Debt and Capital Lease Obligations

12 Months Ended

Dec. 31, 2013

Debt and Capital Leases Disclosures [Text Block]

DEBT AND CAPITAL LEASE OBLIGATIONS

Debt at December 31, 2013 and 2012 is summarized in the following table (in thousands):



	December 31, 2013		December 31, 2012

Senior Notes	$	150,000	$	150,000
Credit Facility	117,000		84,000
Capital lease obligations	28		73
Total debt	267,028		234,073
Less - current maturities of long-term debt and capital lease obligations	26		40
Long-term debt and capital lease obligations, net	$	267,002	$	234,033

In 2011, we issued two series of senior notes with an aggregate principal amount of $150 million ("Senior Notes") in a private placement transaction. Series A consists of $75 million in aggregate principal amount of notes that bear interest at a fixed rate of 4.01% and are due in full on September 30, 2021. Series B consists of $75 million in aggregate principal amount of notes that bear interest at a fixed rate of 4.11% and are due in full on September 30, 2023. Interest on each series of the Senior Notes is payable semi-annually on March 30 and September 30.

We maintain a revolving credit facility (the "Credit Facility") with an aggregate borrowing capacity of $300 million at December 31, 2013. The Credit Facility provides an option to increase the commitment under the Credit Facility to $350 million, if certain conditions are met. The Credit Facility bears interest at variable rates from LIBOR plus 1.50% to a maximum of LIBOR plus 2.25%. Any outstanding balance under the Credit Facility is due September 28, 2016 when the Credit Facility matures. Interest payment terms are variable depending upon the specific type of borrowing under this facility. Our available capacity at any point in time is reduced by borrowings outstanding at the time and outstanding letters of credit which totaled $19.1 million at December 31, 2013, resulting in an available borrowing capacity under the Credit Facility of $163.9 million. In addition to those items under the Credit Facility, we had $22.3 million of outstanding letters of credit and performance guarantees and bonds from other sources at December 31, 2013.

The terms of the Credit Facility and Senior Notes require us to meet certain covenants, including, but not limited to, certain minimum equity and cash flow ratios. We believe that we are in compliance with all such covenants contained in our credit agreements. Certain of our material, wholly-owned subsidiaries are guarantors or co-borrowers under the Credit Facility and Senior Notes.

The estimated fair value of total debt at December 31, 2013 and 2012 approximated the book value of total debt. The fair value was estimated using Level 2 inputs by calculating the sum of the discounted future interest and principal payments through the date of maturity.