Senior Notes

12 Months Ended

Sep. 30, 2019

On July 14, 2010, we issued $245 million of senior notes in a private placement to a group of institutional investors (the “2010 Senior Notes”). The 2010 Senior Notes were issued in four series as follows:



Series	Amount		Interest Rate		Maturity Date
	(In millions)
E	$	60.0	4.72	%	July 14, 2016
F	$	72.0	5.04	%	July 14, 2017
G	$	28.0	5.42	%	July 14, 2019
H	$	85.0	5.59	%	July 14, 2020

The 2010 Senior Notes require us to pay the entire unpaid principal balances of each note series on its maturity date. The 2010 Senior Notes also require interest payments semi-annually and contain certain restrictive covenants, including the maintenance of a maximum consolidated net debt to consolidated EBITDA ratio of 3.00 and a minimum fixed charge coverage ratio of 2.50. We were in compliance with all financial covenants under the 2010 Senior Notes as of September 30, 2019.

On May 8, 2018, we issued $400 million of senior notes in a private offering to qualified institutional investors (the “2018 Senior Notes”, and with the 2010 Senior Notes, the “Senior Notes”). The 2018 Senior Notes require interest payments semi-annually at a rate of 5.25% per annum and will mature on May 15, 2026.

The purchase agreements for the 2010 Senior Notes and the indenture for the 2018 Senior Notes contain certain covenants typical of unsecured obligations.

The following table presents the carrying amounts and fair values for the Senior Notes at September 30, 2019 and 2018:



	September 30, 2019				September 30, 2018
	Carrying Amounts (1)		Fair Value		Carrying Amounts (1)		Fair Value
	(In thousands)
The 2010 Senior Notes	$	85,000	$	86,121	$	113,000	$	114,413
The 2018 Senior Notes	400,000		428,000		400,000		404,000
Total	$	485,000	$	514,121	$	513,000	$	518,413

(1) Amounts exclusive of net debt issuance cost of $5.2 million and $6.1 million at September 30, 2019 and 2018, respectively.

Future principal payments for the Senior Notes are as follows (in thousands):



Year Ending September 30,
2020	$	85,000
2021	—
2022	—
2023	—
2024	—
Thereafter	400,000
Total	$	485,000