Long-Term Debt (Notes)

6 Months Ended

Jun. 30, 2014



(In thousands)	June 30, 2014		December 31, 2013
Industrial development debt issues payable through 2022, 0.30%	$	—	$	4,000
2006 Senior Notes payable through 2021, 5.41%	53,334		53,334
2010 Senior Notes payable through 2021, 4.00%	100,000		100,000
Senior revolving credit facility maturing in 2019	135,000		110,000
Total	288,334		267,334
Amounts due within one year	6,667		6,667
Long-term debt	281,667		260,667

The Company completed a legal Reorganization on March 7, 2014. The Company's existing debt agreements, including its senior revolving credit facility and note purchase agreements were revised to reflect the changes in the Company's legal structure.

In connection with the legal Reorganization, the Company amended its unsecured senior revolving credit facility and extended the term of the facility until March 2019. The senior revolving facility provides for borrowings up to $300.0 million, with sub-limits for the issuance of letters of credit, swingline borrowings and foreign currency denominated borrowings; and may be used for general corporate purposes, including working capital, permitted acquisitions, capital expenditures and repayment of existing indebtedness. The credit agreement also allows the Company to request increases in the aggregate commitments of the lenders of up to an additional $150.0 million. Loans under the revolving facility will bear interest, at a variable rate based on LIBOR or the federal funds rate, at the Company's option. At June 30, 2014, $162.4 million of the $300.0 million senior revolving credit facility was unused including letters of credit.

The Company also entered into a $175.0 million senior unsecured shelf facility with a bank. Under this agreement, the Company may request the bank to purchase additional senior notes from time to time prior to March 7, 2017. The Company would be required to pay the bank an issuance fee in addition to fees defined in the note purchase agreement upon issuance of additional senior notes.

Effective June 2, 2014, The Company entered into an additional $100.0 million note facility with a bank. Under this agreement, the Company may issue senior notes to the bank from time to time prior to June 2, 2017. The Company would be required to pay fees defined in the master note agreement upon issuance of senior notes.

The revolving credit facility and note purchase agreements require the Company to comply with specified financial covenants. In addition, the credit facility and the note purchase agreements contain negative covenants limiting the ability of the Company and its subsidiaries to enter into specified transactions. The Company was in compliance with all covenants at June 30, 2014.

The Company had outstanding bank guarantees and standby letters of credit with banks as of June 30, 2014 totaling $7.1 million, of which $2.6 million relate to the senior revolving credit facility. The letters of credit serve to cover customer requirements in connection with certain sales orders and insurance companies. No amounts were drawn on these arrangements at June 30, 2014. The Company is also required to provide cash collateral in connection with certain arrangements. At June 30, 2014, the Company has $2.3 million of restricted cash in support of these arrangements. At June 30, 2014, the Company also has a $4.1 million guarantee relating to voluntary retirement payments for its unionized workers in Germany.

The Company redeemed $4.0 million of Industrial development debt in February 2014.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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