| Schedule of Long-term Debt Instruments |
Long-term debt consists of the following (amounts in thousands):
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December 31, |
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Issue Date |
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Interest Rate |
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Principal Payments |
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Maturity Date |
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2016 |
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2015 |
Senior Credit Facility - Term Loan B |
November 17, 2016 |
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LIBOR plus 3.00% |
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0.25% of the original principal due quarterly |
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February 2, 20221
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$ |
245,187 |
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272,937 |
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Senior Credit Facility - Term Loan A |
November 17, 2016 |
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LIBOR plus applicable margin2
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Due at maturity |
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November 17, 20211
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215,000 |
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240,000 |
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Senior Credit Facility - Revolver |
November 17, 2016 |
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LIBOR plus applicable margin2
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Due at maturity |
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November 17, 20211
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55,000 |
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— |
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2025 Notes |
April 1, 2015 |
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6.875% |
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Due at maturity |
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April 15, 20253
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450,000 |
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450,000 |
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2021 Notes |
May 20, 2011 |
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6.75% |
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Due at maturity |
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June 1, 20214
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325,000 |
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325,000 |
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Searchlight note |
February 2, 2015 |
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7.5% |
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Due at maturity |
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February 2, 20235
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75,000 |
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75,000 |
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Wells Fargo note |
June 30, 2014 |
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LIBOR plus 2.25% |
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Monthly installments |
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July 15, 2029 |
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8,596 |
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9,176 |
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Total Debt |
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1,373,783 |
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1,372,113 |
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Less unamortized discount |
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21,878 |
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24,007 |
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Less unamortized deferred loan fees |
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15,133 |
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15,368 |
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Less current portion of long-term debt |
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3,326 |
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3,342 |
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Long-term debt, net |
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$ |
1,333,446 |
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1,329,396 |
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1The Senior Credit Facility will mature on December 3, 2020 if our 2021 Notes are not refinanced prior to such date.
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2Applicable margin is based on the company’s leverage ratio and ranges from 2.00% to 3.00%. Our Senior Credit Facility Total Leverage Ratio (as defined) may not exceed 5.95 to one; the Senior Leverage Ratio (as defined) may not exceed 3.00 to one; and our Interest Coverage Ratio (as defined) must not be less than 2.50 to one at any time.
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3The notes are redeemable at our option, in whole or in part, at a redemption price defined in the 2025 Notes agreement, and accrued and unpaid interest (if any) to the date of redemption.
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4The notes are redeemable at our option, in whole or in part, at a redemption price defined in the 2021 Notes agreement, and accrued and unpaid interest (if any) to the date of redemption.
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5We may repay the Searchlight note beginning February 2, 2019.
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| Schedule of Maturities of Long-term Debt |
Maturities of long-term debt as of December 31, 2016 are as follows (amounts in thousands):
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Years ending December 31, |
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2017 |
$ |
3,326 |
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2018 |
3,344 |
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2019 |
3,362 |
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2020 |
3,380 |
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2021 |
598,399 |
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2022 and thereafter |
761,972 |
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Total debt |
1,373,783 |
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Less unamortized discount |
21,878 |
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Less unamortized deferred loan fees |
15,133 |
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Less current portion of long-term debt |
3,326 |
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Long-term debt, net |
$ |
1,333,446 |
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