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Debt
9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Debt Debt
Our obligations under debt arrangements consisted of the following:
 
September 30, 2019
 
December 31, 2018
 
Principal
 
Unamortized Discount and Debt Issuance Costs (1)
 
Net Value
 
Principal
 
Unamortized Discount and Debt Issuance Costs (1)
 
Net Value
Senior secured credit facility
$
947,000

 
$

 
$
947,000

 
$
970,100

 
$

 
$
970,100

6.750% senior unsecured notes
750,000

 
10,213

 
739,787

 
750,000

 
12,763

 
737,237

6.000% senior unsecured notes
400,000

 
3,824

 
396,176

 
400,000

 
4,624

 
395,376

5.625% senior unsecured notes
350,000

 
4,147

 
345,853

 
350,000

 
4,820

 
345,180

6.500% senior unsecured notes
550,000

 
7,325

 
542,675

 
550,000

 
8,241

 
541,759

6.250% senior unsecured notes
450,000

 
6,458

 
443,542

 
450,000

 
7,189

 
442,811

Total long-term debt
$
3,447,000

 
$
31,967

 
$
3,415,033

 
$
3,470,100

 
$
37,637

 
$
3,432,463


(1)
Unamortized debt issuance costs associated with our senior secured credit facility (included in Other Long Term Assets on the Unaudited Condensed Consolidated Balance Sheet) were $8.4 million and $10.8 million as of September 30, 2019 and December 31, 2018, respectively.
As of September 30, 2019, we were in compliance with the financial covenants contained in our credit agreement and senior unsecured notes indentures.
Senior Secured Credit Facility
The key terms for rates under our $1.7 billion senior secured credit facility, which are dependent on our leverage ratio (as defined in the credit agreement), are as follows:
The interest rate on borrowings may be based on an alternate base rate or a Eurodollar rate, at our option. The alternate base rate is equal to the sum of (a) the greatest of (i) the prime rate as established by the administrative agent for the credit facility, (ii) the federal funds effective rate plus 0.5% of 1% and (iii) the LIBOR rate for a one-month maturity plus 1% and (b) the applicable margin. The Eurodollar rate is equal to the sum of (a) the LIBOR rate for the applicable interest period multiplied by the statutory reserve rate and (b) the applicable margin. The applicable margin varies from 1.50% to 3.00% on Eurodollar borrowings and from 0.50% to 2.00% on alternate base rate borrowings, depending on our leverage ratio. Our leverage ratio is recalculated quarterly and in connection with each material acquisition. At September 30, 2019, the applicable margins on our borrowings were 1.50% for alternate base rate borrowings and 2.50% for Eurodollar rate borrowings.
Letter of credit fee rates range from 1.50% to 3.00% based on our leverage ratio as computed under the credit facility. The rate can fluctuate quarterly. At September 30, 2019, our letter of credit rate was 2.50%.
We pay a commitment fee on the unused portion of the $1.7 billion maximum facility amount. The commitment fee rates on the unused committed amount will range from 0.25% to 0.50% per annum depending on our leverage ratio. At September 30, 2019, our commitment fee rate on the unused committed amount was 0.50%.
The accordion feature is $300.0 million, giving us the ability to expand the size of the facility to up to $2.0 billion for acquisitions or growth projects, subject to lender consent.

At September 30, 2019, we had $947.0 million borrowed under our $1.7 billion credit facility, with $12.6 million of the borrowed amount designated as a loan under the inventory sublimit. Our credit agreement allows up to $100.0 million of the capacity to be used for letters of credit, of which $1.1 million was outstanding at September 30, 2019. Due to the revolving nature of loans under our credit facility, additional borrowings and periodic repayments and re-borrowings may be made until the maturity date. The total amount available for borrowings under our credit facility at September 30, 2019 was $751.9 million.
Senior Unsecured Note Extinguishment
We incurred a total loss of approximately $3.3 million  (including the write-off of the related unamortized debt issuance costs) relating to the extinguishment of our 2021 senior unsecured notes, which is recorded as "Other expense" in our Consolidated Statements of Operations for the nine months ended September 30, 2018.