, we had a deferred loan cost balance, net of accumulated amortization, of $4.1 million and $4.6 million, respectively, related to the 2012 Senior Credit Facility. As of September 30, 2013 and December 31, 2012, we had a deferred loan cost balance, net of accumulated amortization, of $6.4 million and $7.1 million, respectively, related to our 2020 Notes.

Our obligations under the 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 September 30, 2013, we were in compliance with all covenants required under our debt obligations.