XML 16 R9.htm IDEA: XBRL DOCUMENT v3.2.0.727
LONG-TERM OBLIGATIONS
6 Months Ended
Jun. 30, 2015
Debt Disclosure [Abstract]  
LONG-TERM OBLIGATIONS
4. LONG-TERM OBLIGATIONS
        
Long-term debt consisted of the following for the periods indicated (amounts in millions):
        
   June 30, 2015 December 31, 2014
      
$60.0 million Term Loan; $3.0 million principal payments plus accrued interest payable quarterly; interest rate at ABR Rate plus applicable percentage or Eurodollar Rate plus the applicable percentage (2.69% at June 30, 2015); due October 26, 2017 $27.0 $33.0
$120.0 million Revolving Credit Facility; interest only quarterly payments; interest rate at ABR Rate plus applicable percentage or Eurodollar Rate plus the applicable percentage (2.69% at June 30, 2015); due October 26, 2017  0.0  15.0
$70.0 million Second Lien Loan; interest only quarterly payments; interest rate at ABR Rate plus applicable percentage or Eurodollar Rate plus the applicable percentage (8.50% at June 30, 2015); due July 28, 2020  70.0  70.0
Discount on Second Lien Loan   (1.5)   (1.6)
    95.5  116.4
Current portion of long-term obligations  (12.0)  (12.0)
 Total $83.5 $104.4
        

Our weighted average interest rate for our five year $60.0 million Term Loan, under our existing senior secured Credit Agreement, was 2.7% and 2.9% for the three and six-month periods ended June 30, 2015, respectively, as compared to 3.4% for the three and six-month periods ended June 30, 2014. Our weighted average interest rate for our $120.0 million Revolving Credit Facility, as amended by the fourth amendment to our Credit Agreement, was 4.8% and 3.7% for the three and six-month periods ended June 30, 2015, respectively, as compared to 3.5% for the three and six-month periods ended June 30, 2014. Our weighted average interest rate for our Second Lien Loan under the Second Lien Credit Agreement was 8.5% for the three and six-month periods ended June 30, 2015.

As of June 30, 2015, our total leverage ratio was 1.0, our senior secured leverage ratio was 0.4 and our fixed charge coverage ratio was 2.8 and we are in compliance with the existing senior secured Credit Agreement. In the event we are not in compliance with our debt covenants in the future, we would pursue various alternatives in an attempt to successfully resolve the non-compliance, which might include, among other things, seeking debt covenant waivers or amendments.

As of June 30, 2015, our availability under our $120.0 million Revolving Credit Facility as amended by the fourth amendment to our existing senior secured Credit Agreement, was $99.0 million as we had $21.0 million outstanding in letters of credit.