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Senior Bank Debt
3 Months Ended
Mar. 31, 2012
Senior Bank Debt  
Senior Bank Debt

2.     Senior Bank Debt

        The Company entered into a $1.0 billion senior unsecured credit facility in November 2011 (the "credit facility"), consisting of a $750.0 million revolving credit facility (the "revolver") and a $250.0 million term loan (the "term loan"), the principal terms of which are similar to the Company's previous senior unsecured credit facility. The term loan and $720.0 million of the revolver have a five-year maturity (maturing November 2016); the remaining $30.0 million of the revolver matures in January 2015. Subject to certain conditions, the Company may increase the revolver and the term loan by up to $150.0 million and $250.0 million, respectively.

        The credit facility is unsecured and contains financial covenants with respect to leverage and interest coverage, as well as customary affirmative and negative covenants, including limitations on indebtedness, liens, cash dividends, asset dispositions and fundamental corporate changes. As of March 31, 2012, the Company was in compliance with all terms of its credit facility.

        As further described in Note 13, the Company has entered into interest rate swap contracts to exchange a fixed rate for the variable rate on a portion of its credit facility.