Long-Term Debt

6 Months Ended

Jun. 30, 2011

Long-Term Debt

Long-Term Debt

9.  LONG-TERM DEBT

Long-term debt consists of the following (in thousands):

		June 30, 2011		December 31, 2010
Senior Subordinated 8% Notes recorded net of unamortized discount of $1,856 and $2,027 at June 30, 2011 and December 31, 2010, respectively	$	202,144	$	201,973
Revolving credit facility		20,000		—
Other debt		4,854		5,224
Total debt		226,998		207,197
Less current maturities		408		408
Total long-term debt	$	226,590	$	206,789

Standby letters of credit of $13,862,000 have been issued under the Senior Credit Agreement to third parties on behalf of the Company as of June 30, 2011.  These letters of credit reduce the amount otherwise available under the revolving credit facility.  As of June 30, 2011, the Company had $107,717,000 of availability under the revolving credit facility. 

 Borrowings under the Senior Credit Agreement are secured by the trade receivables, inventory, personal property and equipment, and certain real property of the Company's significant domestic subsidiaries.  The Senior Credit Agreement provides for a revolving credit facility and letters of credit in an aggregate amount that do not exceed the lesser of (i) $200 million or (ii) a borrowing base determined by reference to the trade receivables, inventories, and property, plant, and equipment of the Company's significant domestic subsidiaries.  The revolving credit facility is committed through August 30, 2012.   The Company expects to refinance the Senior Credit Agreement during the second half of 2011 to significantly extend the maturity date of the debt at competitive interest rates in the current capital market.

Borrowings under the revolving credit facility bear interest at a variable rate based upon the London Interbank Offered Rate (LIBOR), with a LIBOR floor of 1.50%, plus 3.25% or, at the Company's option, an alternate base rate.  The revolving credit facility also carries an annual facility fee of 0.50% on the entire facility, whether drawn or undrawn, and fees on outstanding letters of credit which are payable quarterly.

On a trailing four-quarter basis, the Senior Credit Agreement includes a single financial covenant that requires the Company to maintain a minimum fixed charge coverage ratio of 1.25 to 1.00 at the end of each quarter.  As of June 30, 2011, the Company was in compliance with this financial covenant.  The Senior Credit Agreement contains other provisions and events of default that are customary for similar agreements and may limit the Company's ability to take various actions.  The Company's significant domestic subsidiaries have guaranteed the obligations under the Senior Credit Agreement.

.On December 8, 2005, the Company issued $204,000,000 of Senior Subordinated 8% Notes (8% Notes), due December 1, 2015, at a discount to yield 8.25%.  The 8% Notes are guaranteed by certain existing and future domestic subsidiaries and are not subject to any sinking fund requirements.