LONG-TERM DEBT

9 Months Ended

Sep. 30, 2019

Debt And Derivatives Disclosure [Abstract]

A summary of long-term debt and finance leases by debt instrument follows:


	September 30, 2019		December 31, 2018
Senior Secured Credit Facility:
Revolving line of credit facility ("Revolving Credit Facility") due May 2023; bearing interest at LIBOR plus 1.75%	$	43,400	$	69,600
Term loan A facility ("Term Loan Facility") due May 2023; bearing interest at LIBOR plus 1.75%	350,000		350,000

Tax-Exempt Bonds:
New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014 ("New York Bonds 2014") due December 2044 - fixed rate interest period through 2019; bearing interest at 3.75%	25,000		25,000
New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014R-2 ("New York Bonds 2014R-2") due December 2044 - fixed rate interest period through 2026; bearing interest at 3.125%	15,000		15,000
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-3 ("FAME Bonds 2005R-3") due January 2025 - fixed rate interest period through 2025; bearing interest at 5.25%	25,000		25,000
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2015R-1 ("FAME Bonds 2015R-1") due August 2035 - fixed rate interest period through 2025; bearing interest at 5.125%	15,000		15,000
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2015R-2 ("FAME Bonds 2015R-2") due August 2035 - fixed rate interest period through 2025; bearing interest at 4.375%	15,000		15,000
Vermont Economic Development Authority Solid Waste Disposal Long-Term Revenue Bonds Series 2013 ("Vermont Bonds") due April 2036 - fixed rate interest period through 2028; bearing interest at 4.625%	16,000		16,000
Business Finance Authority of the State of New Hampshire Solid Waste Disposal Revenue Bonds Series 2013 ("New Hampshire Bonds") due April 2029 - fixed rate interest period through September 2019; bore interest at 4.00%	11,000		11,000
Other:
Finance leases maturing through December 2107; bearing interest at a weighted average of 5.2%	16,510		11,248
Notes payable maturing through June 2027; bearing interest at a weighted average of 3.5%	4,862		2,401
Principal amount of long-term debt and finance leases	536,772		555,249
Less—unamortized debt issuance costs (1)	9,226		10,950
Long-term debt and finance leases less unamortized debt issuance costs	527,546		544,299
Less—current maturities of long-term debt and finance leases	3,571		2,298
	$	523,975	$	542,001

(1)A summary of unamortized debt issuance costs by debt instrument follows:


	September 30, 2019		December 31, 2018
Revolving Credit Facility and Term Loan Facility (collectively, the "Credit Facility")	$	5,889	$	7,118
New York Bonds 2014	707		847
New York Bonds 2014R-2	405		450
FAME Bonds 2005R-3	453		517
FAME Bonds 2015R-1	569		622
FAME Bonds 2015R-2	436		493
Vermont Bonds	554		595
New Hampshire Bonds	213		308
	$	9,226	$	10,950

Financing Activities

In October 2019, we completed the remarketing of $11,000 aggregate principal amount of New Hampshire Bonds. The New Hampshire Bonds, which are unsecured and guaranteed jointly and severally, fully and unconditionally by all of our significant wholly-owned subsidiaries, accrue interest at 2.95% per annum from October 1, 2019 through final maturity on April 1, 2029.

Credit Facility

As of September 30, 2019, we are party to a credit agreement ("Credit Agreement"), which provides for a $350,000 Term Loan Facility and a $200,000 Revolving Credit Facility. We have the right to request, at our discretion, an increase in the amount of loans under the Credit Facility by an aggregate amount of $125,000, subject to the terms and conditions set forth in the Credit Agreement.

The Credit Facility has a 5-year term that matures in May 2023 and bears interest at a rate of LIBOR plus 1.75% per annum, which will be reduced to a rate of LIBOR plus, as low as, 1.25% upon us reaching a consolidated net leverage ratio of less than 2.25x. The Credit Facility is guaranteed jointly and severally, fully and unconditionally by all of our significant wholly-owned subsidiaries and secured by substantially all of our assets. As of September 30, 2019, further advances were available under the Credit Facility in the amount of $131,979. The available amount is net of outstanding irrevocable letters of credit totaling $24,621, at which date no amount had been drawn.

The Credit Agreement requires us to maintain a minimum interest coverage ratio and a maximum consolidated net leverage ratio, to be measured at the end of each fiscal quarter. As of September 30, 2019, we were in compliance with the covenants contained in the Credit Agreement. In addition to these financial covenants, the Credit Agreement also contains a number of important customary affirmative and negative covenants which restrict, among other things, our ability to sell assets, incur additional debt, create liens, make investments, and pay dividends. We do not believe that these restrictions impact our ability to meet future liquidity needs. An event of default under any of our debt agreements could permit some of our lenders, including the lenders under the Credit Facility, to declare all amounts borrowed from them to be immediately due and payable, together with accrued and unpaid interest, or, in the case of the Credit Facility, terminate the commitment to make further credit extensions thereunder, which could, in turn, trigger cross-defaults under other debt obligations. If we were unable to repay debt to our lenders, or were otherwise in default under any provision governing our outstanding debt obligations, our secured lenders could proceed against us and against the collateral securing that debt.

Loss on Debt Extinguishment

We recorded a loss on debt extinguishment of $7,352 in the nine months ended September 30, 2018 associated with the write-off of debt issuance costs and unamortized discount in connection with the refinancing of our term loan B facility with our existing Credit Facility, and the write-off of debt issuance costs in connection with the remarketing of our Vermont Bonds.

Cash Flow Hedges

As of September 30, 2019, we had in place nine interest rate derivative agreements to hedge interest rate risk associated with the variable rate portion of our long-term debt. The hedging relationships between these interest rate derivative agreements and the variable rate interest payments related to the Term Loan Facility were originally considered highly effective based on quantitative assessments using regression analysis and, subsequently, based on a qualitative assessment performed as of September 30, 2019. Therefore, we have designated these derivative instruments as effective cash flow hedges.

The total notional amount of all of our interest rate derivative agreements is $190,000 and according to the terms of the agreements, we receive interest based on the 1-month LIBOR index and pay interest at a weighted average rate of approximately 2.54%. The agreements mature between February 2021 and May 2023.

A summary of the effect of cash flow hedges related to derivative instruments on the consolidated balance sheet follows:


		Fair Value
	Balance Sheet Location	September 30, 2019		December 31, 2018
Interest rate swaps	Other current assets	$	—	$	338
Interest rate swaps	Other non-current assets	—		482
		$	—	$	820

Interest rate swaps	Other accrued liabilities	$	1,686	$	387
Interest rate swaps	Other long-term liabilities	4,398		1,555
		$	6,084	$	1,942

Interest rate swaps	Accumulated other comprehensive loss	$	(6,459)	$	(1,196)
Interest rate swaps - tax provision	Accumulated other comprehensive loss	(112)		(112)
		$	(6,571)	$	(1,308)

A summary of the amount of expense on cash flow hedging relationships related to interest rate swaps reclassified from accumulated other comprehensive income (loss) into earnings follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2019		2018		2019		2018
Statement of Operations Location	(Expense) Income						(Expense) Income
Interest expense	$	(147)	$	(156)	$	(216)	$	(247)