XML 62 R13.htm IDEA: XBRL DOCUMENT v2.4.0.8
Notes Payable and Current Maturities of Long-term Debt
6 Months Ended
Jun. 30, 2014
Debt Disclosure [Abstract]  
Notes Payable [Text Block]
NOTES PAYABLE AND CURRENT MATURITIES OF LONG-TERM DEBT

We had the following short-term debt outstanding in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of:
 
June 30, 2014
December 31, 2013
June 30, 2013
 
Balance Outstanding
Letters of Credit
Balance Outstanding
Letters of Credit
Balance Outstanding
Letters of Credit
Revolving Credit Facility
$
132,700

$
20,272

$
82,500

$
22,100

$
100,000

$
43,157



Revolving Credit Facility

On May 29, 2014, we amended our $500 million corporate Revolving Credit Facility agreement to extend the term through May 29, 2019. This facility is substantially similar to the former agreement, which includes an accordion feature that allows us, with the consent of the administrative agent and issuing agents, to increase the capacity of the facility to $750 million. Borrowings continue to be available under a base rate or various Eurodollar rate options. The interest costs associated with the letters of credit or borrowings and the commitment fee under the Revolving Credit Facility are determined based upon our most favorable Corporate credit rating from S&P and Moody’s for our unsecured debt. Based on our credit ratings, the margins for base rate borrowings, Eurodollar borrowings and letters of credit were 0.125%, 1.125% and 1.125%, respectively, from May 29, 2014 through June 30, 2014; a reduction of 0.25% for each method of borrowing as compared to the previous arrangement. Borrowings under the facility are primarily Eurodollar based. A commitment fee is charged on the unused amount of the Revolving Credit Facility and was 0.175% based on our credit rating, a reduction of 0.025% compared to the prior arrangement.

Current Maturities Of Long-Term Debt

As of June 30, 2014, our Corporate term loan due June 19, 2015, for $275 million has been re-classified to Current maturities of long-term debt from Long-term debt, net of current maturities.





Debt Covenants

Our Revolving Credit Facility and our Term Loan require compliance with the following financial covenant at the end of each quarter:
 
As of June 30, 2014
 
Covenant Requirement
Recourse Leverage Ratio
54%
 
Less than
65%


As of June 30, 2014, we were in compliance with this covenant.