Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Instrument [Line Items]

Long-Term Debt

Long-term debt consists of the following:

	September 30, 2020		December 31, 2019
	(In thousands)
2016 Revolving Credit Facility (1)	$	—	$	—
6.125% Senior Subordinated Notes due 2027 (the “6.125% Notes”)	250,000		250,000
2019 Mortgage Facility (2)	103,633		109,088
Mortgage notes to finance companies - fixed rate, bearing interest from 2.41% to 7.03%	217,090		194,535
Mortgage notes to finance companies - variable rate, bearing interest at 1.50 to 2.90 percentage points above one-month or three-month LIBOR	171,055		161,345
Subtotal	$	741,778	$	714,968
Debt issuance costs	(8,181)		(8,082)
Total debt	733,597		706,886
Less current maturities	(63,913)		(69,908)
Long-term debt	$	669,684	$	636,978

(1)The interest rate on the 2016 Revolving Credit Facility (as defined below) was 150 basis points above the London Inter-bank Offered Rate (“LIBOR”) at both September 30, 2020 and December 31, 2019.

(2)The interest rate on the 2019 Mortgage Facility (as defined below) was 150 and 200 basis points above LIBOR at September 30, 2020 and December 31, 2019, respectively.

Financial Covenants Include Required Specified Ratios

were in compliance with the financial covenants under the 2016 Credit Facilities, the 2019 Mortgage Facility and the 2020 Line of Credit Facility as of September 30, 2020. Financial covenants include required specified ratios (as each is defined in the 2016 Credit Facilities, the 2019 Mortgage Facility and the 2020 Line of Credit Facility) of:

	Covenant
	Minimum Consolidated Liquidity Ratio	Minimum Consolidated Fixed Charge Coverage Ratio	Maximum Consolidated Total Lease Adjusted Leverage Ratio
Required ratio	1.05	1.20	5.75
September 30, 2020 actual	1.17	1.85	2.94

Summary of Interest Received and Paid under Term of Cash Flow Swap

Under the terms of the interest rate cap agreements, to the extent that the stated receive rate exceeds the stated cap rate, we will receive interest based on the following:

Notional Amount		Cap Rate (1)	Receive Rate (1) (2)	Start Date	End Date
(In millions)
$	312.5	2.000%	one-month LIBOR	July 1, 2019	June 30, 2020
$	250.0	3.000%	one-month LIBOR	July 1, 2019	June 30, 2020
$	225.0	3.000%	one-month LIBOR	July 1, 2020	June 30, 2021
$	150.0	2.000%	one-month LIBOR	July 1, 2020	July 1, 2021
$	250.0	3.000%	one-month LIBOR	July 1, 2021	July 1, 2022

(1)Under these interest rate caps, no payment from the counterparty will occur unless the stated receive rate exceeds the stated cap rate, in which case a net payment to us from the counterparty, based on the spread between the receive rate and the cap rate, will be recognized as a reduction of interest expense, other, net in the accompanying unaudited condensed consolidated statements of operations.

(2)The one-month LIBOR rate was approximately 0.148% at September 30, 2020.

6.125% Notes

Debt Instrument [Line Items]

Debt Instrument Redemption

We may redeem the 6.125% Notes, in whole or in part, at any time on or after March 15, 2022 at the following redemption prices, which are expressed as percentages of the principal amount:

	Redemption Price
Beginning on March 15, 2022	103.063	%
Beginning on March 15, 2023	102.042	%
Beginning on March 15, 2024	101.021	%
Beginning on March 15, 2025 and thereafter	100.000	%