Debt Arrangements (Tables)

9 Months Ended

Sep. 30, 2017

Schedule of Debt Obligations

The Company’s debt obligations consist of the following:

	September 30, 2017			December 31, 2016
Senior Secured Notes	$	418,847		$	651,784
1.50% Convertible Notes(1)		230,929			277,518
Variable Funding Note, net of original issue discount(2)		90,429			100,000
Senior Secured Term Loan, net of original issue discount(3)		—			244,906
2017 Senior Secured Term Loan, net of original issue    discount(4)		286,823
Unamortized debt issuance costs		(13,710	)		(20,048	)
Total debt		1,013,318			1,254,160
Less current maturities		553,549			160,435
Total long-term debt	$	459,769		$	1,093,725

⁽¹⁾ During FY 2016, the Company repurchased a total of $104.9 million par value (of which $51.7 million and $53.2 million were purchased in June 2016 and July 2016, respectively) of the 1.50% Convertible Notes.  During the Current Quarter, the Company repurchased a total of $58.9 million par value of the 1.50% Convertible Notes. See below for further details.  

⁽²⁾ On August 18, 2017, the Company entered into an amendment of its Variable Funding Note which extended the anticipated repayment date for the Variable Funding Notes from January 2018 to January 2020.  See below for further details.

⁽³⁾ On June 30, 2017, the Company repaid the remaining outstanding principal balance of the Senior Secured Term Loan and accordingly, the Company wrote off the remaining portion of the deferred financing costs and original issue discount associated with the debt facility.  See below for further details.

⁽⁴⁾ On August 2, 2017, the Company entered into a long-term refinancing arrangement with Deutsche Bank AG for an aggregate principal amount of $300 million.  See below for further details.

Company's Debt Maturities on Calendar Year Basis

As of September 30, 2017, the Company’s debt maturities on a calendar year basis are as follows:

	Total		October 1 through December31, 2017		2018		2019		2020		2021		Thereafter
Senior Secured Notes	$	418,847	$	10,673	$	42,693	$	42,693	$	42,693	$	42,693	$	237,402
1.50% Convertible Notes(1)	$	230,929		—		230,929		—		—		—		—
Variable Funding Notes(2)	$	90,429		—		—		—		90,429		—		—
2017 Senior Secured Term Loan(3)	$	286,823		231,299		55,524		—		—		—		—
Total	$	1,027,028	$	241,972	$	329,146	$	42,693	$	133,122	$	42,693	$	237,402

⁽¹⁾ Reflects the net debt carrying amount of the 1.50% Convertible Notes in the unaudited condensed consolidated balance sheet as of September 30, 2017, in accordance with accounting for convertible notes. After taking into effect the total $163.8 million ($104.9 million in FY 2016 and $58.9 million of repurchases in the Current Quarter) of the 1.50% Convertible Notes as discussed above, the remaining principal amount owed to the holders of the 1.50% Convertible Notes is $236.2 million.

⁽²⁾ Reflects the net debt carrying amount, effected by the outstanding balance of the original issue discount, in the unaudited condensed consolidated balance sheet as of September 30, 2017.  The actual principal outstanding balance of the Variable Funding Notes is $100.0 million as of September 30, 2017.

⁽³⁾ Reflects the net debt carrying amount, effected by the outstanding balance of the original issue discount, in the unaudited condensed consolidated balance sheet as of September 30, 2017.  The actual principal outstanding balance of the 2017 Senior Secured Term Loan is $298.5 million as of September 30, 2017.  Such principal amount was subsequently reduced pursuant to the terms of the First Amendment.

Convertible Notes | 1.50% Senior Subordinated Notes Due March 15, 2018

Details of Convertible Notes Reflected on Consolidated Balance Sheet

As of September 30, 2017 and December 31, 2016, the amount of the 1.50% Convertible Notes accounted for as a liability was approximately $230.9 million and $277.5 million, respectively, and is reflected on the condensed consolidated balance sheets as follows:

	September 30, 2017		December 31, 2016
Equity component carrying amount	$	48,767	$	48,767
Unamortized discount		64,121		17,531
Net debt carrying amount		230,929		277,518