Debt

6 Months Ended

Jun. 30, 2012

Debt

Debt

Note 6—Debt

        Debt consisted of the following (in thousands):

	June 30, 2012			December 31, 2011			Weighted Average Stated Interest Rate At June 30, 2012	Final Maturity
2011 term loan A	$	854,674		$	894,837		3.46%	2016
2011 term loan B		1,273,326			1,333,163		4.00%	2018
Revolving credit facility		59,009			10,000		4.22%	2016
Other(1)		69,747			87,715		Various	Various
Total debt		2,256,756			2,325,715
Less current debt		(49,890	)		(56,695	)
Total long-term debt	$	2,206,866		$	2,269,020

(1)

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

        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 pay off 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. On June 28, 2012 we prepaid $100 million of the outstanding principal balances of the term loans. Due to the Company making prepayments on both the term loan A and term loan B facilities the remaining balance of the term loan B facility is due upon maturity. 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 June 30, 2012, the Revolver had $59.0 million in borrowings, with $48.8 million outstanding stand-by letters of credit and $267.2 million of availability for future borrowings.