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Total Debt | 12 Months Ended
--- | ---
Dec. 31, 2015
Debt Disclosure [Abstract] |
Total Debt | TOTAL DEBT The following table presents our total debt outstanding:
| December 31, 2015
|  |  | Unamortized Premium, Debt Issuance Costs and Loan Origination Fees |  |
(in thousands) | Outstanding Principal |  | Premium |  | Issuance Costs and Fees |  | Long-Term Debt, Net
Senior Secured Credit Facility: |  |  |  |  |  |  |
Senior Secured Credit Facility due 2018 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Term Loan A due 2019 | 188,750 |  |  | — |  |  | 638 |  |  | 188,112 |
Swing line of credit | — |  |  | — |  |  | — |  |  | — |
Total Senior Secured Credit Facility | 188,750 |  |  | — |  |  | 638 |  |  | 188,112 |
5.375% Senior Unsecured Notes due 2021 | 600,000 |  |  | 2,978 |  |  | 9,308 |  |  | 593,670 |
Total debt | 788,750 |  |  | 2,978 |  |  | 9,946 |  |  | 781,782 |
Current maturities of long-term debt | 16,250 |  |  | — |  |  | — |  |  | 16,250 |
Total debt, net of current maturities | $ | 772,500 |  |  | $ | 2,978 |  |  | $ | 9,946 |  |  | $ | 765,532 |
| December 31, 2014
|  |  | Unamortized Premium, Debt Issuance Costs and Loan Origination Fees |  |
| Outstanding Principal |  | Premium |  | Issuance Costs and Fees |  | Long-Term Debt, Net
Senior Secured Credit Facility: |  |  |  |  |  |  |
Senior Secured Credit Facility due 2018 | $ | 258,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 258,000 |
Term Loan A due 2019 | 200,000 |  |  | — |  |  | 787 |  |  | 199,213 |
Swing line of credit | 12,355 |  |  | — |  |  | — |  |  | 12,355 |
Total Senior Secured Credit Facility | 470,355 |  |  | — |  |  | 787 |  |  | 469,568 |
5.375% Senior Unsecured Notes due 2021 | 300,000 |  |  | — |  |  | 5,464 |  |  | 294,536 |
Total debt | 770,355 |  |  | — |  |  | 6,251 |  |  | 764,104 |
Current maturities of long-term debt | 11,250 |  |  | — |  |  | — |  |  | 11,250 |
Total debt, net of current maturities | $ | 759,105 |  |  | $ | — |  |  | $ | 6,251 |  |  | $ | 752,854 |
Senior Secured Credit Facility On February 17, 2016, we entered into an amendment to our Fourth Amended and Restated Credit Agreement (the "New Agreement") which amends certain provisions of the credit agreement including extending the maturity of both the Senior Secured Credit Facility and the Term Loan (collectively the "Facilities") through February 2021, coterminous with one another. Refer to Note 23 Subsequent Event of the Notes to Consolidated Financial Statements for information regarding the execution of the New Agreement. On December 1, 2014, we executed the Fourth Amended and Restated Credit Agreement (the "Senior Secured Credit Facility") whereby we added a $200 million Term Loan Facility ("Term Loan") to the existing Senior Secured Credit Facility and amended certain definitions and provisions of the credit agreement including Consolidated Funded Indebtedness, EBITDA and calculation of the Total Leverage Ratio. We incurred loan origination fees of $0.9 million in connection with this amendment, which were incurred and are being amortized as interest expense over the remaining term of the Senior Secured Credit Facility. At December 31, 2015, the Senior Secured Credit Facility was set to mature on May 17, 2018. The Term Loan was set to mature on December 1, 2019; however, in the event the Senior Secured Credit Facility had not, prior to May 17, 2018, been extended to a maturity date of December 1, 2019, the Term Loan was set to mature on May 17, 2018. Following the execution of the New Agreement, the new maturity date for both Facilities is February 17, 2021. Regarding the Term Loan, we were required to make quarterly principal payments that commenced on March 31, 2015, per the amortization schedule laid out in the Fourth Amended and Restated Credit Agreement. Upon the execution of the New Agreement, the amortization schedule was modified based on $188.8 million outstanding Term Loan balance. Payments are set to occur on the last day of each quarter through the new maturity date with annual paydown requirements of 5%, 7.5%, 10%, 12.5%, 15% and a bullet payment due at maturity. The new amortization schedule calls for quarterly principal payments of $2.4 million to commence on March 31, 2016 and increase in increments of $1.2 million on March 31 of each year to reach final year quarterly payment amounts of $7.1 million. If no additional payments are made, the balance due at termination will be $94.4 million. Generally, borrowings made pursuant to the Senior Secured Credit Facility bear interest at a LIBOR-based rate per annum plus an applicable percentage ranging from 1.125% to 3.0% depending on our total leverage ratio. In addition, under the Senior Secured Credit Facility, we agreed to pay a commitment fee at rates that range from 0.175% to 0.45% of the available aggregate commitment, depending on our leverage ratio. The Term Loan is not subject to, nor included in the calculation of, the commitment fee. The weighted average interest rate on outstanding borrowings was 1.73% at December 31, 2015 and 2.19% at December 31, 2014. The Senior Secured Credit Facility contains customary affirmative and negative covenants for credit facilities of this type, including limitations on us and our subsidiaries with respect to indebtedness, restricted