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Long-Term Debt (Narrative) (Details) (USD $)
3 Months Ended
Mar. 31, 2013
Debt Instrument [Line Items]  
Standby letters of credit $ 13,592,000
Revolving credit facility, availability amount 135,227,000
Long-term debt description

Borrowings under the Senior Credit Agreement are secured by the trade receivables, inventory, personal property, equipment, and certain real property of the Company's significant domestic subsidiaries. The Senior Credit Agreement is also guaranteed by each 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 does not exceed the lesser of (i) $200 million and (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 Company can request additional financing from the banks to increase the revolving credit facility to $250 million under the terms of the Senior Credit Agreement.

 

The terms of the Senior Credit Agreement provide that the revolving credit facility will terminate on October 10, 2016. Interest rates on the revolving credit facility are based on the London Interbank Offering Rate (LIBOR) plus an additional margin of 2.0% to 2.5%. In addition, the revolving credit facility is subject to an annual commitment fee calculated as 0.375% of the daily average undrawn balance.

 

Standby letters of credit of $13,592,000 have been issued under the Senior Credit Agreement to third parties on behalf of the Company as of March 31, 2013. These letters of credit reduce the amount otherwise available under the revolving credit facility. As of March 31, 2013, the Company had $135,227,000 of availability under the revolving credit facility.

 

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 March 31, 2013, 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.

 

On January 31, 2013, the Company issued $210.0 million of 6.25% Senior Subordinated Notes (6.25% Notes) due February 1, 2021. In connection with the issuance of the 6.25% Notes, the Company initiated a tender offer for the purchase of the outstanding $204.0 million of 8% Senior Subordinated Notes (8% Notes). Simultaneously with the closing of the sale of the 6.25% Notes, the Company purchased tendered notes or called for redemption of all of the remaining 8% Notes that were not purchased. In connection with the redemption and tender offer, the Company satisfied and discharged its obligations under the 8% Notes during the three months ended March 31, 2013. The Company recorded a charge of approximately $7.2 million in the first quarter of 2013, including $3.7 million for the prepayment premium paid to holders of the 8% Notes, $2.2 million to write-off deferred financing fees and $1.3 million for the unamortized original issue discount related to the 8% Notes.

 

 

The provisions of the 6.25% Notes include, without limitation, restrictions on indebtedness, liens, and distributions from restricted subsidiaries, asset sales, affiliate transactions, dividends, and other restricted payments. Dividend payments are subject to annual limits of the greater of $0.25 per share or $25 million.  The 6.25% Notes are redeemable at the option of the Company, in whole or in part, at any time on or after February 1, 2017, at the redemption price (as defined in the Senior Subordinated 6.25% Notes Indenture). The redemption prices are 103.13%, and 101.56% of the principal amount thereof if the redemption occurs during the 12-month periods beginning February 1, of the years 2017 and 2018, respectively, and 100% of the principal amount thereof on and after February 1, 2019, in each case plus accrued and unpaid interest to the applicable redemption date.  In addition, prior to February 1, 2016, the Company may redeem up to 35% of the aggregate principal amount of the Notes with the net cash proceeds of certain equity offerings by the Company at a redemption price of 106.25% of the principal amount thereof, plus accrued and unpaid interest to the redemption date.   In the event of a Change in Control, each holder of the 6.25% Notes may require the Company to repurchase all or a portion of such holder's 6.25% Notes at a purchase price equal to 101% of the principal amount thereof.

Senior Credit Agreement [Member]
 
Debt Instrument [Line Items]  
Maximum borrowing capacity under the revolving credit facility 200,000,000
Revolving credit facility, increase, additional borrowings 250,000,000
Fixed charge coverage ratio 125.00%
Senior Subordinated 8% Notes, Due December 1, 2015 [Member]
 
Debt Instrument [Line Items]  
Senior Subordinated Notes, interest rate 8.00%
Debt instrument, issued value 204,000,000
Prepayment premium for extinguishment of debt 3,700,000
Loss on extinguishment of debt 7,200,000
Write-off deferred financing fees 2,200,000
Write off of debt discount 1,300,000
Revolving Credit Facility [Member]
 
Debt Instrument [Line Items]  
Revolving credit facility, annual commitment fee 0.375%
Senior Subordinated 6.25% Notes, Due December 1, 2021 [Member]
 
Debt Instrument [Line Items]  
Senior Subordinated Notes, interest rate 6.25%
Senior Subordinated 6.25% Notes Due February 1, 2021 [Member]
 
Debt Instrument [Line Items]  
Senior Subordinated Notes, interest rate 6.25%
Debt instrument, issued value 210,000,000
Annual dividend limitation per share $ 0.25
Aggregate annual dividend limitation $ 25,000,000
Senior Subordinated 6.25% Notes Due February 1, 2021 [Member] | Twelve Month Period Beginning February 1, 2017 [Member]
 
Debt Instrument [Line Items]  
Redemption price percentage of principal 103.13%
Senior Subordinated 6.25% Notes Due February 1, 2021 [Member] | Twelve Month Period Beginning February 1, 2018 [Member]
 
Debt Instrument [Line Items]  
Redemption price percentage of principal 101.56%
Senior Subordinated 6.25% Notes Due February 1, 2021 [Member] | On Or After February 1, 2019 [Member]
 
Debt Instrument [Line Items]  
Redemption price percentage of principal 100.00%
Senior Subordinated 6.25% Notes Due February 1, 2021 [Member] | Prior To February 1, 2016 [Member]
 
Debt Instrument [Line Items]  
Redemption price percentage of principal 106.25%
Maximum aggregate amount of principal, redeemable percentage 35.00%
Senior Subordinated 6.25% Notes Due February 1, 2021 [Member] | Potential Repurchase Requirement Due To Change In Control [Member]
 
Debt Instrument [Line Items]  
Redemption price percentage of principal 101.00%
Minimum [Member] | Revolving Credit Facility [Member]
 
Debt Instrument [Line Items]  
LIBOR floor, plus 2.00%
Maximum [Member] | Revolving Credit Facility [Member]
 
Debt Instrument [Line Items]  
LIBOR floor, plus 2.50%