Long-Term Debt

Long-term debt consists of the following:



	September 30, 2012		December 31, 2011
6⁵/8% senior notes due 2016	$	—	$	249,674
3.60% senior notes due 2022	248,842		—
6¹/2% senior notes due 2029	100,000		100,000
6³/4% senior notes due 2032	250,000		250,000
6¹/2% senior notes due 2035 (the “6¹/2% GO Zone Senior Notes Due 2035”)	89,000		89,000
6¹/2% senior notes due 2035 (the “6¹/2% IKE Zone Senior Notes Due 2035 ”)	65,000		65,000
Loan related to tax-exempt waste disposal revenue bonds due 2027	10,889		10,889
Long-term debt	$	763,731	$	764,563

3.60% Senior Notes due 2022 and 6 ⁵/8% Senior Notes due 2016

On July 17, 2012, the Company issued $250,000 aggregate principal amount of its 3.60% senior notes due 2022 (the “2022 Notes”). On July 30, 2012, the Company voluntarily redeemed all $250,000 aggregate principal amount of its 6 ⁵/8% senior notes due 2016 (the “2016 Notes”) at a redemption price of 102.208% of the principal amount, plus accrued and unpaid interest to the redemption date. The Company used the net proceeds from the issuance of the 2022 Notes, plus cash on hand, to pay the redemption price of the 2016 Notes. As a result of the early redemption of the 2016 Notes, the Company recognized $7,082 in non-operating expense in the third quarter of 2012 consisting primarily of a pre-payment premium of $5,520 and a write-off of $1,277 in previously capitalized debt issuance costs.

The 2022 Notes are unsecured and were issued with an original issue discount of $1,183. There is no sinking fund and no scheduled amortization of the 2022 Notes prior to maturity. The Company may optionally redeem the 2022 Notes at any time and from time to time prior to April 15, 2022 (three months prior to the maturity date) for 100% of the principal plus accrued interest and a discounted "make whole" payment of remaining unpaid principal and interest payments. On or after April 15, 2022, the Company may optionally redeem the 2022 Notes for 100% of the principal plus accrued interest. The holders of the 2022 Notes may require the Company to repurchase the 2022 Notes at a price of 101% of their principal amount, plus accrued and unpaid interest to the date of repurchase, upon the occurrence of both a “change of control” and, within 60 days of such change of control, a “below investment grade rating event” (as such terms are defined in the indenture governing the 2022 Notes). All domestic subsidiaries of the Company that guarantee other indebtedness of the Company or of another guarantor of the 2022 Notes in excess of $5,000 are guarantors of the 2022 Notes.

The indenture governing the 2022 Notes contains customary events of default and covenants that will restrict the Company's and certain of its subsidiaries' ability to (1) incur certain secured indebtedness, (2) engage in certain sale-leaseback transactions and (3) consolidate, merge or transfer all or substantially all of the Company's assets.

Revolving Credit Facility

The Company has a $400,000 senior secured revolving credit facility. At September 30, 2012, 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, 2012, the Company had outstanding letters of credit totaling $16,214 and borrowing availability of $365,865 under the revolving credit facility.