| Long-Term Debt |
7. Long-Term Debt
Long-term debt
consists of the following:
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September 30,
2012 |
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December 31,
2011 |
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(In
thousands) |
|
|
$300 million floating rate
revolving credit facility, due August 2016
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|
$ |
103,000 |
|
|
$ |
— |
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|
5.55% senior notes, with
semi-annual interest payments in June and December, maturing June
2013
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|
35,000 |
|
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|
35,000 |
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|
4.91% senior notes, with
semi-annual interest payments in June and December, with annual
principal payments in June, maturing in June 2018
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|
27,700 |
|
|
|
32,317 |
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8.38% senior notes, with
semi-annual interest payments in March and September, with
scheduled principal payments beginning March 2013, maturing in
March 2019
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|
150,000 |
|
|
|
150,000 |
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|
5.05% senior notes, with
semi-annual interest payments in January and July, with annual
principal payments in July, maturing in July 2020
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61,538 |
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|
69,230 |
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5.31% utility local
improvement obligation, with annual principal and interest
payments, maturing in March 2021
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|
1,731 |
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|
|
1,922 |
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5.55% senior notes, with
semi-annual interest payments in June and December, with annual
principal payments in June, maturing in June 2023
|
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|
30,300 |
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|
33,600 |
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4.73% senior notes, with
semi-annual interest payments in June and December, with scheduled
principal payments beginning December 2014, maturing in December
2023
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75,000 |
|
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75,000 |
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5.82% senior notes, with
semi-annual interest payments in March and September, with annual
principal payments in March, maturing in March 2024
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|
180,000 |
|
|
|
195,000 |
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8.92% senior notes, with
semi-annual interest payments in March and September, with
scheduled principal payments beginning March 2014, maturing in
March 2024
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50,000 |
|
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|
50,000 |
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5.03% senior notes, with
semi-annual interest payments in June and December, with scheduled
principal payments beginning December 2014, maturing in December
2026
|
|
|
175,000 |
|
|
|
175,000 |
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|
5.18% senior notes, with
semi-annual interest payments in June and December, with scheduled
principal payments beginning December 2014, maturing in December
2026
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|
50,000 |
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|
50,000 |
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Total debt
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939,269 |
|
|
|
867,069 |
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Less – current portion
of long term debt
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|
(87,230 |
) |
|
|
(30,801 |
) |
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Long-term debt
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$ |
852,039 |
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$ |
836,268 |
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Principal
payments due in:
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Senior Notes |
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|
Credit Facility |
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Total |
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(In
thousands) |
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Remainder of 2012
|
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$ |
— |
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$ |
— |
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$ |
— |
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|
2013
|
|
|
87,230 |
|
|
|
— |
|
|
|
87,230 |
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|
2014
|
|
|
80,983 |
|
|
|
— |
|
|
|
80,983 |
|
|
2015
|
|
|
80,983 |
|
|
|
— |
|
|
|
80,983 |
|
|
2016
|
|
|
80,983 |
|
|
|
103,000 |
|
|
|
183,983 |
|
|
Thereafter
|
|
|
506,090 |
|
|
|
— |
|
|
|
506,090 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
836,269 |
|
|
$ |
103,000 |
|
|
$ |
939,269 |
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The senior note
purchase agreement contains covenants requiring our operating
subsidiary to:
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• |
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Maintain a ratio of consolidated indebtedness to consolidated
EBITDDA (as defined in the note purchase agreement) of no more than
4.0 to 1.0 for the four most recent quarters;
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• |
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not permit debt secured by certain liens and debt of
subsidiaries to exceed 10% of consolidated net tangible assets (as
defined in the note purchase agreement); and
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• |
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maintain the ratio of consolidated EBITDDA to consolidated
fixed charges (consisting of consolidated interest expense and
consolidated operating lease expense) at not less than 3.5 to
1.0.
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The 8.38% and
8.92% senior notes also provide that in the event that the
Partnership’s leverage ratio exceeds 3.75 to 1.00 at the end
of any fiscal quarter, then in addition to all other interest
accruing on these notes, additional interest in the amount of
2.00% per annum shall accrue on the notes for the two
succeeding quarters and for as long thereafter as the leverage
ratio remains above 3.75 to 1.00.
The Partnership
made principal payments of $30.8 million on its senior notes during
the nine months ended September 30, 2012.
At
September 30, 2012, the Partnership had $103 million
outstanding on its revolving credit facility; while at
December 31, 2011 the Partnership did not have any outstanding
balance. The weighted average interest rates for the nine months
ended September 30, 2012 and year ended December 31, 2011
were 2.13% and 1.83%, respectively. The Partnership incurs a
commitment fee on the undrawn portion of the revolving credit
facility at rates ranging from 0.18% to 0.40% per annum. The
facility includes an accordion feature whereby the Partnership may
request its lenders to increase their aggregate commitment to a
maximum of $500 million on the same terms.
The revolving
credit facility contains covenants requiring the Partnership to
maintain:
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• |
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a ratio of consolidated indebtedness to consolidated EBITDDA
(as defined in the credit agreement) not to exceed 4.0 to 1.0
and,
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• |
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a ratio of consolidated EBITDDA to consolidated fixed charges
(consisting of consolidated interest expense and consolidated lease
operating expense) of not less than 3.5 to 1.0 for the four most
recent quarters.
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The Partnership
was in compliance with all terms under its long-term debt as of
September 30, 2012.
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