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Long-Term Debt
9 Months Ended
Sep. 30, 2011
Long-Term Debt
Note 6.                  Long-Term Debt

As of September 30, 2011, long-term debt primarily consisted of $644.6 aggregate principal amount (net of original issue discount) of the Company’s 6.875% Senior Unsecured Notes due 2020 (the “6.875% Senior Unsecured Notes”) and $600.0 aggregate principal amount of the Company’s 8.5% Senior Unsecured Notes due 2018 (the “8.5% Senior Unsecured Notes” together with the 6.875% Senior Unsecured Notes, the “Senior Unsecured Notes”).  The Company also has a $750.0 Revolving Credit Facility (the “Revolving Credit Facility”), none of which was drawn at September 30, 2011.

Borrowings under the Revolving Credit Facility bear interest at an annual rate equal to the London interbank offered rate (“LIBOR”) (as defined in the Amended and Restated Credit Agreement, the “Credit Agreement”) plus 225 basis points or Prime (as defined in the Credit Agreement) plus 125 basis points.  If drawn, as of September 30, 2011, the rate under the Revolving Credit Facility would have been approximately 2.5%.

Letters of credit outstanding under the Credit Agreement aggregated $6.0 at September 30, 2011.

The Credit Agreement contains an interest coverage ratio financial covenant (as defined in the Credit Agreement) that must be maintained at a level greater than 2.25 to 1.  The Credit Agreement also contains a total leverage ratio covenant (as defined in the Credit Agreement) which limits net debt to a 4.25 to 1 multiple of EBITDA (as defined in the Credit Agreement).  The Credit Agreement is collateralized by substantially all of the Company’s assets and contains customary affirmative covenants, negative covenants, and conditions precedent for borrowings.  The Company was in compliance with all of the covenants in the Credit Agreement as of September 30, 2011.