New Credit Facility

9 Months Ended

Sep. 30, 2011

New Credit Facility [Abstract]

New Credit Facility

Note C – New Credit Facility

On August 16, 2011, we entered into a new five-year $122.5 million term loan facility (2011 Term Loan Facility) with Bank of America, N.A., as Administrative Agent. The 2011 Term Loan Facility replaced our $200 million 2006 Term Loan Facility, which was scheduled to mature September 6, 2011. The 2011 Term Loan Facility did not replace, and is in addition to, our existing $100 million 2008 Term Loan Facility and our existing $70 million 2010 Revolving Credit Facility. A portion of the proceeds from the 2011 Term Loan Facility were used to pay off the remaining $97.5 million obligation related to the 2006 Term Loan Facility. We plan to use the remaining proceeds for general corporate purposes. As of September 30, 2011 we had $185.0 million of debt outstanding under our credit facilities, as follows:

In thousands	September 30, 2011		December 31, 2010
2006 Term Loan Facility, various interest rates based on LIBOR, due September 6, 2011	$	0	$	117,000
2008 Term Loan Facility, various interest rates based on LIBOR (effective rate of 0.74% at September 30, 2011), due March 7, 2012		64,000		76,000
2010 Revolving Credit Facility, various interest rates based on LIBOR, due August 12, 2013 ($59.2 million capacity at September 30, 2011)		0		0
2011 Term Loan Facility, various interest rates based on LIBOR (effective rate of 2.24% at September 30, 2011), due August 16, 2016		120,968		0
Total debt		184,968		193,000
Less current maturities		71,656		133,000
Total long-term debt	$	113,312	$	60,000

The covenants related to the new 2011 Term Loan Facility are consistent with the covenants of our other credit facilities. As of September 30, 2011, we were in compliance with all of the covenants of our credit facilities.