Long-Term Obligations (Tables)

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

Summary of long-term debt obligations

The following table summarizes our long-term obligations at September 30, 2014 and December 31, 2013 (in thousands):

		September 30, 2014			December 31, 2013
Senior term notes	Notes payable, maturing in 2019, secured by assets, variable interest rate (1.91% and 1.92% at September 30, 2014 and December 31, 2013, respectively)	600,000			556,914
Revolving credit	Revolving line of credit, maturing in 2019, secured by assets, variable interest rate	—			—
Secured seller notes	Notes payable matures in 2014, secured by assets and stock of certain subsidiaries, with interest rate of 10.0%	230			230
	Total debt obligations	600,230			557,144
	Capital lease obligations	60,180			62,501
		660,410			619,645
	Less — current portion	(11,687		)	(51,087		)
		$	648,723		$	568,558

In general, borrowings under the New Senior Credit Facility (including swing line borrowings) bear interest, at our option, on either:

• the base rate (as defined below) plus the applicable margin of 0.75% (Pricing Tier 3, see table below) per annum; or

• the Eurodollar rate (as defined below), plus a margin of 1.75% (Pricing Tier 3, see table below) per annum

Each of the aforementioned margins remain applicable until the date of delivery of the compliance certificate and the financial statements, for the period ended September 30, 2014, at which time the applicable margin will be determined by reference to the leverage ratio in effect from time to time as set forth in the following table:

Pricing Tier	Consolidated Leverage Ratio	Applicable Margin for Eurodollar Loans/Letter of Credit Fees		Applicable Margin for Base Rate Loans		Commitment Fee
1	≥ 4.00:1.00	2.25	%	1.25	%	0.45	%
2	< 4.00:1.00 and ≥ 3.25:1.00	2.00	%	1.00	%	0.40	%
3	< 3.25:1.00 and ≥ 2.50:1.00	1.75	%	0.75	%	0.35	%
4	< 2.50:1.00 and ≥ 1.75:1.00	1.50	%	0.50	%	0.30	%
5	< 1.75:1.00 and ≥ 1.00:1.00	1.25	%	0.25	%	0.25	%
6	< 1.00:1.00	1.00	%	—	%	0.25	%

Schedule of long-term debt principal payments

The following table sets forth the scheduled principal payments for our senior term notes (in thousands):

6. Long-Term Obligations, continued

	2014		2015		2016		2017		2018		Thereafter
Senior term notes	$	—	$	15,000	$	30,000	$	37,500	$	52,500	$	465,000