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LONG-TERM DEBT
9 Months Ended
Sep. 30, 2013
LONG-TERM DEBT  
LONG-TERM DEBT

6.  LONG-TERM DEBT

 

Credit Facility

 

At September 30, 2013, we had $662.8 million of availability under our $1.25 billion revolving credit facility dated September 26, 2011 (the “Credit Facility”) with SunTrust Bank but, except for borrowings that are used to refinance other debt, we are limited to $517.6 million of additional borrowing capacity by the financial covenants under our Credit Facility.

 

In August 2013, we extended the maturity date of our Credit Facility by one year to September 26, 2017, which we may further extend for up to one additional year.

 

Extinguishment of Debt

 

In July 2013, we repaid in full the $300.0 million principal amount outstanding under the 4.625% Notes due on July 15, 2013 (the “4.625% Notes”) and approximately $6.9 million of related accrued interest using funds available under our Credit Facility.

 

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 underwriting 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 Credit Facility, a portion of which was subsequently reborrowed in July 2013 in order to repay in full the 4.625% Notes and related accrued interest (as discussed above).