Debt (Details Textual) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2013
|
Sep. 30, 2012
|
Sep. 30, 2013
|
Sep. 30, 2012
|
Dec. 31, 2012
|
Sep. 30, 2013
Wells Fargo Capital Finance, LLC [Member]
|
Mar. 20, 2013
6.75% Notes [Member]
|
Sep. 30, 2013
6.75% Notes [Member]
|
|
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | |||||||
Debt Instrument, Maturity Date | Apr. 01, 2020 | |||||||
Proceeds from Senior Notes | $ 537,600 | |||||||
Gain (Loss) on Repurchase of Debt Instrument | 0 | 0 | (55,588) | 0 | 55,588 | |||
Debt Instrument, Redemption Date, One | Apr. 01, 2016 | |||||||
Debt Instrument, Redemption Date, Two | Apr. 01, 2017 | |||||||
Debt Instrument, Redemption Date, Latest for Redemption at Face Amount | Apr. 01, 2018 | |||||||
Debt Instrument, Redemption Date, Additional | Apr. 01, 2016 | |||||||
Debt Instrument, Percentage of Redemption Price, Redemption Date One | 103.375% | |||||||
Debt Instrument, Percentage of Redemption Price, Redemption Date Two | 101.688% | |||||||
Debt Instrument, Percentage of Redemption Price, Redemption Date, Latest for Redemption at Face Amount | 100.00% | |||||||
Debt Instrument, Percentage Redeemable Redemption Date, Additional | 35.00% | |||||||
Debt Instrument, Percentage of Redemption Price Redemption Date, Additional | 106.75% | |||||||
Debt Instrument, Percentage of Redemption Price, Change in Ownership Control | 101.00% | |||||||
Credit Agreement, Description | On March 20, 2013, MDC, Maxxcom Inc. (a subsidiary of MDC) and each of their subsidiaries party thereto entered into an amended and restated, $225 million senior secured revolving credit agreement due 2018 (the “Credit Agreement”) with Wells Fargo Capital Finance, LLC, as agent, and the lenders from time to time party thereto. Advances under the Credit Agreement will be used for working capital and general corporate purposes, in each case pursuant to the terms of the Credit Agreement. Capitalized terms used in this section and not otherwise defined have the meanings set forth in the Credit Agreement. | The 6.75% Notes are guaranteed on a senior unsecured basis by all of MDC’s existing and future restricted subsidiaries that guarantee, or are co-borrowers under or grant liens to secure, the Credit Agreement. The 6.75% Notes are unsecured and unsubordinated obligations of MDC and rank (i) equally in right of payment with all of MDC’s or any Guarantor’s existing and future senior indebtedness, (ii) senior in right of payment to MDC’s or any Guarantor’s existing and future subordinated indebtedness, (iii) effectively subordinated to all of MDC’s or any Guarantor’s existing and future secured indebtedness to the extent of the collateral securing such indebtedness, including the Credit Agreement, and (iv) structurally subordinated to all existing and future liabilities of MDC’s subsidiaries that are not Guarantors. | ||||||
Line of Credit Facility, Description | Advances under the Credit Agreement bear interest as follows: (a)(i) LIBOR Rate Loans bear interest at the LIBOR Rate and (ii) Base Rate Loans bear interest at the Base Rate, plus (b) an applicable margin. The initial applicable margin for borrowing is 1.25% in the case of Base Rate Loans and 2.00% in the case of LIBOR Rate Loans. In addition to paying interest on outstanding principal under the Credit Agreement, MDC is required to pay an unused revolver fee to lenders under the Credit Agreement in respect of unused commitments thereunder. | |||||||
Letters of Credit Outstanding, Amount | 5,038 | 5,038 | ||||||
Checks Outstanding | $ 18,380 | $ 18,380 | $ 29,336 |