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Debt (Tables)
9 Months Ended
Sep. 30, 2011
Borrowings

The following table provides information regarding the Company’s borrowings (in thousands):

 

 

 

 

 

 

 

 

 

 

 

Description:

 

Amount
Outstanding
September 30, 2011

 

Annualized
Contractual Interest Rate
September 30, 2011 (2)

 

Amount
Outstanding
December 31,
2010

 

 

 

 

 

Term loans

 

$

185,000

 

 

1.87

%

$

200,000

 

Revolver (1)

 

 

25,000

 

 

1.80

%

 

20,156

 

 

 

 

 

 

 

 

Total

 

$

210,000

 

 

 

 

$

220,156

 

 

 

 

 

 

 

 

 

 

(1)

The Company had $371.9 million of available borrowing capacity on the revolver (not including the expansion feature) as of September 30, 2011.

 

 

(2)

The contractual rate on the term loan consisted of a 0.37% Eurodollar base rate plus a margin of 1.50%, while the contractual rate on the revolver consisted of a weighted-average Eurodollar base rate of 0.30% plus a margin of 1.50%. The Company has an interest rate swap contract which converts the floating Eurodollar base rate to a fixed base rate of 2.26% on $200.0 million of borrowings (see below). Including the impact of the swap, the annualized effective interest rate as of September 30, 2011 on $200.0 million of these borrowings was 3.76%.