Debt Level 1 (Notes)

3 Months Ended

Mar. 31, 2020

Debt

The components of Debt are:



	March 31, 2020			December 31, 2019
	(In thousands)
8.0% Senior Notes due November 2021	$	150,000		$	150,000
5.375% Senior Notes due May 2024	850,000			850,000
7.5% Senior Notes due April 2027	152,805			153,465
4.625% Senior Notes due December 2027	550,000			550,000
5.125% Senior Notes due June 2029	750,000			750,000
Term Loan due May 2024	625,625			633,750
Bank Credit Facility due May 2024	345,000			295,000
Obligations under finance leases	180,728			185,252
Mortgage notes and other debt, maturities through 2050	45,707			45,104
Unamortized premiums and discounts, net	5,396			5,634
Unamortized debt issuance costs	(33,622		)	(34,854		)
Total debt	3,621,639			3,583,351
Less: Current maturities of long-term debt	(85,885		)	(69,821		)
Total long-term debt	$	3,535,754		$	3,513,530

Current maturities of debt at March 31, 2020 include amounts due under our term loan, senior notes, mortgage notes and other debt, and finance leases within the next year as well as the portion of unamortized premiums and discounts and debt issuance costs expected to be recognized in the next twelve months.

Our consolidated debt had a weighted average interest rate of 4.64% and 4.72% at March 31, 2020 and December 31, 2019, respectively. Approximately 69% of our total debt had a fixed interest rate at both March 31, 2020 and December 31, 2019.

During the three months ended March 31, 2020 and 2019, we paid $10.1 million and $24.9 million in cash interest, respectively.

Bank Credit Facility

As of March 31, 2020, we have $345.0 million outstanding borrowings under our Bank Credit Facility due May 2024, $625.6 million of outstanding borrowings under our Term Loan due May 2024, and $34.0 million of letters of credit issued. The Bank Credit Facility 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 March 31, 2020, we were in compliance with all of our debt covenants. We pay a quarterly fee on the unused commitment, which was 0.20% at March 31, 2020. As of March 31, 2020, we have $621.0 million in borrowing capacity under the Bank Credit Facility.

Subsequent to March 31, 2020, we increased our outstanding borrowings by $45.0 million to $390.0 million under our Bank Credit Facility due May 2024.

Debt Issuances and Additions

During the three months ended March 31, 2020, we drew $75.0 million on our Bank Credit Facility for general corporate purposes.

During the three months ended March 31, 2019, we drew $15.0 million on our Bank Credit Facility for general corporate purposes.

Debt Extinguishments and Reductions

During the three months ended March 31, 2020, we made aggregate debt payments of $34.0 million for scheduled and early extinguishment payments including:


•	$25.0 million in aggregate principal of our Bank Credit Facility May 2024;


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


•	$0.7 million in aggregate principal of 7.5% Senior Notes due April 2027 repurchased on the open market;


•	$0.1 million of premiums paid on early extinguishment; and


•	$0.1 million in other debt.

Certain of the above transactions resulted in the recognition of a loss of $0.1 million recorded in Loss on early extinguishment of debt, net in our unaudited Condensed Consolidated Statement of Operations for the three months ended March 31, 2020.

During the three months ended March 31, 2019, we made aggregate debt payments of $143.5 million for scheduled and early extinguishment payments including:


•	$135.0 million in aggregate principal of our Bank Credit Facility December 2022;


•	$8.4 million in aggregate principal of our Term Loan due December 2022; and

•

$0.1 million in other debt.