Debt and Capital Lease Obligations

12 Months Ended

Dec. 31, 2014

Debt and Capital Leases Disclosures [Text Block]

DEBT AND CAPITAL LEASE OBLIGATIONS

Debt at December 31, 2014 and 2013 is summarized in the following table (in thousands):



	December 31, 2014		December 31, 2013

Senior Notes	$	150,000	$	150,000
Credit Facility	206,000		117,000
Capital lease obligations	—		28
Total debt	356,000		267,028
Less - current maturities of long-term debt and capital lease obligations	—		26
Long-term debt and capital lease obligations, net	$	356,000	$	267,002

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.

On August 29, 2014, we entered into an agreement to amend our Credit Facility to increase the aggregate borrowing capacity from $300 million to $350 million and to increase the uncommitted availability an additional $50 million to bring the total borrowings available to $400 million if certain prescribed conditions are met by the Company. Also, the variable rate was reduced from LIBOR plus 1.5% to LIBOR plus 1.25% and the maturity date was extended from September 28, 2016 to August 29, 2019.

Any outstanding balance under the Credit Facility is due August 29, 2019, 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 $25 million at December 31, 2014, resulting in an available borrowing capacity under the Credit Facility of $119 million. In addition to those items under the Credit Facility, we had $19.8 million of outstanding letters of credit and performance guarantees and bonds from other sources as of December 31, 2014.

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.

In October 2014, we entered into two interest rate swap agreements. See Note 14 - Derivative Instruments and Hedging Activities for discussion of our derivative instruments.

The estimated fair value of total debt at December 31, 2014 and 2013 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.