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LONG-TERM DEBT
6 Months Ended
Jun. 30, 2013
LONG-TERM DEBT  
LONG-TERM DEBT

6.  LONG-TERM DEBT

 

Notes Offering

 

In June 2013, we issued $500.0 million of 4.150% Notes due July 1, 2023 (the “4.150% Notes”) in an underwritten public offering at 99.81% of their principal amount.  Total proceeds from this offering, after underwriters’ fees, expenses and debt issuance costs of $3.3 million, were approximately $495.8 million.  We used the net proceeds from this offering for general partnership purposes and to repay amounts due under our $1.25 billion revolving credit facility dated September 26, 2011 (the “Credit Facility”) with SunTrust Bank, a portion of which was subsequently reborrowed in July 2013 in order to repay in full the $300.0 million principal amount outstanding under the 4.625% Notes maturing on July 15, 2013 (the “4.625% Notes”), including approximately $6.9 million of related accrued interest.  We also settled all interest rate swaps relating to the 4.150% Notes for approximately $62.0 million during June 2013.

 

Current Maturities Expected to be Refinanced

 

At June 30, 2013, the 4.625% Notes were classified as long-term debt in the unaudited condensed consolidated balance sheet because we had determined that our Credit Facility would be used to refinance this debt.  At June 30, 2013, we had $612.7 million of additional borrowing capacity available under our Credit Facility.  In July 2013, we repaid in full the $300.0 million principal amount outstanding under the 4.625% Notes using funds available under our Credit Facility.