Long-Term Debt and Interest Expense

3 Months Ended

Mar. 31, 2015

Long-Term Debt and Interest Expense [Abstract]

Long-Term Debt

5. Long-Term Debt and Interest Expense

Long-term debt consisted of the following (in thousands):

	March 31, 2015		December 31, 2014
Credit Facilities:
Revolver	$	16,000	$	16,000
7.75% Senior Notes due 2019		475,000		475,000
7.75% Senior Notes due 2022		300,000		300,000
Unamortized premium		1,155		1,217
Capital leases and other  notes		132,880		138,930
		925,035		931,147
Less current portion		46,816		48,575
	$	878,219	$	882,572

Basic had $16.0 million in borrowings and $51.3 million of letters of credit outstanding under its $300 million Amended and Restated Credit Agreement, dated as of November 26, 2014, as amended by Amendment No. 1 dated as of December 15, 2014 (the “Credit Agreement”) as of March 31, 2015, giving Basic $229.5 million of available borrowing capacity on a pro forma basis.  

Basic’s interest expense consisted of the following (in thousands):

	Three Months Ended March 31,
	2015		2014
Cash payments for interest	$	18,875	$	18,933
Commitment and other fees paid		407		585
Amortization of debt issuance costs and discount or premium on notes		681		740
Change in accrued interest		(2,989)		(3,405)
Other		(111)		6
	$	16,863	$	16,859