2.2.0.7 false Long term debt 0206 - Disclosure - Long term debt true false false false 1 USD false false USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ 2 Long-term debt [Abstract] 0 us-gaap_LongtermDebtCurrentAndNoncurrentAbstract us-gaap true na duration No definition available. false false false false false true false false false false false false 1 false false false false 0 0 false false false xbrli:stringItemType string No definition available. false 3 Long-term debt 1 us-gaap_LongTermDebtTextBlock us-gaap true na duration No definition available. false false false false false false false false false false false verboselabel false 1 false false false false 0 0   <div align="left" style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>6. Long-term debt</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Long-term debt consists of the following (in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="76%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 0px solid #000000"><b>September 30,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 0px solid #000000"><b>December 31,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Senior credit facility: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Senior secured term loan facility, expiring on July 1, 2012 and bearing interest of 2.2% and 2.0% at September 30, 2010 and December 31, 2009, respectively </div></td> <td> </td> <td align="left">$</td> <td align="right">456,748</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">564,875</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">7 3/4% Senior Subordinated Notes due 2015 </div></td> <td> </td> <td> </td> <td align="right">583,385</td> <td> </td> <td> </td> <td> </td> <td align="right">582,666</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Mortgage loans on facilities, maturing in 2036, 2037 and 2038 bearing fixed interest rates of 5.7% to 7.6% </div></td> <td> </td> <td> </td> <td align="right">32,516</td> <td> </td> <td> </td> <td> </td> <td align="right">32,850</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Other </div></td> <td> </td> <td> </td> <td align="right">6,969</td> <td> </td> <td> </td> <td> </td> <td align="right">6,688</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:30px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td align="right">1,079,618</td> <td> </td> <td> </td> <td> </td> <td align="right">1,187,079</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Less current portion </div></td> <td> </td> <td> </td> <td align="right">4,436</td> <td> </td> <td> </td> <td> </td> <td align="right">4,940</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:30px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Long-term debt </div></td> <td> </td> <td align="left">$</td> <td align="right">1,075,182</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,182,139</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:30px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b><i>Senior Credit Facility</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Our Senior Credit Facility (the “Credit Agreement”) includes a $300 million revolving line of credit facility administered by Bank of America, N.A. and a $575 million senior secured term loan facility administered by Citicorp North America, Inc. During 2009, our revolving credit facility was amended to extend the maturity to December 31, 2011. Quarterly principal payments of $0.8 million are due on our senior secured term loan facility and the balance of our senior secured term loan facility is payable in full on July 1, 2012. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Our Credit Agreement is secured by substantially all of the personal property owned by us or our subsidiaries, substantially all real property owned by us or our subsidiaries that has a value in excess of $5.0 million and the stock of substantially all of our operating subsidiaries. In addition, the Credit Agreement is fully and unconditionally guaranteed by substantially all of our operating subsidiaries. The revolving credit facility and senior secured term loan facility accrue interest at our choice of the “Base Rate” or the “Eurodollar Rate” (as defined in the Credit Agreement). The “Base Rate” and “Eurodollar Rate” fluctuate based upon market rates and certain leverage ratios, as defined in the Credit Agreement. At September 30, 2010, we had no borrowings outstanding and $296.0 million available for future borrowings under the revolving credit facility. Until December 31, 2011, we may borrow, repay and re-borrow an amount not to exceed $300 million on our revolving credit facility. On June 30, 2010 and September 30, 2010, we made $50.0 million optional repayments under the senior secured term loan facility. All repayments made under the senior secured term loan facility are a permanent reduction in the amount available for future borrowings. We pay a quarterly commitment fee on the unused portion of our revolving credit facility that fluctuates, based upon certain leverage ratios, between 0.75% and 1.0% per annum. Commitment fees were approximately $1.7 million for the nine months ended September 30, 2010. