| Schedule of Long-term Debt Instruments |
Long-term debt consists of the following (amounts in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
Issue Date |
|
Interest Rate |
|
Principal Payments |
|
Maturity Date |
|
2017 |
|
2016 |
Senior Credit Facility - Term Loan B |
November 17, 2016 |
|
LIBOR plus 2.25% |
|
0.25% of the original principal due quarterly |
|
February 2, 20221
|
|
$ |
242,583 |
|
|
245,187 |
|
Senior Credit Facility - Term Loan A |
November 17, 2016 |
|
LIBOR plus applicable margin2
|
|
Due at maturity |
|
November 17, 20211
|
|
215,000 |
|
|
215,000 |
|
Senior Credit Facility - Revolver |
November 17, 2016 |
|
LIBOR plus applicable margin2
|
|
Due at maturity |
|
November 17, 20211
|
|
100,000 |
|
|
55,000 |
|
2025 Notes |
April 1, 2015 |
|
6.875% |
|
Due at maturity |
|
April 15, 20253
|
|
450,000 |
|
|
450,000 |
|
2021 Notes |
May 20, 2011 |
|
6.75% |
|
Due at maturity |
|
June 1, 20214
|
|
325,000 |
|
|
325,000 |
|
Searchlight note |
February 2, 2015 |
|
7.5% |
|
Due at maturity |
|
February 2, 20235
|
|
75,000 |
|
|
75,000 |
|
Wells Fargo note |
June 30, 2014 |
|
LIBOR plus 2.25% |
|
Monthly installments |
|
July 15, 2029 |
|
8,048 |
|
|
8,596 |
|
Total Debt |
|
1,415,631 |
|
|
1,373,783 |
|
Less unamortized discount |
|
19,466 |
|
|
21,878 |
|
Less unamortized deferred loan fees |
|
14,117 |
|
|
15,133 |
|
Less current portion of long-term debt |
|
2,989 |
|
|
3,326 |
|
Long-term debt, net |
|
$ |
1,379,059 |
|
|
1,333,446 |
|
1The Senior Credit Facility will mature on December 3, 2020 if our 2021 Notes are not refinanced prior to such date.
|
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.
|
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.
|
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.
|
5We may repay the Searchlight note beginning February 2, 2019.
|
|
| Schedule of Maturities of Long-term Debt |
Maturities of long-term debt as of December 31, 2017 are as follows (amounts in thousands):
|
|
|
|
|
Years ending December 31, |
|
2018 |
$ |
2,989 |
|
2019 |
3,010 |
|
2020 |
3,030 |
|
2021 |
643,053 |
|
2022 |
233,365 |
|
2023 and thereafter |
530,184 |
|
Total debt |
1,415,631 |
|
Less unamortized discount |
19,466 |
|
Less unamortized deferred loan fees |
14,117 |
|
Less current portion of long-term debt |
2,989 |
|
Long-term debt, net |
$ |
1,379,059 |
|
|