XML 65 R41.htm IDEA: XBRL DOCUMENT v2.4.0.6
Long-Term Debt (Narrative) (Details) (USD $)
 0 Months Ended 1 Months Ended 3 Months Ended 0 Months Ended 3 Months Ended 3 Months Ended 0 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended
Feb. 15, 2011
Feb. 28, 2011
Mar. 31, 2012
Mar. 31, 2011
Apr. 05, 2012
Apr. 12, 2006
7.125% Senior Notes Due 2016 [Member]
Mar. 31, 2012
7.125% Senior Notes Due 2016 [Member]
Mar. 31, 2012
7.75% Senior Notes Due 2019 [Member]
Jun. 13, 2011
7.75% Senior Notes Due 2019 [Member]
Feb. 15, 2011
7.75% Senior Notes Due 2019 [Member]
Mar. 31, 2012
11.625% Senior Secured Notes [Member]
Mar. 31, 2012
7.75% Senior Notes Due 2019 Prior To February 15 2014 [Member]
Mar. 31, 2011
7.75% Senior Notes Due 2019 Prior To February 15 2014 [Member]
Mar. 31, 2012
7.75% Senior Notes Due 2019 Prior To February 15 2015 [Member]
Jul. 15, 2011
Revolving Credit Facility [Member]
Mar. 31, 2012
Revolving Credit Facility [Member]
Feb. 15, 2011
Revolving Credit Facility [Member]
Mar. 31, 2012
Maximum [Member]
Mar. 31, 2012
Maximum [Member]
Alternate Base Rate Loans [Member]
Mar. 31, 2012
Maximum [Member]
Eurodollar Loans [Member]
Mar. 31, 2012
Minimum [Member]
Mar. 31, 2012
Minimum [Member]
Alternate Base Rate Loans [Member]
Mar. 31, 2012
Minimum [Member]
Eurodollar Loans [Member]
Jul. 08, 2011
Maverick [Member]
Debt Instrument [Line Items]                                                
Senior notes           $ 225,000,000     $ 200,000,000 $ 275,000,000                            
Debt instrument, interest rate     11.625% 11.625%   7.125% 7.125% 7.75%     11.625%                          
Debt instrument, maturity date           April 2016   February 15, 2019               January 15, 2016                
Repayment of senior debt 224,700,000                                              
Debt instrument, frequency of periodic payment             semi-annually semi-annually                                
Debt instrument, purchase price as a percentage of principal amount                 101.00% 100.00%                            
Debt instrument, repurchase price, percentage on principal amount plus accrued and unpaid interest             101.00%                                  
Debt issuance costs     1,000 9,371,000     5,200,000                                  
Proceeds from the issuance of senior notes               464,600,000                                
Debt instrument, redemption price               100.00%                                
Redemption price percentage of senior note     107.75%                     100.00%                    
Percent redeemable                         35.00%                      
Minimum amount outstanding after redemption                         65.00%                      
Senior notes, call feature                      

At any time before February 15, 2014, Basic, at its option, may redeem up to 35% of the aggregate principal amount of the 7.75% Senior Notes issued under the 7.75% Senior Notes Indenture with the net cash proceeds of one or more qualified equity offerings at a redemption price of 107.750% of the principal amount of the 7.75% Senior Notes to be redeemed, plus accrued and unpaid interest to the date of redemption, as long as:

 

  •  

at least 65% of the aggregate principal amount of the 7.75% Senior Notes issued under the 7.75% Senior Notes Indenture remains outstanding immediately after the occurrence of such redemption; and

 

  •  

such redemption occurs within 90 days of the date of the closing of any such qualified equity offering.

                       
Maximum period for redemption on senior note (in days)                         90                      
Repurchase of notes, purchase price               101.00%                                
Debt service coverage ratio                                   1.05     1.00      
Line of credit facility, current borrowing capacity         250,000,000                       165,000,000              
Line of credit facility, maximum increase in borrowing capacity                                 100,000,000              
Increase in total credit                             225,000,000                  
Credit agreement interest rate description                               At Basic's option, advances under the Credit Agreement may be comprised of (i) alternate base rate loans, at a variable base interest rate plus a margin ranging from 1.50% to 2.25% based on Basic's leverage ratio or (ii) Eurodollar loans, at a variable base interest rate plus a margin ranging from 2.50% to 3.25% based on Basic's leverage ratio.                
Marginal interest rate                                     2.25% 3.25%   1.50% 2.50%  
Commitment fee                               0.50%                
Credit agreement covenants                              

The Credit Agreement contains various covenants that, subject to agreed upon exceptions, limit Basic's ability and the ability of certain of Basic's subsidiaries to:

 

  •  

incur indebtedness;

 

  •  

grant liens;

 

  •  

enter into sale and leaseback transactions;

 

  •  

make loans, capital expenditures, acquisitions and investments;

 

  •  

change the nature of business;

 

  •  

acquire or sell assets or consolidate or merge with or into other companies;

 

  •  

declare or pay dividends;

 

  •  

enter into transactions with affiliates;

 

  •  

enter into burdensome agreements;

 

  •  

prepay, redeem or modify or terminate other indebtedness;

 

  •  

change accounting policies and reporting practices; and

 

  •  

amend organizational documents.

The Credit Agreement also contains covenants that, among other things, limit the amount of capital contributions Basic may make and require Basic to maintain specified ratios or conditions as follows:

 

  •  

a minimum consolidated interest coverage ratio of not less than 2.50 to 1.00;

 

  •  

a maximum consolidated leverage ratio not to exceed 4.00 to 1.00; and

 

  •  

a maximum consolidated senior secured leverage ratio of 2.00 to 1.00.

               
Minimum consolidated interest coverage ratio floor     2.50                                          
Maximum consolidated leverage ratio ceiling     4.00                                          
Maximum consolidated senior secured leverage ratio     2.00                                          
Portion of the net proceeds from the offering to be funded                                               186,300,000
Termination of revolving credit facility   30,000,000                                            
Wrote off unamortized debt issuance costs   3,900,000   3,900,000                                        
Debt instrument, unamortized discount   9,200,000                                            
Premium paid   $ 36,200,000