4.	Long-Term Debt


	March 31, 2013		December 31, 2012		March 31, 2012
		(Dollars in Thousands)
6.6% Senior Notes, due 2018	$	298,730	$	298,677	$	298,525
7% Debentures, due 2025		124,450		124,443		124,424
6.25% Senior Notes, due 2037		228,122		228,114		228,089
Term Loan Facility, due 2015, interest rate of 2.20% at March 31, 2013; 2.21% at December 31, 2012; and 1.87% at March 31, 2012		240,000		245,000		245,000
Revolving Facility, interest rate of 1.90% at March 31, 2013; 1.91% at December 31, 2012; and 1.62% at March 31, 2012		110,000		50,000		135,000
AR Credit Facility, interest rate of 1.00% at March 31, 2013 and December 31, 2012; and 1.60% at March 31, 2012		75,600		100,000		100,000
Other notes		1,625		1,625		3,790

Total debt		1,078,527		1,047,859		1,134,828
Less current maturities		(5,677)		(5,676)		(7,650)

Long-term debt	$	1,072,850	$	1,042,183	$	1,127,178

The Corporation’s Credit Agreement, consisting of a $250,000,000 senior unsecured term loan (the “Term Loan Facility”) and a $350,000,000 senior unsecured revolving facility (the “Revolving Facility”), and a $100,000,000 secured accounts receivable credit facility (the “AR Credit Facility”) require the Corporation’s ratio of consolidated debt to consolidated earnings before interest, taxes, depreciation, depletion and amortization (EBITDA), as defined, for the trailing twelve month period (the “Ratio”) to not exceed 3.50x as of the end of any fiscal quarter, provided that the Corporation may exclude from the Ratio debt incurred in connection with certain acquisitions for a period of 180 days so long as the Corporation maintains specified ratings on its long-term unsecured debt and the Ratio calculated without such exclusion does not exceed 3.75x. Additionally, if no amounts are outstanding under both the Revolving Facility and the AR Credit Facility, consolidated debt, including debt guaranteed by the Corporation, may be reduced by the Corporation’s unrestricted cash and cash equivalents in excess of $50,000,000, such reduction not to exceed $200,000,000, for purposes of the covenant calculation.

The Corporation amended the Credit Agreement Ratio in 2012. The amendment temporarily increases the maximum Ratio to 3.75x at March 31, 2013 and June 30, 2013. The Ratio returns to the pre-amendment maximum of 3.50x for the September 30, 2013 calculation date. The Corporation was in compliance with this Ratio at March 31, 2013.

Available borrowings under the Revolving Facility are reduced by any outstanding letters of credit issued by the Corporation under the Revolving Facility. At March 31, 2013, December 31, 2012 and March 31, 2012, the Corporation had $2,507,000 of outstanding letters of credit issued under the Revolving Facility.

Accumulated other comprehensive loss includes the unamortized value of terminated forward starting interest rate swap agreements. For the three months ended March 31, 2013 and 2012, the Corporation recognized $269,000 and $251,000, respectively, as additional interest expense. The ongoing amortization of the terminated value of the forward starting interest rate swap agreements will increase annual interest expense by approximately $1,000,000 until the maturity of the 6.6% Senior Notes in 2018.

The Corporation’s AR Credit Facility expired by its own terms on April 20, 2013. On April 19, 2013, the Corporation, through a wholly-owned special purpose subsidiary, established a $150,000,000 trade receivable securitization facility with SunTrust Bank and certain other lenders that may become a party to the facility from time to time (the “Trade Receivable Facility”). Borrowings under the Trade Receivable Facility bear interest at a rate equal to the one-month LIBOR plus 0.6% and are limited based on the balance of the Corporation’s accounts receivable. The Corporation has the option to increase the commitment amount by up to an additional $100,000,000, in increments of no less than $25,000,000, subject to receipt of lender commitments for the increased amount. The Trade Receivable Facility matures on April 19, 2014.