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Long-Term Debt
9 Months Ended
Sep. 30, 2011
Long-Term Debt 
Long-Term Debt

(7) Long-term Debt

 

Long-term debt at September 30, 2011 and December 31, 2010 was comprised of the following (in thousands):

 

   September 30, December 31,
   2011 2010
        
Revolving credit agreement  $ 320,500 $ 188,000
Fixed rate senior secured notes    75,000   75,000
Other debt    17,523   12,933
Capitalized lease arrangements    13,821   13,930
        
     426,844   289,863
Less current portion    9,454   6,648
        
 Long-term debt  $ 417,390 $ 283,215

Prior to the closing the NSC acquisition, the Company exercised the accordion feature on its revolving credit facility on April 7, 2011. The amended revolving credit agreement permits the Company to borrow up to $450,000,000 to, among other things, finance its acquisition and development projects and any future stock repurchase programs at an interest rate equal to, at the Company's option, the base rate plus 0.75% to 1.75% or LIBOR plus 1.75% to 2.75%, or a combination thereof; provides for a fee of 0.20% to 0.50% of unused commitments; and contains certain covenants relating to the ratio of debt to operating performance measurements, interest coverage ratios and minimum net worth. Borrowings under the revolving credit agreement will mature in April 2016 and are secured primarily by a pledge of the stock of our wholly-owned subsidiaries and our partnership and membership interests in the limited partnerships and limited liability companies. The Company was in compliance with all covenants contained in the revolving credit agreement at September 30, 2011.

 

The Company's $75,000,000 of 6.04% fixed rate senior secured notes are pari passu with the indebtedness under the Company's revolving credit facility and require payment of principal beginning in August of 2013 and are set to mature on May 28, 2020. The note purchase agreement governing the senior secured notes contains covenants similar to the covenants in the revolving credit agreement. The Company was in compliance with all covenants contained in the note purchase agreement at September 30, 2011.