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DEBT (Tables)
 12 Months Ended
Dec. 31, 2011
Borrowings

The following table provides information regarding the Company’s borrowings:

 

 

 

 

 

 

 

 

 

 

 

 

Description:

 

 

Amount
Outstanding
December 31,
2011
(In thousands)

 

Contractual
Annualized
Interest Rate
December 31,
2011 (2)

 

Amount
Outstanding
December 31,
2010
(In thousands)

 

 

 

 

 

 

Term loans

 

$

180,000

 

 

2.08%

 

$

200,000

 

Revolver (1)

 

 

20,000

 

 

2.08%

 

 

20,156

 

 

 

 

 

 

 

 

     Total

 

$

200,000

 

 

 

 

$

220,156

 

 

 

 

 

 

 

 

 

 

 

 

(1)

The Company had $376.8 million of available borrowing capacity on the revolver (not including the expansion feature) as of December 31, 2011.

 

 

(2)

Both the term and revolver loan rate consisted of a floating Eurodollar base rate 0.58% plus a margin of 1.5%. However, the Company has an interest rate swap contract which converts the floating Eurodollar base rate to a fixed base rate on $200.0 million of borrowings (see below). As a result, the Company’s effective annual interest rate on its debt as of December 31, 2011 was 3.76%.