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Long-Term Debt and Capital Lease Obligations
9 Months Ended
Sep. 30, 2012
Long-term Debt and Capital Lease Obligations [Abstract]  
Long-Term Debt and Capital Lease Obligations
LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS

As of September 30, 2012, the Company had $240.0 million of outstanding borrowings under the SEACOR revolving credit facility. The remaining availability under this facility was $164.0 million, net of issued letters of credit of $1.0 million. On November 3, 2012, the maximum committed amount under the revolving credit facility will be reduced by $45.0 million. During the nine months ended September 30, 2012, the Company had borrowings of $115.0 million and made repayments of $50.0 million. In addition, as of September 30, 2012, the Company had other outstanding letters of credit totaling $47.2 million with various expiration dates through 2016.
As of September 30, 2012, Era Group Inc. ("Era") had $190.0 million of outstanding borrowings under its senior secured revolving credit facility. The senior secured revolving credit facility requires Era to maintain a maximum leverage ratio and various other financial ratios, as defined in the senior secured credit facility. Failure to comply with these ratios is an event of default and, as a result, borrowing capacity is based on the ability to comply with these ratios. As of September 30, 2012, the availability under this facility was $44.9 million, net of issued letters of credit of $0.3 million, based on compliance with these financial ratios. During the nine months ended September 30, 2012, Era had borrowings of $38.0 million and made repayments of $100.0 million.
During the nine months ended September 30, 2012, the Company made scheduled payments on other long-term debt and capital lease obligations of $9.7 million and repaid $3.2 million of acquired debt. In addition, the Company had borrowings of $0.1 million and made repayments of $0.7 million on other working capital lines, and made net repayments of $13.4 million on inventory financing arrangements.
On September 28, 2012, the Company made an irrevocable deposit of $171.0 million to its trustee for the extinguishment of the Company's 5.875% Senior Notes at their scheduled maturity on October 1, 2012. As of September 30, 2012, the irrevocable deposit held by the trustee and the outstanding principal of the maturing debt is included in restricted cash and current portion of long-term debt, respectively, in the accompanying condensed consolidated balance sheets.
SEACOR’s Board of Directors has previously authorized the Company to purchase any or all of its 5.875% Senior Notes due 2012 and its 7.375% Senior Notes due 2019, which may be acquired through open market purchases, privately negotiated transactions or otherwise, depending on market conditions. During the nine months ended September 30, 2012, the Company purchased $5.5 million, in principal amount, of its 5.875% Senior Notes for $5.7 million, resulting in a loss on debt extinguishment of $0.2 million.