XML 36 R10.htm IDEA: XBRL DOCUMENT v2.3.0.15
Debt
9 Months Ended
Sep. 30, 2011
Debt 
Debt

Note 4—Debt

        Debt consisted of the following (in thousands):

 
  September 30,
2011
  December 31,
2010
  Weighted Average Stated
Interest Rate At
September 30,
2011
  Estimated Final
Maturity
 
 

2011 term loan A

  $ 935,000   $     3.285 %   2016  
 

2011 term loan B

    1,396,500         4.00 %   2018  
 

2005 term loan

        136,062              
 

Other(1)

    93,239     32,411     Various     Various  
                       
 

Total debt

    2,424,739     168,473              

Less current debt

    (97,426 )   (13,903 )            
                       
   

Total long-term debt

  $ 2,327,313   $ 154,570              
                       

(1)
This balance includes capital lease obligations and an equipment financing agreement.

        The Company's minimum debt repayment schedule, excluding interest, as of September 30, 2011 is as follows (in thousands):

 
  Payments Due  
 
  2011   2012   2013   2014   2015   Thereafter  

2011 term loan A

  $ 7,500   $ 52,500   $ 82,500   $ 112,500   $ 517,500   $ 162,500  

2011 term loan B

    3,500     14,000     14,000     14,000     14,000     1,337,000  

Other debt

    11,408     33,878     25,273     16,993     5,599     88  
                           

 

  $ 22,408   $ 100,378   $ 121,773   $ 143,493   $ 537,099   $ 1,499,588  
                           

        2005 Credit Agreement, as Amended    On April 1, 2011, in connection with the acquisition of Western Coal, the Company repaid all outstanding loans and accrued interest under the 2005 credit agreement, as amended ("2005 Credit Agreement") and it was simultaneously terminated. No penalties were due in connection with the repayments. As of March 31, 2011 the 2005 Credit Agreement included (1) an amortizing term loan facility ("2005 Term Loan") with an initial aggregate principal amount of $450.0 million and (2) a $300.0 million revolving credit facility ("2005 Revolver") which provided for loans and letters of credit. The 2005 Term Loan bore interest at LIBOR plus as much as 300 basis points and required quarterly principal payments of $0.4 million through October 3, 2012, at which time the remaining outstanding principal was to be due. The 2005 Revolver bore interest at LIBOR plus as much as 400 basis points and was due to mature on July 2, 2012. The commitment fee on the unused portion of the 2005 Revolver was 0.5% per year for all pricing levels. The Company's obligations under the 2005 Credit Agreement were secured by substantially all of the Company's real, personal and intellectual property.

        2011 Credit Agreement    On April 1, 2011, the Company entered into a $2.725 billion credit agreement (the "2011 Credit Agreement") to partially fund the acquisition of Western Coal and to payoff all outstanding loans under the 2005 Credit Agreement. The 2011 Credit Agreement consists of (1) a $950.0 million principal amortizing term loan A facility maturing in April 2016, at which time the remaining outstanding principal is due, (2) a $1.4 billion principal amortizing term loan B facility maturing in April 2018, at which time the remaining outstanding principal is due and (3) a $375.0 million multi-currency revolving credit facility ("Revolver") maturing in April 2016, at which time any remaining balance is due. The Revolver provides for operational needs and letters of credit. The Company's obligations under the 2011 Credit Agreement are secured by substantially all of the Company's domestic and foreign real, personal and intellectual property. The 2011 Credit Agreement contains customary events of default and covenants, including among other things, covenants that restrict but do not prevent the ability of the Company and its subsidiaries to incur certain additional indebtedness, create or permit liens on assets, pay dividends and repurchase stock, engage in mergers or acquisitions and make investments and loans. The 2011 Credit Agreement also includes certain financial covenants that must be maintained.

        The Revolver, term loan A and term loan B interest rates are tied to LIBOR or the Canadian Dealer Offered Rate ("CDOR"), plus a credit spread ranging from 225 to 300 basis points for the Revolver and term loan A, and 275 to 300 basis points on the term loan B adjusted quarterly based on the Company's total leverage ratio as defined by the 2011 Credit Agreement. The term loan B has a minimum LIBOR floor of 1.0%. The Revolver loans can be denominated in either U.S. dollars or Canadian dollars at the Company's option. The commitment fee on the unused portion of the Revolver is 0.5% per year for all pricing levels. As of September 30, 2011, there were no borrowings outstanding under the Revolver, with $70.5 million outstanding stand-by letters of credit and $304.5 million of availability for future borrowings.