Long-Term Debt (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Long-Term Debt |
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| Reconciliation of principal balance of outstanding debt |
The following table reconciles the principal balance of our outstanding debt to our Consolidated Balance Sheets, in thousands:
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+
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|
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|
|
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As of
|
|
|
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December 31,
|
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December 31,
|
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Principal debt balances:
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|
2018
|
|
2017
|
|
Current portion of long-term debt - term loan
|
|
$
|
21,875
|
|
$
|
12,500
|
|
Current portion of long-term debt - equipment notes
|
|
|
4,977
|
|
|
—
|
|
Long-term portion of long-term debt - Senior Notes
|
|
|
400,000
|
|
|
—
|
|
Long-term portion of long-term debt - term loan
|
|
|
305,625
|
|
|
231,250
|
|
Long-term portion of long-term debt - equipment notes
|
|
|
19,478
|
|
|
—
|
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Unamortized debt issuance costs
|
|
|
(8,481)
|
|
|
(1,863)
|
|
Total debt, net of unamortized debt issuance costs
|
|
|
743,474
|
|
|
241,887
|
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Less: current portion of long-term debt
|
|
|
26,852
|
|
|
12,500
|
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Total long-term debt
|
|
$
|
716,622
|
|
$
|
229,387
|
|
| Schedule of remaining principal payments of debt |
The following table sets forth our remaining principal payments for our outstanding debt balances as of December 31, 2018, in thousands:
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Payments Due by Period
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2019
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2020
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2021
|
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2022
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2023
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Thereafter
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Total
|
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Senior Notes
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
400,000
|
|
$
|
400,000
|
|
Term loan
|
|
|
21,875
|
|
|
26,250
|
|
|
30,625
|
|
|
248,750
|
|
|
—
|
|
|
—
|
|
|
327,500
|
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Equipment notes
|
|
|
4,977
|
|
|
5,187
|
|
|
5,407
|
|
|
5,636
|
|
|
3,248
|
|
|
—
|
|
|
24,455
|
|
Total
|
|
$
|
26,852
|
|
$
|
31,437
|
|
$
|
36,032
|
|
$
|
254,386
|
|
$
|
3,248
|
|
$
|
400,000
|
|
$
|
751,955
|
|
| Summary of key terms of Amended Credit Agreement |
The following table outlines the key terms of our Amended Credit Agreement (dollars in thousands):
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|
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Senior secured term loan facility (original borrowing) (a)
|
$
|
250,000
|
|
|
Additional delayed draw term loan (b)
|
$
|
100,000
|
|
|
|
|
|
|
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Additional term loan and/or revolver capacity available under incremental facility (c)
|
$
|
200,000
|
|
|
|
|
|
|
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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
|
|
|
|
|
|
|
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Interest rate as of December 31, 2018
|
|
3.59
|
%
|
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Scheduled maturity date
|
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5/05/2022
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(a)
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The Amended Credit Agreement provides for a term loan limit of $350.0 million; $250.0 million was drawn on May 5, 2017.
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(b)
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On May 1, 2018, the net proceeds from the $100.0 million delayed draw term loan were used to partially fund the USI acquisition.
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(c)
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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).
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(d)
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Use of the sublimits for the issuance of letters of credit and swingline loans reduces the availability under the Revolving Facility.
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| Schedule of availability under the Revolving Facility |
The following table summarizes our availability under the Revolving Facility, in thousands:
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As of
|
|
|
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December 31,
|
|
December 31,
|
|
|
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2018
|
|
2017
|
|
Revolving Facility
|
|
$
|
250,000
|
|
$
|
250,000
|
|
Less: standby letters of credit
|
|
|
(59,288)
|
|
|
(47,055)
|
|
Availability under Revolving Facility
|
|
$
|
190,712
|
|
$
|
202,945
|
|
| Schedule of maximum Net Leverage Ratios and minimum FCCR |
The following table sets forth the maximum Net Leverage Ratios and minimum FCCR required:
|
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Quarter Ending
|
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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 June 30, 2019
|
|
3.50:1.00
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1.25:1.00
|
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September 30, 2019 and each fiscal quarter end thereafter
|
|
3.25:1.00
|
|
1.25:1.00
|
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| Schedule of the key financial covenants |
The following table outlines the key financial covenants effective for the period covered by this report:
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As of December 31, 2018
|
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Maximum Net Leverage Ratio
|
|
3.50:1.00
|
|
Minimum FCCR
|
|
1.25:1.00
|
|
Compliance as of period end
|
|
In Compliance
|
|