Long-Term Obligations

9 Months Ended

Sep. 30, 2011

5. Long-Term Obligations

Long-term obligations, including capital lease obligations, consisted of the following for the periods indicated (amounts in millions):


	September 30, 2011			December 31, 2010
Senior Notes:
$35.0 million Series A Notes; semi-annual interest only payments; interest rate at 6.07% per annum; due March 25, 2013	$	35.0		$	35.0
$30.0 million Series B Notes; semi-annual interest only payments; interest rate at 6.28% per annum; due March 25, 2014		30.0			30.0
$35.0 million Series C Notes; semi-annual interest only payments; interest rate at 6.49% per annum; due March 25, 2015		35.0			35.0
$150.0 million Term Loan; $7.5 million principal payments plus accrued interest payable quarterly; interest rate at ABR Rate plus applicable percentage or Eurodollar Rate plus the applicable percentage (0.99% at September 30, 2011); due March 26, 2013		45.0			67.5
Promissory notes		8.2			14.4

		153.2			181.9
Current portion of long-term obligations		(33.5	)		(37.2	)

Total	$	119.7		$	144.7

Revolving Credit Facility

On May 26, 2011, we entered into a First Amendment to our $250.0 Million Revolving Credit Facility (the "First Amendment"). Under the terms of the First Amendment, (i) the financial covenant baskets relating to permitted "Investments in Joint Ventures" and "other Investments" were increased to give the Company greater flexibility, (ii) there was a non-substantive, clarifying amendment to the definition of "Permitted Acquisition" and (iii) certain other agreements, obligations and representations and warranties of the parties thereto were amended, modified and/or supplemented. In connection with the execution of the First Amendment, each existing guarantor under the Credit Agreement consented to the terms of the First Amendment.

Our weighted-average interest rate for our five year Term Loan for the three and nine-month periods ended September 30, 2011 was 1.0% as compared to 1.1% for the three and nine-month periods ended September 30, 2010.

As of September 30, 2011, our total leverage ratio (used to compute the margin and commitment fees, described in more detail in Note 6 of the financial statements included in our Form 10-K) was 0.9 and our fixed charge coverage ratio was 1.7.

As of September 30, 2011, our availability under our $250.0 million Revolving Credit Facility was $231.3 million as we had $18.7 million outstanding in letters of credit.

See Note 6 of the financial statements included in our Form 10-K for additional details on our outstanding long-term obligations.