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Debt (Tables)
 6 Months Ended
Jun. 30, 2012
Borrowings

The following table provides information regarding the Company’s borrowings under the 2010 Credit Agreement:

 

 

 

 

 

 

 

 

 

 

 

Description:

 

Amount
Outstanding
June 30,
2012
(In thousands)

 

Contractual
Annualized
Interest Rate
June 30,
2012

 

Amount Outstanding
December 31,
2011
(In thousands)

 

 

 

 

 

Term loan (1)

 

$

165,000

 

1.96%

 

$

180,000

 

Revolver (1), (2)

 

 

35,000

 

1.96%

 

 

20,000

 

 

 

 

 

 

 

Total

 

$

200,000

 

 

 

 

$

200,000

 

 

 

 

 

 

 

 

 

 

(1)

The term and revolver contractual rates consisted of a 0.46%, three-month floating Eurodollar base rate 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 June 30, 2012 was approximately 3.62%.

 

 

(2)

The Company had $361.8 million of additional borrowing capacity on the revolver (not including the expansion feature) as of June 30, 2012.