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Long-Term Debt
9 Months Ended
Sep. 30, 2012
Long-Term Debt  
Long-Term Debt

(7) Long-term Debt

 

Long-term debt at September 30, 2012 and December 31, 2011 was comprised of the following (in thousands):

 

   September 30, December 31,
   2012 2011
        
Revolving credit agreement  $ 296,000 $ 351,000
Fixed rate senior secured notes    75,000   75,000
Other debt    16,432   20,052
Capitalized lease arrangements    10,523   12,711
        
     397,955   458,763
Less current portion    12,274   10,800
        
 Long-term debt  $ 385,681 $ 447,963

On June 29, 2012, the Company amended its revolving credit agreement which it utilizes to, among other things, finance its acquisition and development projects and stock repurchase programs. The revolving credit agreement, as amended, permits the Company to borrow up to $475,000,000 at an interest rate equal to, at the Company's option, the base rate plus 0.75% to 1.75% or LIBOR plus 1.50% to 2.25%, or a combination thereof; provides for a fee of 0.20% to 0.40% 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 mature in June 2017 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, 2012.

 

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 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, 2012.