Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt (Tables)

v3.19.3
Long-Term Debt (Tables)
9 Months Ended
Sep. 30, 2019
Long-Term Debt  
Reconciliation of principal balance of outstanding debt

The following table reconciles the principal balances of our outstanding debt to our condensed consolidated balance sheets, in thousands:

 

As of

    

September 30, 

    

December 31, 

Principal debt balances:

2019

    

2018

Senior Notes

$

400,000

$

400,000

Term loan

312,188

327,500

Equipment notes

30,341

24,455

Unamortized debt issuance costs

(7,312)

(8,481)

Total debt, net of unamortized debt issuance costs

735,217

743,474

Less: current portion of long-term debt

33,262

26,852

Total long-term debt

$

701,955

$

716,622

Schedule of remaining principal payments of debt

The following table sets forth our remaining principal payments for our outstanding debt balances as of September 30, 2019, in thousands:

Payments Due by Period

2019

2020

2021

2022

2023

Thereafter

Total

Senior Notes

$

$

$

$

$

$

400,000

$

400,000

Term loan

    

6,563

    

26,250

    

30,625

    

248,750

    

    

    

312,188

Equipment notes

1,728

7,082

7,366

7,661

5,345

1,159

30,341

Total

$

8,291

$

33,332

$

37,991

$

256,411

$

5,345

$

401,159

$

742,529

Summary of key terms of Amended Credit Agreement

The following table outlines the key terms of our Amended Credit Agreement (dollars in thousands):

Senior secured term loan facility (original borrowing) (a)

$

250,000

Additional delayed draw term loan (b)

$

100,000

Additional term loan and/or revolver capacity available under incremental facility (c)

$

200,000

Revolving Facility

$

250,000

Sublimit for issuance of letters of credit under Revolving Facility (d)

$

100,000

Sublimit for swingline loans under Revolving Facility (d)

$

20,000

Interest rate as of September 30, 2019

3.36

%

Scheduled maturity date

5/05/2022

(a) The Amended Credit Agreement provides for a term loan limit of $350.0 million; $250.0 million was drawn on May 5, 2017.
(b) On May 1, 2018, the net proceeds from the $100.0 million delayed draw term loan were used to partially fund the USI acquisition.
(c) Additional borrowing capacity is available under the incremental facility, subject to certain terms and conditions (including existing or new lenders providing commitments in respect of such additional borrowing capacity).
(d) Use of the sublimits for the issuance of letters of credit and swingline loans reduces the availability under the Revolving Facility.

Schedule of availability under the Revolving Facility The following table summarizes our availability under the Revolving Facility, in thousands:

As of

September 30, 

    

December 31, 

    

2019

    

2018

Revolving Facility

$

250,000

$

250,000

Less: standby letters of credit

(61,382)

(59,288)

Availability under Revolving Facility

$

188,618

$

190,712

Schedule of maximum Net Leverage Ratios and minimum FCCR The following table sets forth the maximum Net Leverage Ratios and minimum FCCR required:

Quarter Ending

    

Maximum
Net Leverage Ratio

Minimum
FCCR

June 30, 2018 through September 30, 2018

3.75:1.00

1.25:1.00

December 31, 2018 through September 30, 2019

3.50:1.00

1.25:1.00

September 30, 2019 and each fiscal quarter end thereafter

3.25:1.00

1.25:1.00

Schedule of the key financial covenants

The following table outlines the key financial covenants effective for the period covered by this Quarterly Report:

As of September 30, 2019

Maximum Net Leverage Ratio

3.25:1.00

Minimum FCCR

1.25:1.00

Compliance as of period end

In Compliance