Long-Term Debt (Tables)
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3 Months Ended |
Mar. 31, 2018 |
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| Long-Term Debt |
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| 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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Senior secured term loan facility (original borrowing) (a)
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$
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250,000
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Additional term loan capacity under delayed draw feature (b)
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$
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100,000
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Additional term loan and/or revolver capacity available under incremental facility (c)
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$
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200,000
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Revolving Facility
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$
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250,000
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Sublimit for issuance of letters of credit under Revolving Facility (d)
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$
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100,000
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Sublimit for swingline loans under Revolving Facility (d)
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$
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20,000
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Interest rate as of March 31, 2018
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2.90
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%
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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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We can access $100.0 million through a delayed draw term loan on the Amended Credit Agreement until August 29, 2018.
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(c)
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Additional borrowing capacity is available under the incremental facility, subject to certain terms and conditions (including existing or new lenders providing commitments in respect of such additional borrowing capacity).
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(d)
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Use of the sublimits for the issuance of letters of credit and swingline loans reduces the availability under the Revolving Facility.
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| Schedule of remaining principal payments of debt |
The following table sets forth our remaining principal payments for our outstanding term loan balance and equipment notes as of March 31, 2018, in thousands:
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Payments Due by Period
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2018
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2019
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2020
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2021
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2022
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Thereafter
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Total
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Term loan
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$
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9,375
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$
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15,625
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$
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18,750
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$
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21,875
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$
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175,000
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$
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—
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$
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240,625
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Equipment notes
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1,386
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1,913
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1,990
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2,070
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2,153
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554
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10,066
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Total
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$
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10,761
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$
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17,538
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$
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20,740
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$
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23,945
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$
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177,153
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$
|
554
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$
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250,691
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| Reconciliation of principal balance of outstanding debt |
The following table reconciles the principal balance of our outstanding debt to our Condensed Consolidated Balance Sheets, in thousands:
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As of
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March 31,
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December 31,
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Principal debt balances:
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2018
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2017
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Current portion of long-term debt - term loan
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$
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12,500
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$
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12,500
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Current portion of long-term debt - equipment notes
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1,858
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—
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Long-term portion of long-term debt - term loan
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228,125
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231,250
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Long-term portion of long-term debt - equipment notes
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8,208
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—
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Unamortized debt issuance costs
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(2,796)
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(1,863)
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Total debt
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$
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247,895
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$
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241,887
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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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March 31,
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December 31,
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2018
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2017
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Revolving Facility
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$
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250,000
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$
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250,000
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Less: standby letters of credit
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(47,055)
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(47,055)
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Capacity under Revolving Facility
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$
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202,945
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$
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202,945
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| Schedule of maximum Net Leverage Ratios and minimum FCCR |
The following table sets forth the maximum Net Leverage Ratios and minimum FCCR:
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Quarter Ending
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Maximum
Net Leverage Ratio
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Minimum
FCCR
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December 31, 2017 through September 30, 2018
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3.25:1.00
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1.25:1.00
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December 31, 2018 and each quarter thereafter
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3.00:1.00
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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 March 31, 2018
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Maximum Net Leverage Ratio
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3.25:1.00
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Minimum FCCR
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1.25:1.00
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Compliance as of period end
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In Compliance
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