Notes Payable

9 Months Ended

Sep. 30, 2011

Notes Payable [Abstract]

Notes Payable

(6) Notes Payable

Notes payable were as follows:

		September 30,		December 31,
		2011		2010
6.30% Senior Notes		$	298,752	$	298,637
$600.0 million Revolving Loan Facility			195,000		0
	Total notes payable	$	493,752	$	298,637

On March 8, 2011, we entered into a new agreement for a four-year $600.0 million Revolving Loan Facility (Facility). The Facility replaced our $575.0 million Revolving Loan Facility, which was due to expire on December 19, 2011. The Facility allows us to borrow up to the maximum allowed on a revolving basis until the Facility expires on March 8, 2015.Theborrowing rate is LIBOR plus 137.5basis points, subject to increase or decrease based on changes in our debt rating.The contractual interest rate on borrowings under the Facility at September 30, 2011 was 1.63%. In addition, we pay a commitment feeof 20 basis points. Letters of credit issued under the Facility further reduced our available borrowing capacity on the remaining Facility to $392.2million at September 30, 2011. The Facility contains restrictive financial covenants that require HCC to maintain a minimum consolidated net worth (excluding accumulated other comprehensive income) and a leverage ratio of less than or equal to 35%.

We were in compliance with debt covenants related to our Senior Notes, the Facility, and a Standby Letter of Credit Facility at September 30, 2011.