FINANCING ARRANGEMENTS

3 Months Ended

Mar. 31, 2012

The following table is a summary of the Company’s financing arrangements (in thousands):



	March 31, 2012		December 31, 2011

Senior secured notes, at 7.625%, due August 15, 2016	$	520,000	$	520,000
Revolving credit facility, due May 31, 2016	—		—
Unamortized notes premium and discount, net	3,833		4,203
Long-term obligations	$	523,833	$	524,203

At March 31, 2012, the revolving credit facility had no outstanding loans, $164.8 million available to borrow and $85.2 million of letters of credit outstanding.

The financing arrangements and principal terms of the senior secured notes and the revolving credit facility are discussed further in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011. There have been no material changes in such terms during the first three months of 2012.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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