Debt (Notes)

9 Months Ended

Sep. 30, 2019

Debt

Debt as of September 30, 2019 and December 31, 2018 was as follows:



	September 30, 2019			December 31, 2018
	(In thousands)
4.5% Senior Notes due November 2020	$	—		$	200,000
8.0% Senior Notes due November 2021	150,000			150,000
5.375% Senior Notes due January 2022	—			425,000
5.375% Senior Notes due May 2024	850,000			850,000
7.5% Senior Notes due April 2027	153,465			200,000
4.625% Senior Notes due December 2027	550,000			550,000
5.125% Senior Notes due June 2029	750,000			—
Term Loan through December 2022	—			641,250
Term Loan through May 2024	641,875			—
Bank Credit Facility due December 2022	—			395,000
Bank Credit Facility due May 2024	235,000			—
Obligations under finance leases	191,430			211,952
Mortgage notes and other debt, maturities through 2050	44,726			4,076
Unamortized premiums, net	5,870			6,562
Unamortized debt issuance costs	(36,070		)	(31,762		)
Total debt	3,536,296			3,602,078
Less: Current maturities of long-term debt	(69,527		)	(69,896		)
Total long-term debt	$	3,466,769		$	3,532,182

Current maturities of debt at September 30, 2019 include amounts due within the next year under our Term Loan, mortgage notes and other debt, and finance leases.

Our consolidated debt had a weighted average interest rate of 4.69% and 4.99% at September 30, 2019 and December 31, 2018, respectively. Approximately 70% and 66% of our total debt had a fixed interest rate at September 30, 2019 and December 31, 2018, respectively.

During the nine months ended September 30, 2019 and 2018, we paid $113.0 million and $113.1 million in cash interest, respectively.

Bank Credit Agreement

In May 2019, we entered into a new $1.7 billion bank credit agreement due May 2024 with a syndicate of banks. The $1.7 billion bank credit agreement comprises a $1.0 billion Bank Credit Facility and a $0.7 billion Term Loan, both due May 2024, including a sublimit of $100.0 million for letters of credit. We accounted for this transaction as a modification of the agreement. Through modifying the Term Loan, we received $49.3 million in proceeds from certain members of the syndicate of banks and paid $32.1 million in principal payments to other members, netting to a $17.2 million increase in our outstanding Term Loan balance.

As of September 30, 2019, we have $235.0 million outstanding borrowings under our Bank Credit Facility due May 2024, $641.9 million of outstanding borrowings under our Term Loan due May 2024, and $35.5 million of letters of credit issued. The bank credit agreement provides us with flexibility for working capital, if needed, and is guaranteed by a majority of our domestic subsidiaries. The subsidiary guaranty is a guaranty of payment of the outstanding amount of the total lending commitment, including letters of credit. The bank credit agreement contains certain financial covenants, including a minimum interest coverage ratio, a maximum leverage ratio, and certain dividend and share repurchase restrictions. As of September 30, 2019, we were in compliance with all of our debt covenants. We pay a quarterly fee on the unused commitment, which was 0.20% at September 30, 2019. As of September 30, 2019, we have $729.5 million in borrowing capacity under the Bank Credit Facility.

Debt Issuances and Additions

During the nine months ended September 30, 2019, we issued $1.1 billion of debt including:

•$750.0 million unsecured 5.125% Senior Notes due June 2029;

•$55.0 million on our Bank Credit Facility due December 2022;

•$235.0 million on our Bank Credit Facility due May 2024; and

•$49.3 million in additional proceeds from certain members of the syndicate of banks in our Bank

Credit Facility.

Newly issued debt was used to pay off our Bank Credit Facility due December 2022, to redeem our 5.375% Senior Notes due January 2022, to redeem our 4.5% Senior Notes due November 2020, to fund acquisition activity, and for general corporate purposes. These transactions resulted in additional debt issuance costs of $15.5 million.

During the nine months ended September 30, 2018, we drew a total of $395.0 million on our Bank Credit Facility to fund the redemption of our 7.625% Senior Notes due October 2018, to make required principal payments on our Term Loan due December 2022, to fund acquisition activity, and for general corporate purposes.

Debt Extinguishments and Reductions

During the nine months ended September 30, 2019, we made aggregate debt payments of $1.2 billion for scheduled and early extinguishment payments including:

•$450.0 million in aggregate principal of our Bank Credit Facility due December 2022;

•$8.5 million in aggregate principal of our Term Loan due December 2022;

•$32.1 million in aggregate principal payments to other members of our Term Loan due December 2022;

•$8.1 million in aggregate principal of our Term Loan due May 2024;

•$425.0 million in aggregate principal of 5.375% Senior Notes due January 2022;

•$200.0 million in aggregate principal of 4.5% Senior Notes due November 2020;

•$46.5 million in aggregate principal of 7.5% Senior Notes due April 2027;

•$11.4 million of premiums paid on early extinguishment; and

•$0.3 million in other debt.

Certain of the above transactions resulted in the recognition of a loss of $16.6 million recorded in Losses on early extinguishment of debt, net in our Consolidated Statement of Operations for the nine months ended September 30, 2019.

During the nine months ended September 30, 2018, we made aggregate debt payments of $285.2 million for scheduled and early extinguishment payments including:

•$250.0 million in aggregate principal of our 7.625% Senior Notes due October 2018;

•$9.6 million in call premium for redemption of the 7.625% Senior Notes due October 2018;

•$25.3 million in aggregate principal of our Term Loan; and

•$0.3 million in other debt.

Certain of the above transactions resulted in the recognition of a loss of $10.1 million recorded in Losses on early extinguishment of debt, net in our Consolidated Statement of Operations for the nine months ended September 30, 2018.