Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2015

Long-term debt consists of the following (in thousands):

In May 2015 and in February 2016, we amended the Credit Agreement to revise the maximum permitted Consolidated Leverage Ratio as follows:



	Maximum Consolidated Leverage Ratio
Four Fiscal Quarters Ending	May 2015 Amendment		February 2016 Amendment

June 30, 2015	4.00	to 1.00	—
September 30, 2015 through and including March 31, 2016	4.50	to 1.00	5.50	to 1.00
June 30, 2016	4.50	to 1.00	5.25	to 1.00
September 30, 2016 through and including December 31, 2016	4.50	to 1.00	5.00	to 1.00
March 31, 2017	4.00	to 1.00	4.75	to 1.00
June 30, 2017	3.50	to 1.00	4.25	to 1.00
September 30, 2017	3.50	to 1.00	3.75	to 1.00
December 31, 2017 and each fiscal quarter thereafter	3.50	to 1.00	3.50	to 1.00

Also pursuant to the February 2016 amendment to the Credit Agreement,


(a)	The revolving credit facility commitment under the Credit Agreement decreased from $600 million to $400 million.


(b)	The minimum permitted Consolidated Interest Coverage Ratio was revised as follows:



Four Fiscal Quarters Ending	Minimum Consolidated Interest Coverage Ratio

March 31, 2016 through and including September 30, 2016	2.50	to 1.00
December 31, 2016 through and including March 31, 2017	2.75	to 1.00
June 30, 2017 and each fiscal quarter thereafter	3.00	to 1.00


(c)	We are required to maintain minimum cash balances based on Consolidated Leverage Ratio as follows:



Consolidated Leverage Ratio	Minimum Cash

Greater than or equal to 4.50x	$150,000,000.00
Greater than or equal to 4.00x but less than 4.50x	$100,000,000.00
Greater than or equal to 3.50x but less than 4.00x	$50,000,000.00
Less than 3.50x	$0.00

The following table reflects the components of our deferred financing costs (in thousands):



	December 31, 2015							December 31, 2014
	Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net

Term Loan (matures June 2018)	$	3,638	$	(1,819	)	$	1,819	$	3,638	$	(1,091	)	$	2,547
Revolving Credit Facility (matures June 2018)	14,787		(6,924		)	7,863		13,275		(3,982		)	9,293
2032 Notes (mature March 2032)	3,759		(2,377		)	1,382		3,759		(1,763		)	1,996
MARAD Debt (matures February 2027)	12,200		(6,711		)	5,489		12,200		(6,223		)	5,977
Nordea Q5000 Loan (matures April 2020)	3,811		(508		)	3,303		3,586		—			3,586
Total deferred financing costs	$	38,195	$	(18,339	)	$	19,856	$	36,458	$	(13,059	)	$	23,399

Scheduled maturities of long-term debt outstanding as of December 31, 2015 are as follows (in thousands):



	Term Loan			2032 Notes ⁽¹⁾			MARAD Debt			Nordea Q5000 Loan			Total

Less than one year	$	30,000		$	—		$	5,926		$	35,714		$	71,640
One to two years	30,000			—			6,222			35,715			71,937
Two to three years	195,000			—			6,532			35,714			237,246
Three to four years	—			—			6,858			35,714			42,572
Four to five years	—			—			7,200			89,286			96,486
Over five years	—			200,000			56,410			—			256,410
Total debt	255,000			200,000			89,148			232,143			776,291
Current maturities	(30,000		)	—			(5,926		)	(35,714		)	(71,640		)
Long-term debt, less current maturities	225,000			200,000			83,222			196,429			704,651
Unamortized debt discount ⁽²⁾	—			(14,963		)	—			—			(14,963		)
Long-term debt	$	225,000		$	185,037		$	83,222		$	196,429		$	689,688


(1)	Beginning in March 2018, the holders of the 2032 Notes may require us to repurchase these notes or we may at our option elect to repurchase these notes. The notes will mature in March 2032.


(2)	The 2032 Notes will increase to their face amount through accretion of non-cash interest charges through March 2018.

The following table details the components of our net interest expense (in thousands):


(1)	Interest expense of $2.8 million was allocated to ERT during the year ended December 31, 2013 and is included in discontinued operations. Following the sale of ERT in February 2013, we ceased allocating interest expense to ERT, which then constituted a discontinued operation.