payments, liens, investments, mergers and acquisitions, disposition of assets, sale-leaseback transactions and transactions with affiliates. The covenants permit us to use proceeds of the credit extended under the agreement for general corporate purposes, restricted payments and acquisition needs. The Senior Secured Credit Facility also contains financial covenants that require us (i) to maintain an interest coverage ratio (i.e., consolidated adjusted EBITDA to consolidated interest expense) that is greater than 3.0 to 1.0; (ii) not to permit the total leverage ratio (i.e., total consolidated funded indebtedness to consolidated adjusted EBITDA) to be greater than 4.5 to 1.0, provided that if a certain minimum consolidated adjusted EBITDA is reached then the total leverage ratio will be increased to 5.0 to 1.0 for such periods that the minimum is maintained; and (iii) not to permit the senior secured leverage ratio (i.e. senior secured consolidated funded indebtedness to consolidated adjusted EBITDA) to be greater than 3.5 to 1.0. As of December 31, 2015, we were in compliance with all covenants under the Senior Secured Credit Facility, and substantially all of our assets continue to be pledged as collateral under the Senior Secured Credit Facility. On December 31, 2015, we had $492.1 million of borrowing capacity under the Senior Secured Credit Facility. 5.375% Senior Unsecured Notes On December 16, 2013, we completed an offering of $300 million in aggregate principal amount of 5.375% Senior Unsecured Notes that mature on December 15, 2021 (the "Initial Senior Unsecured Notes" or the "Existing Notes"). The Initial Senior Unsecured Notes were issued at par, with interest payable on June 15 th and December 15 th of each year. We received net proceeds of $295 million, after deducting underwriting fees, and used the net proceeds from the offering to repay a portion of our outstanding borrowings, and accrued and unpaid interest outstanding under our (then) Third Amended and Restated Credit Agreement ("Senior Secured Credit Facility"). In connection with the issuance, we capitalized $6.3 million of debt issuance costs which are being amortized as interest expense over the remaining term of the Initial Senior Unsecured Notes. On December 16, 2015, we completed an additional offering of $300 million in aggregate principal amount of 5.375% Senior Unsecured Notes that mature on December 15, 2021 (the "Tack-on Notes"). The Tack-on Notes were issued under the December 16, 2013 indenture governing the $300 million Existing Notes, and form a part of the same series as the Existing Notes for purposes of the indenture. The Tack-on Notes were issued at 101% with interest payable on June 15 th and December 15 th of each year. We received net proceeds of $299 million, after deducting underwriting fees, and used the net proceeds from the offering to repay its outstanding revolver borrowings along with accrued and unpaid interest outstanding under its Fourth Amended and Restated Credit Agreement ("Senior Secured Credit Facility). In connection with the issuance, we capitalized $4.7 million of debt issuance costs which are being amortized as interest expense over the remaining term of the Tack-on Notes. Upon completion of this Tack-on Notes offering, the aggregate principal amount of the outstanding notes under this series is $600 million (collectively the "Senior Unsecured Notes.") The Tack-on Notes were offered with different CUSIP and ISIN numbers from the Existing Notes and as a result thereof, will not trade fungibly until they have been assigned the same CUSIP and ISIN numbers. It is expected that the Tack-on Notes will be exchanged into the unrestricted CUSIP and ISIN numbers currently assigned to the Existing Notes one year from the date of issuance. Both series of the Senior Unsecured Notes were issued in private offerings that were exempt from registration under the Securities Act of 1933, as amended, and are senior unsecured obligations. The total Senior Unsecured Notes are guaranteed by each of our domestic subsidiaries that guarantee our Senior Secured Credit Facility and will rank equally with our existing and future senior obligations. At any time prior to December 15, 2016, we may redeem all or part of the total Senior Unsecured Notes at a price equal to 100% of the principal amount of the notes redeemed plus a "make-whole" premium, together with accrued and unpaid interest and additional interest, if any, to the redemption date. On or after December 15, 2016, we may redeem all or part of the Senior Unsecured Notes at a redemption price of 104.0% which gradually reduces to par by 2019. In accordance with ASU 2015-03, Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs, as of December 31, 2015 and 2014, we presented the debt issuance costs and loan origination costs on the balance sheet as a direct deduction from the carrying value of the debt liability. Future aggregate maturities of total debt are as follows (in thousands):
Year Ended December 31,
2016 |  | $ | 9,437 |
2017 |  | 14,156 |
2018 |  | 18,876 |
2019 |  | 23,594 |
2020 |  | 28,312 |
Thereafter |  | 694,375 |
Total |  | $ | 788,750 |

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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 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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