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Long-Term Debt
3 Months Ended
Mar. 31, 2012
Long-Term Debt
Note 6.         Long-Term Debt

On March 13, 2012, the Company issued $500.0 aggregate principal amount of its 5.25% Senior Notes due 2022 (the “5.25% Senior Unsecured Notes”), in an offering pursuant to the Securities Act of 1933, as amended. The notes are senior unsecured debt obligations of the Company. As of March 31, 2012, long-term debt primarily consisted of our 5.25% Senior Unsecured Notes, $650.0 aggregate principal amount of our 6.875% Senior Unsecured Notes ($644.8 net of original issue discount) due 2020 and $600.0 aggregate principal amount of our 8.5% Senior Unsecured Notes due 2018.  The Company also has a $750 Revolving Credit Facility (the “Revolving Credit Facility”), none of which was drawn at March 31, 2012.

Borrowings under the Revolving Credit Facility bear interest at an annual rate equal to the London interbank offered rate (“LIBOR”) (as defined in the Revolving Credit Facility Agreement) plus 200 basis points or Prime (as defined in the Revolving Credit Facility Agreement) plus 100 basis points.  If drawn, as of March 31, 2012, the rate under the Revolving Credit Facility would have been approximately 2.47%.

Letters of credit outstanding under the Revolving Credit Facility aggregated $8.9 at March 31, 2012.

The Revolving Credit Facility Agreement contains an interest coverage ratio financial covenant (as defined therein) that must be maintained at a level greater than 2.25 to 1 and a total leverage ratio covenant (as defined therein) which limits net debt to a 4.25 to 1 multiple of EBITDA (as defined therein).  The Revolving Credit Facility Agreement is collateralized by substantially all of the Company’s assets and contains customary affirmative covenants, negative covenants, and conditions precedent for borrowings, all of which were met as of March 31, 2012.