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Senior Notes | 12 Months Ended
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Sep. 30, 2017
Debt Disclosure [Abstract] |
Senior Notes | Senior Notes On May 7, 2008, we issued $275 million of senior notes in a private placement to a group of institutional investors (the “2008 Senior Notes”). The 2008 Senior Notes were issued in four series as follows:
Series | Amount | Interest Rate | Maturity Date
| (In millions) |  |
A | $ | 41.0 |  | 6.37 | % | May 7, 2013
B | $ | 40.0 |  | 6.37 | % | May 7, 2015
C | $ | 63.0 |  | 6.71 | % | May 7, 2015
D | $ | 131.0 |  | 7.18 | % | May 7, 2018
On July 14, 2010, we issued $245 million of senior notes in a private placement to a group of institutional investors (the “2010 Senior Notes” and, with the 2008 Senior Notes, the “Senior Notes”). The 2010 Senior Notes were issued in four series as follows:
Series | Amount | Interest Rate | Maturity Date
| (In millions) |  |
E | $ | 60.0 |  | 4.72 | % | July 14, 2016
F | $ | 72.0 |  | 5.04 | % | July 14, 2017
G | $ | 28.0 |  | 5.42 | % | July 14, 2019
H | $ | 85.0 |  | 5.59 | % | July 14, 2020
We were and are required to pay the entire unpaid principal balances of each note series on its maturity date except for Series B notes, which required annual principal payments of $8.0 million starting on May 7, 2011 and ending on May 7, 2015. The Senior Notes require interest payments semi-annually and contain certain restrictive covenants, including the maintenance of consolidated net debt to consolidated EBITDA ratio and a fixed charge coverage ratio. The purchase agreements for the Senior Notes also contain certain covenants typical of unsecured facilities. As of September 30, 2017, we were in compliance with all financial covenants. The following table presents the carrying amounts and fair values for the Senior Notes at September 30, 2017 and 2016:
| September 30, 2017 |  | September 30, 2016
| Carrying Amounts |  | Fair Value |  | Carrying Amounts (1) |  | Fair Value (1)
| (In thousands)
The 2008 Senior Notes | $ | 131,000 |  |  | $ | 134,250 |  |  | $ | 131,000 |  |  | $ | 139,902 |
The 2010 Senior Notes | 113,000 |  |  | 119,106 |  |  | 185,000 |  |  | 195,715 |
Debt issuance costs | (199 | ) |  | (199 | ) |  | (376 | ) |  | (376 | )
Total | $ | 243,801 |  |  | $ | 253,157 |  |  | $ | 315,624 |  |  | $ | 335,241 |
(1) Balances as of September 30, 2016 have been recast as a result of the adoption of ASU 2015-03 to present debt issuance costs of $0.4 million as a direct deduction from the carrying amount of the Senior Notes. We measure the fair value of the Senior Notes based on Level 2 inputs, which include quoted market prices and interest rate spreads of similar securities. Future principal payments for the Senior Notes are as follows (in thousands):
Year Ended September 30, |
2018 | $ | 131,000 |
2019 | 28,000 |
2020 | 85,000 |
Total | $ | 244,000 |

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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