Long-Term Borrowings and Capital Lease Obligations

3 Months Ended

Mar. 31, 2017

Long-Term Borrowings and Capital Lease Obligations

Long-Term Borrowings and Capital Lease Obligations

Note 4 — Long-Term Borrowings and Capital Lease Obligations

Refer to Note 12 of the Company’s audited financial statements for the year ended December 31, 2016, which is included as Exhibit 13.1 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the SEC, for a discussion regarding long-term borrowings and capital lease obligations.

In 2016, the Company entered into a Credit Agreement (the “2016 Credit Agreement”) which provides the Company with a $700 million five-year term loan facility (the “Term Loan Facility”) consisting of (i) a $300 million term loan (the “Refinancing Term Loan”) funded upon entry into the 2016 Credit Agreement and (ii) a $400 million term loan (the “Delayed Draw Term Loan”). The 2016 Credit Agreement also provides the Company with an $800 million unsecured revolving credit facility (the “Revolving Loan Facility”). During the quarter ended March 31, 2017, the Company repaid $30.0 million on the Term Loan Facility. The balance as of March 31, 2017 was $668.0 million net of discount and debt issuance costs on the Term Loan Facility. During the quarter ended March 31, 2017, the Company repaid $70.0 million on the Revolving Loan Facility. As of March 31, 2017, there was no outstanding balance on the Revolving Loan Facility. During the three months ended March 31, 2017, the Company repaid $104.7 million on outstanding debt and capital lease obligations.