Long Term Debt |
Long-term debt consisted of the following (in thousands):
|
|
September 30, |
|
|
December 31, |
|
|
|
2018 |
|
|
2017 |
|
Term loans, net of financing costs and discount of $46,097 and $57,547, respectively |
|
$ |
2,574,596 |
|
|
$ |
2,791,875 |
|
|
Revolving loans |
|
|
5,628 |
|
|
|
3,000 |
|
6.125% Senior unsecured notes due 2022, net of financing costs of $1,667 and $1,992,
respectively |
|
|
273,333 |
|
|
|
273,008 |
|
5.875% Senior unsecured notes due 2022, plus premium of $6,689 and $8,102, respectively |
|
|
406,689 |
|
|
|
408,102 |
|
5.625% Senior unsecured notes due 2024, net of financing costs of $12,235 and $13,525,
respectively |
|
|
887,765 |
|
|
|
886,475 |
|
|
|
|
4,148,011 |
|
|
|
4,362,460 |
|
Less: current portion |
|
|
(42,089 |
) |
|
|
(92,808 |
) |
|
|
$ |
4,105,922 |
|
|
$ |
4,269,652 |
|
|
Fair Value of Debt |
The aggregate carrying amounts and estimated fair values of the Company’s debt were as follows (in thousands):
|
|
September 30, 2018 |
|
|
December 31, 2017 |
|
|
|
Carrying |
|
|
Fair |
|
|
Carrying |
|
|
Fair |
|
|
|
Amount |
|
|
Value |
|
|
Amount |
|
|
Value |
|
Term loans(1) |
|
$ |
2,574,596 |
|
|
$ |
2,623,723 |
|
|
$ |
2,791,875 |
|
|
$ |
2,852,199 |
|
Revolving loans(1) |
|
|
5,628 |
|
|
|
5,602 |
|
|
|
3,000 |
|
|
|
2,985 |
|
6.125% Senior unsecured notes(2) |
|
|
273,333 |
|
|
|
279,469 |
|
|
|
273,008 |
|
|
|
284,625 |
|
5.875% Senior unsecured notes(2) |
|
|
406,689 |
|
|
|
406,500 |
|
|
|
408,102 |
|
|
|
415,500 |
|
5.625% Senior unsecured notes(2) |
|
|
887,765 |
|
|
|
878,625 |
|
|
|
886,475 |
|
|
|
925,875 |
|
(1) |
The fair value of senior secured credit facilities is computed based on borrowing rates currently available to the Company for bank loans with similar terms and average maturities. These fair value measurements are considered Level 3, as significant inputs to the fair value calculation are unobservable in the market. |
(2) |
The fair value of the Company’s fixed rate debt is estimated based on bid prices obtained from an investment banking firm that regularly makes a market for these financial instruments. These fair value measurements are considered Level 2, as quoted market prices are available for low volume trading of these securities. |
|