Subsequent events

9 Months Ended

Sep. 30, 2014

Subsequent Events [Abstract]

Subsequent events

Subsequent events. On October 14, 2014, senior convertible notes aggregating $27.2 million matured and were exchanged for approximately 2.1 million common shares pursuant to the terms of the underlying indenture. On October 21, 2014, the Company replaced its $75.0 million unsecured line of credit with a new $125.0 million unsecured line of credit, providing the Company with additional flexibility and access to cash if needed for short-term operational purposes or to finance strategic initiatives. Amounts outstanding under the prior line of credit, which were $60.0 million at September 30, 2014, are now outstanding under the new line of credit. The new line of credit expires on October 21, 2019. The line of credit includes an expansion option of up to an additional $50.0 million, subject to the satisfaction of certain conditions. Borrowings under the line of credit may, at the Company’s election, bear interest at either an Alternate Base Rate plus the Applicable Rate (ABR Borrowing) or LIBOR plus the Applicable Rate (Eurodollar Borrowing). The Applicable Rate ranges from 0.50% to 1.00% per annum for ABR Borrowings and 1.50% to 2.00% per annum for Eurodollar Borrowings based on the Company’s consolidated leverage ratio (as defined). The line of credit includes representations and warranties, reporting covenants, affirmative covenants, negative covenants, financial covenants and events of default customary for financings of this type.