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Debt (Tables)
 3 Months Ended
Mar. 31, 2012
Borrowings

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

 

 

 

 

 

 

 

 

 

 

 

 

Description:

 

 

Amount
Outstanding
March 31,
2012
(In thousands)

 

Contractual
Annualized
Interest Rate
March 31,
2012 (3)

 

Amount Outstanding
December 31,
2011
(In thousands)

 

 

 

 

 

 

Term loan

 

$

172,500

 

 

1.97%

 

$

180,000

 

Revolver and other (1), (2)

 

 

67,793

 

 

1.74% - 1.97%

 

 

20,000

 

 

 

 

 

 

 

 

Total

 

$

240,293

 

 

 

 

$

200,000

 

 

 

 

 

 

 

 

 

 

 

 

(1)

The $67.8 million outstanding as of March 31, 2012 includes $67.5 million borrowed under the 2010 Credit Agreement and $0.3 million that was borrowed under a separate, short-term lending arrangement.

 

 

(2)

The Company had $329.3 million of available borrowing capacity on the revolver (not including the expansion feature) as of March 31, 2012.

 

 

(3)

The term loan rate consisted of a 0.47% floating Eurodollar base rate plus a margin of 1.50%. The Eurodollar base rates on the revolver ranged from 0.24% to 0.47%, plus a margin of 1.50%. However, the Company has an interest rate swap contract which converts the floating Eurodollar base rates 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 total debt outstanding as of March 31, 2012 was 3.43%.