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Long-Term Debt

9 Months Ended

Sep. 30, 2011

6. Long-Term Debt

Long-term debt consists of the following:


	September 30, 2011		December 31, 2010
6 ⁵/8% senior notes due 2016	$	249,654	$	249,593
6 ¹/2% senior notes due 2029		100,000		100,000
6 ³/4% senior notes due 2032		250,000		250,000
6 ¹/2% senior notes due 2035 (the "2035 GO Zone 6 ¹/2% Notes")		89,000		89,000
6 ¹/2% senior notes due 2035 (the "2035 IKE Zone 6 ¹/2% Notes")		65,000		65,000
Variable rate tax-exempt waste disposal revenue bonds due 2027		10,889		10,889

Long-term debt	$	764,543	$	764,482

The Company has a $400,000 senior secured revolving credit facility. In September 2011, the Company entered into a second amendment and restatement to the revolving credit facility. The amendment and restatement extended the scheduled maturity date of the facility from September 8, 2013 to September 16, 2016, reduced the interest rate and facility fee payable under the facility, amended the covenants restricting the Company's ability to make distributions and acquisitions and make investments and, among other things:

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includes a covenant requiring the Company to maintain a minimum fixed charge coverage ratio of 1.0:1 for successive 30-day periods after any date on which the borrowing availability under the facility is less than the greater of (1) 12.5% of the commitments under the facility and (2) $50,000, until the borrowing availability exceeds the greater of the amount in clause (1) and the amount in clause (2) for a 30-day period;

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generally allows the Company to incur up to $150,000 in purchase money debt and eliminates a $20,000 maximum limit on the amount of capital leases that it may enter into;

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generally allows the Company to incur an amount of debt secured by liens on its assets that are not collateral under the facility up to the greater of (1) $600,000 and (2) 30% of tangible assets;

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generally allows the Company to enter into sale and leaseback transactions in an amount up to an aggregate of $150,000; and

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so long as no default or event of default has occurred or is continuing, allows the Company to prepay any debt with unrestricted cash and to prepay any of its existing senior notes with unrestricted or restricted cash.

The facility also includes a provision permitting the Company to increase the size of the facility, up to four times, in increments of at least $25,000 each (up to a maximum of $150,000) under certain circumstances if certain lenders agree to commit to such an increase.

Amounts drawn under the facility are limited to (1) 85% of the net amount of eligible accounts receivable, plus (2) the lesser of (a) 70% of the value of the lower of cost or market of eligible inventory, or (b) 85% of the appraised net orderly liquidation value of all eligible inventory, plus (3) 100% of cash held in an account with Bank of America and subject to a control agreement with Bank of America, minus (4) such reserves as Bank of America, the agent, may establish. Advances on inventory are limited to $325,000. The facility includes a $400,000 sub-limit for letters of credit, and any outstanding letters of credit will be deducted from availability under the facility.

At September 30, 2011, the Company had no borrowings outstanding under the revolving credit facility. Any borrowings under the facility will bear interest at either LIBOR plus a spread ranging from 1.75% to 2.25% or a base rate plus a spread ranging from 0.25% to 0.75%. The revolving credit facility also requires an unused commitment fee of 0.375% per annum. All interest rates under the facility are subject to monthly grid pricing adjustments based on prior month average daily loan availability. The revolving credit facility matures on September 16, 2016. As of September 30, 2011, the Company had outstanding letters of credit totaling $17,662 and borrowing availability of $382,338 under the revolving credit facility.