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Our Credit Agreement contains customary covenants that include: (1) a limitation on capital expenditures and investments, sales of assets, mergers, changes of ownership, new principal lines of business, indebtedness, transactions with affiliates, dividends and redemptions; (2) various financial covenants; and (3) cross-default covenants triggered by a default of any other indebtedness of at least $5.0 million. As of September 30, 2010, we were in compliance with all debt covenant requirements. If we violate one or more of these covenants, amounts outstanding under the revolving credit facility, senior secured term loan facility and the majority of our other debt arrangements could become immediately payable and additional borrowings could be restricted. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b><i>7</i></b><sup style="font-size: 85%; vertical-align: text-top"><b><i>3</i></b></sup><b><i>/</i></b><sub style="font-size: 85%; vertical-align: text-bottom"><b><i>4</i></b></sub><b><i>% Notes</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The 7<sup style="font-size: 85%; vertical-align: text-top">3</sup>/<sub style="font-size: 85%; vertical-align: text-bottom">4</sub>% Senior Subordinated Notes due 2015 (the “7<sup style="font-size: 85%; vertical-align: text-top">3</sup>/<sub style="font-size: 85%; vertical-align: text-bottom">4</sub>% Notes”) mature on July 15, 2015 and are fully and unconditionally guaranteed on a senior subordinated basis by substantially all of our existing operating subsidiaries. In May 2009, we issued $120 million of the 7<sup style="font-size: 85%; vertical-align: text-top">3</sup>/<sub style="font-size: 85%; vertical-align: text-bottom">4</sub>% Notes at a discount of 11.25%. This discount is being amortized over the remaining life of the 7<sup style="font-size: 85%; vertical-align: text-top">3</sup>/<sub style="font-size: 85%; vertical-align: text-bottom">4</sub>% Notes using the effective interest rate method, which results in an effective interest rate of 10.2% per annum on the $120 million issuance. We received a premium of 2.75% plus accrued interest from the sale of $250 million of 7<sup style="font-size: 85%; vertical-align: text-top">3</sup>/<sub style="font-size: 85%; vertical-align: text-bottom">4</sub>% Notes in 2007. This premium is being amortized over the remaining life of the 7<sup style="font-size: 85%; vertical-align: text-top">3</sup>/<sub style="font-size: 85%; vertical-align: text-bottom">4</sub>% Notes using the effective interest method, which results in an effective interest rate of 7.3% on the $250 million issuance. We also issued $220 million of the 7<sup style="font-size: 85%; vertical-align: text-top">3</sup>/<sub style="font-size: 85%; vertical-align: text-bottom">4</sub>% Notes in 2005. Interest on the 7<sup style="font-size: 85%; vertical-align: text-top">3</sup>/<sub style="font-size: 85%; vertical-align: text-bottom">4</sub>% Notes is payable semi-annually in arrears on January 15 and July 15. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b><i>Mortgage Loans</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">At September 30, 2010, we had approximately $32.5 million debt outstanding under mortgage loan agreements insured by the U.S. Department of Housing and Urban Development (“HUD”). The mortgage loans insured by HUD are secured by real estate located at Holly Hill Hospital in Raleigh, North Carolina, West Oaks Hospital in Houston, Texas, Riveredge Hospital near Chicago, Illinois, Canyon Ridge Hospital in Chino, California and MeadowWood Behavioral Health in New Castle, Delaware. Interest accrues on the Holly Hill, West Oaks, Riveredge, Canyon Ridge and MeadowWood HUD loans at 6.0%, 5.9%, 5.7%, 7.6% and 7.0%, respectively, and principal and interest are payable in 420 monthly installments through December 2037, September 2038, December 2038, January 2036 and October 2036, respectively. The carrying amount of assets held as collateral for the HUD loans approximated $59.4 million at September 30, 2010. </div> </div>  <!-- Begin Block Tagged Note false false false us-types:textBlockItemType textblock This element may be used as a single block of text to encapsulate the entire disclosure for long-term borrowings including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 false 1 2 false UnKnown UnKnown UnKnown false true