Long-Term Debt (Tables)
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9 Months Ended |
Sep. 30, 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 delayed draw term loan (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 September 30, 2018
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3.33
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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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On May 1, 2018, the net proceeds from the $100.0 million delayed draw term loan were used to partially fund the USI acquisition.
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(c)
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Additional borrowing capacity is available under the incremental facility, subject to certain terms and conditions (including existing or new lenders providing commitments in respect of such additional borrowing capacity).
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(d)
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Use of the sublimits for the issuance of letters of credit and swingline loans reduces the availability under the Revolving Facility.
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| Summary of equipment notes issued |
The following table summarizes equipment notes entered into during the respective periods, in thousands:
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Three Months Ended September 30, 2018
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Nine Months Ended September 30, 2018
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Equipment notes
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$
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5,038
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$
|
20,104
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| Schedule of remaining principal payments of debt |
The following table sets forth our remaining principal payments for our outstanding Senior Notes, term loan and equipment notes as of September 30, 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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Senior Notes
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$
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—
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$
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—
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$
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—
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$
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—
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$
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—
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$
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400,000
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$
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400,000
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Term loan
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4,375
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21,875
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26,250
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30,625
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|
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248,750
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|
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—
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|
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331,875
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Equipment notes
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|
928
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3,788
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|
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3,945
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4,110
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4,281
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|
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1,830
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18,882
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Total
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$
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5,303
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$
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25,663
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$
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30,195
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$
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34,735
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$
|
253,031
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$
|
401,830
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$
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750,757
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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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September 30,
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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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19,688
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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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|
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3,754
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—
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Long-term portion of long-term debt - Senior Notes
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|
|
400,000
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|
|
—
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Long-term portion of long-term debt - term loan
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|
|
312,187
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|
231,250
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Long-term portion of long-term debt - equipment notes
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15,128
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—
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Unamortized debt issuance costs
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(8,870)
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(1,863)
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Total net debt
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$
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741,887
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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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September 30,
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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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(59,288)
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(47,055)
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Capacity under Revolving Facility
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$
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190,712
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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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June 30, 2018 through September 30, 2018
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3.75:1.00
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1.25:1.00
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December 31, 2018 through June 30, 2019
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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
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3.25:1.00
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1.25:1.00
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