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Senior Notes | 12 Months Ended
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Sep. 30, 2018
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 May 7, 2018, the aggregate principal amount of the fourth series of 2008 Senior Notes was repaid at maturity. At September 30, 2018, the 2008 Senior Notes are no longer outstanding. 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”). 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
The 2010 Senior Notes require us to pay the entire unpaid principal balances of each note series on its maturity date. The 2010 Senior Notes also require interest payments semi-annually and contain certain restrictive covenants, including the maintenance of a maximum consolidated net debt to consolidated EBITDA ratio of 3.00 and a minimum fixed charge coverage ratio of 2.50. As of September 30, 2018, we were in compliance with all financial covenants. On May 8, 2018, we issued $400 million of senior notes in a private offering to qualified institutional investors (the “2018 Senior Notes”, and with the 2008 Senior Notes and the 2010 Senior Notes, the “Senior Notes”). We have used the net proceeds to repay all the outstanding aggregate principal amount of the 2008 Senior Notes at maturity, as well as a portion of the outstanding balance on our revolving credit facility. The 2018 Senior Notes require interest payments semi-annually at a rate of 5.25% per annum and will mature on May 15, 2026. The purchase agreements for the 2008 and 2010 Senior Notes and the indenture for the 2018 Senior Notes contain certain covenants typical of unsecured obligations. The following table presents the carrying amounts and fair values for the Senior Notes at September 30, 2018 and 2017:
| September 30, 2018 |  | September 30, 2017
| Carrying Amounts (1) |  | Fair Value |  | Carrying Amounts (1) |  | Fair Value
| (In thousands)
The 2008 Senior Notes | $ | — |  |  | $ | — |  |  | $ | 131,000 |  |  | $ | 134,250 |
The 2010 Senior Notes | 113,000 |  |  | 114,413 |  |  | 113,000 |  |  | 119,106 |
The 2018 Senior Notes | 400,000 |  |  | 404,000 |  |  | — |  |  | — |
Total | $ | 513,000 |  |  | $ | 518,413 |  |  | $ | 244,000 |  |  | $ | 253,356 |
(1) Amounts exclusive of net debt issuance cost of $6.1 million and $0.2 million at September 30, 2018 and 2017, respectively. 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 Ending September 30, |
2019 | $ | 28,000 |
2020 | 85,000 |
2021 | — |
2022 | — |
2023 | — |
Thereafter | 400,000 |
Total | $ | 513,000 |

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