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Debt
3 Months Ended
Mar. 31, 2013
Debt  
Debt

Note 5—Debt

        Debt consisted of the following (in thousands):

 
  March 31,
2013
  December 31,
2012
  Weighted Average
Stated Interest Rate
At March 31,
2013
  Final
Maturity

2011 term loan A

  $ 656,566   $ 756,974   4.80%   2016

2011 term loan B

    978,178     1,127,770   5.75%   2018

Revolving credit facility

          N/A   2016

9.875% senior notes ($500.0 million face value)

    496,582     496,510   9.88%   2020

8.500% senior notes

    450,000       8.50%   2021

Other(1)

    29,656     34,911   Various   Various
                 

Total debt

    2,610,982     2,416,165        

Less: current debt(1)

    (17,398 )   (18,793 )      
                 

Total long-term debt

  $ 2,593,584   $ 2,397,372        
                 

(1)
This balance includes capital lease obligations and an equipment financing agreement.
  • Credit Agreement Amendment

        On March 22, 2013, the Company entered into an amendment (the "Fourth Amendment") to the 2011 Credit Agreement dated as of April 1, 2011, as amended by the First Amendment to Credit Agreement, dated as of January 20, 2012, as further amended by the Second Amendment to Credit Agreement, dated as of August 16, 2012, and as further amended by the Third Amendment to Credit Agreement dated as of October 29, 2012, among the Company, the various lenders, Morgan Stanley Senior Funding, Inc. as administrative agent, and other agents named therein. The Fourth Amendment amended a financial covenant in the 2011 Credit Agreement to provide additional flexibility for the issuance of senior unsecured notes, subject to the lessor of 100% and $250.0 million, in each case, of the net proceeds of such notes issuance being used to repay term loans outstanding under the 2011 Credit Agreement. The Fourth Amendment also provided that, should a repricing event occur within six months of the effective date of the Fourth Amendment, the Company must pay a fee equal to 1.0% of the aggregate principal amount of, as applicable, (i) the portion of the Term Loan B balance prepaid in connection with such repricing event or (ii) the portion of the Term Loan B balance outstanding on such date that is subject to an effective pricing reduction pursuant to such repricing event.

  • 8.50% Senior Notes

        On March 27, 2013, the Company issued $450.0 million of 8.5% senior notes due April 15, 2021 (the "2021 Notes"). These Notes are unconditionally guaranteed, jointly and severally, on an unsecured basis, by each of our current and future wholly-owned U.S. domestic restricted subsidiaries. Interest on the 2021 Notes accrues at the rate of 8.5% per year and is payable semi-annually in arrears on April 15 and October 15, commencing on October 15, 2013. At any time prior to April 15, 2016, the Company may redeem up to 35% of the aggregate principal amount of the 2021 Notes at a redemption price of 108.5% of the principal amount, plus accrued and unpaid interest. The Company may redeem the 2021 Notes, in whole or in part, after April 15, 2016 and prior to April 15, 2017, at a redemption price equal to 100% of the aggregate principal amount of the 2021 Notes plus a "make-whole" premium and accrued and unpaid interest. The Company may redeem the 2021 Notes, in whole or in part at redemption prices equal to 104.25% for the twelve months commencing April 15, 2017, 102.125% for the twelve months commencing April 15, 2018 and 100% beginning on April 15, 2019, in each case plus accrued and unpaid interest.

        Upon the occurrence of a change of control repurchase event, unless the Company has exercised its right to redeem the 2021 Notes, the Company will be required to offer to repurchase each holder's 2021 Notes at a price equal to 101% of the aggregate principal amount, plus accrued and unpaid interest.