6. Long-Term Debt

Long-term debt consisted of the following at September 30, 2013 and December 31, 2012:



	September 30, 2013			December 31, 2012
	(In thousands)
8.625% Senior Notes	$	600,000		$	600,000
Unamortized discount for 8.625% Senior Notes	(4,351		)	(4,849		)
7.50% Senior Notes	300,000			300,000
4.375% Convertible Senior Notes	4,425			73,750
Unamortized discount for 4.375% Convertible Senior Notes	—			(1,093		)
Senior Secured Revolving Credit Facility	87,000			—
	$	987,074		$	967,808

Convertible Senior Notes

On June 3, 2013, the Company completed a required tender offer to repurchase the 4.375% convertible senior notes due 2028, with $4.4 million aggregate principal amount of convertible senior notes remaining outstanding. The holders of the Company's remaining $4.4 million aggregate principal amount of convertible senior notes may require it to repurchase the remaining notes on June 1, 2018 and 2023, or upon a fundamental corporate change at a repurchase price in cash equal to 100% of the principal amount of the notes to be repurchased plus accrued and unpaid interest, if any. The Company may also redeem notes at any time at a redemption price equal to 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest, if any.

Senior Secured Revolving Credit Facility

The Company is party to a senior secured revolving credit facility with Wells Fargo Bank, National Association as the administrative agent. The revolving credit facility is secured by substantially all of the Company’s U.S. assets and is guaranteed by all of the Company’s existing Material Domestic Subsidiaries (as defined in the revolving credit facility).

On October 9, 2013, a fourth amendment to the senior secured revolving credit facility (the "Fourth Amendment") was executed. The Fourth Amendment (i) extended the maturity date of the credit facility from January 27, 2016 to July 2, 2018, (ii) increased the aggregate maximum credit commitments of the lenders from $750.0 million to $1.0 billion, (iii) approved a borrowing base of $530.0 million until the closing of the sale of substantially all of the Company's Barnett Shale assets, at which time the approved borrowing base was automatically reduced to $470.0 million and such reduced borrowing base will remain in effect until redetermined or adjusted in accordance with the credit agreement governing the Company's revolving credit facility and (iv) eliminated covenants requiring the Company's maintenance of a specified Senior Debt to EBITDA ratio and a specified EBITDA to Interest Expense ratio.

As of September 30, 2013, the Company was subject to certain covenants under the terms of the revolving credit facility which include the maintenance of the following financial covenants: (1) a ratio of Total Debt to EBITDA of not more than 4.00 to 1.00; (2) a Current Ratio of not less than 1.00 to 1.00; (3) a ratio of Senior Debt to EBITDA of not more than 2.50 to 1.00; and (4) a ratio of EBITDA to Interest Expense of not less than 2.50 to 1.00 (each of the capitalized terms used in the foregoing clauses (1) through (4) being as defined in the credit agreement governing the revolving credit facility). As of September 30, 2013, the ratio of Total Debt to EBITDA was 2.44 to 1.00, the Current Ratio was 1.73 to 1.00, the ratio of Senior Debt to EBITDA was 0.20 to 1.00 and the ratio of EBITDA to Interest Expense was 5.02 to 1.00. Total Debt and Senior Debt, as defined in the credit agreement governing the revolving credit facility, is net of cash and cash equivalents. Because the calculation of the financial ratios are made as of a certain date, the financial ratios can fluctuate significantly period to period as the amounts outstanding under the revolving credit facility are dependent on the timing of cash flows related to operations, capital expenditures, sales of oil and gas properties and securities offerings.

At September 30, 2013, the Company had $87.0 million of borrowings outstanding under the revolving credit facility with a weighted average interest rate of 3.44%. At September 30, 2013, the Company also had $0.9 million in letters of credit outstanding which reduced the amounts available under the revolving credit facility. Upon closing of the Company's Barnett Shale assets on October 31, 2013, the borrowing base was automatically reduced to $470.0 million. Future availability under the borrowing base is subject to the terms and covenants of the revolving credit facility. The revolving credit facility is generally used to fund ongoing working capital needs and the remainder of the Company’s capital expenditure plan to the extent such amounts exceed the cash flow from operations, proceeds from the sale of oil and gas properties and securities offerings.