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Long-Term Debt (Tables)
 6 Months Ended
Jun. 30, 2013
Long-Term Debt [Abstract]  
Schedule of Maturities Of Long-Term Debt

 

 

 

 

 

 

 

 

 

 

 

 

Senior Unsecured Notes (1)

 

MARAD
Debt

 

2032
Notes (2)

 

Total

 

 

 

 

 

 

 

 

 

 

 

Less than one year

$

 -

$
5,247 

$

 -

$
5,247 

 

One to two years

 

 -

 
5,508 

 

 -

 
5,508 

 

Two to three years

 
274,960 

 
5,783 

 

 -

 
280,743 

 

Three to four years

 

 -

 
6,072 

 

 -

 
6,072 

 

Four to five years

 

 -

 
6,375 

 

 -

 
6,375 

 

Over five years

 

 -

 
73,774 

 
200,000 

 
273,774 

 

Total debt

 
274,960 

 
102,759 

 
200,000 

 
577,719 

 

Current maturities

 

 -

 
(5,247)

 

 -

 
(5,247)

 

Long-term debt, less current maturities

 
274,960 

 
97,512 

 
200,000 

 
572,472 

 

Unamortized debt discount (3)

 

 -

 

 -

 
(29,131)

 
(29,131)

 

Long-term debt

$
274,960 

$
97,512 

$
170,869 

$
543,341 

 

 

(1) In June 2013, we elected to redeem the remaining Senior Unsecured Notes on July 22, 2013, and we redeemed these notes in full on that date.  See Senior Unsecured Notes below for additional disclosures regarding the early extinguishment of this debt.

 

(2) Beginning in March 2018, the holders of the Convertible Senior Notes due 2032 may require us to repurchase these notes or we may at our own option elect to repurchase notes. These notes will mature in March 2032.

 

(3) The Convertible Senior Notes due 2032 will increase to their principal amount through accretion of non-cash interest charges through March 2018.

Schedule Of Redemption Price By Maturity

 

 

 

Year

 

Redemption Price

 

 

 

2013

 
102.375% 

2014 and thereafter

 
100.000% 

 

Schedule of Deferred Financing Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2013

 

December 31, 2012

 

 

 

Gross Carrying Amount

 

Accumulated Amortization

 

Net

 

Gross Carrying Amount

 

Accumulated Amortization

 

Net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Term Loans (mature July 2015) (1)

$

 -

$

 -

$

 -

$
15,318 

$
(11,595)

$
3,723 

 

Revolving Credit Facility (matures July 2015) (1)

 

 -

 

 -

 

 -

 
20,021 

 
(12,466)

 
7,555 

 

Term Loan (matures June 2018) (2)

 
3,630 

 

 -

 
3,630 

 

 -

 

 -

 

 -

 

Revolving Credit Facility (matures June 2018) (2)

 
13,261 

 

 -

 
13,261 

 

 -

 

 -

 

 -

 

2025 Notes (mature December 2025)

 

 -

 

 -

 

 -

 
8,189 

 
(8,189)

 

 -

 

2032 Notes (mature March 2032)

 
3,759 

 
(840)

 
2,919 

 
4,251 

 
(534)

 
3,717 

 

Senior Unsecured Notes (mature January 2016) (3)

 
10,643 

 
(8,551)

 
2,092 

 
10,643 

 
(8,252)

 
2,391 

 

MARAD Debt (matures February 2027)

 
12,200 

 
(5,492)

 
6,708 

 
12,200 

 
(5,248)

 
6,952 

 

Total deferred financing costs

$
43,493 

$
(14,883)

$
28,610 

$
70,622 

$
(46,284)

$
24,338 

 

 

(1) Relates to the term loans and revolving credit facility under our former credit agreement, which was terminated in June 2013.

 

(2) Relates to amounts allocated to the Term Loan and Revolving Credit Facility under our new Credit Agreement, which was entered into in June 2013.

 

(3) In June 2013, we elected to redeem the remaining Senior Unsecured Notes on July 22, 2013, and we redeemed these notes in full on that date.  In July 2013, we recorded a charge of $2.1 million to accelerate the remaining deferred financing costs associated with the original issuance of this debt.

Schedule of Interest Expense And Capitalized Interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

 

Interest expense (1)

$
13,977 

$
12,696 

$
26,555 

$
27,940 

 

Interest income

 
(316)

 
(53)

 
(632)

 
(341)

 

Capitalized interest

 
(2,317)

 
(998)

 
(4,256)

 
(1,477)

 

Interest expense, net

$
11,344 

$
11,645 

$
21,667 

$
26,122 

 

 

(1) Interest expense of $2.8 million for the six-month period ended June 30, 2013, and $7.0 million and $14.6 million for the three- and six-month periods ended June 30, 2012, respectively, was allocated to ERT and is included in discontinued operations.  We no longer allocate interest expense to ERT following the sale of ERT in February 2013.