XML 24 R13.htm IDEA: XBRL DOCUMENT
v3.20.2

Senior Notes | 9 Months Ended
--- | ---
Jun. 30, 2020
Debt Disclosure [Abstract] |
Senior Notes | Senior Notes 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 with maturities ranging from 6 to 10 years. The outstanding 2010 Senior Notes’ weighted average interest rate is 5.6% and the weighted average maturity is 10.0 years. The 2010 Senior Notes required interest payments semi-annually and contained 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. We were in compliance with all financial covenants under the 2010 Senior Notes as of June 30, 2020. In July 2020, we repaid $85 million in principal due at maturity of the remaining outstanding 2010 Senior Notes, and no 2010 Senior Notes remained outstanding following such repayment. On May 8, 2018, we issued $400 million of senior notes in a private offering to qualified institutional investors (the “2018 Senior Notes”). The 2018 Senior Notes require interest payments semi-annually at a rate of 5.25% per annum and will mature on May 15, 2026. On December 6, 2019, we issued $350 million of senior notes in a private offering to qualified institutional investors (the “2019 Senior Notes,” along with the 2010 Senior Notes and 2018 Senior Notes, the “Senior Notes”). We have used the net proceeds to repay a large portion of the outstanding balance on our revolving credit facility. The 2019 Senior Notes require interest payments semi-annually at a rate of 4.00% per annum and will mature on June 15, 2028. The purchase agreements for the 2010 Senior Notes, as well as the indentures for the 2018 Senior Notes and the 2019 Senior Notes, contain certain covenants typical of unsecured obligations. The following table presents the face values and fair values for the Senior Notes at June 30, 2020 and September 30, 2019:
| June 30, 2020 |  | September 30, 2019
| Face Value (*) |  | Fair Value |  | Face Value (*) |  | Fair Value
| (In thousands)
The 2010 Senior Notes | 85,000 |  |  | 85,085 |  |  | 85,000 |  |  | 86,121 |
The 2018 Senior Notes | 400,000 |  |  | 438,000 |  |  | 400,000 |  |  | 428,000 |
The 2019 Senior Notes | 350,000 |  |  | 350,000 |  |  | — |  |  | — |
Total | $ | 835,000 |  |  | $ | 873,085 |  |  | $ | 485,000 |  |  | $ | 514,121 |
(*) The carrying value of the Senior Notes was reduced by the net debt issuance costs of $11.0 million and $5.2 million at June 30, 2020 and September 30, 2019, 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.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration