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Long-Term Debt | 3 Months Ended
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Mar. 31, 2015
Debt Disclosure [Abstract] |
Long-Term Debt |
5. | LONG-TERM DEBT
Long-term debt and capital leases as of March 31, 2015 and December 31, 2014 consist of the following:
|  | March 31, 2015 |  |  | December 31, 2014 |
Senior Secured Asset-Based Revolving Credit Facility: |  |  |  |  |  |  |  |
Due February 2020; bearing interest at LIBOR plus 2.25% |  | $ | 83,120 |  |  | $ | — |
Senior Secured Revolving Credit Facility: |  |  |  |  |  |  |  |
Due March 2016; bore interest at LIBOR plus 3.75% |  |  | — |  |  |  | 131,300 |
Tax-Exempt Bonds: |  |  |  |  |  |  |  |
New York State Enviornmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014; senior unsecured due December 2044 - fixed rate interest period through 2019, bearing interest at 3.75% |  |  | 25,000 |  |  |  | 25,000 |
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-2; senior unsecured due January 2025 - fixed rate interest period through 2017, bearing interest at 6.25% |  |  | 21,400 |  |  |  | 21,400 |
Vermont Economic Development Authority Solid Waste Disposal Long-Term Revenue Bonds Series 2013; senior unsecured due April 2036 - fixed rate interest period through 2018, bearing interest at 4.75% |  |  | 16,000 |  |  |  | 16,000 |
Business Finance Authority of the State of New Hampshire Solid Waste Disposal Revenue Bonds Series 2013; senior unsecured due April 2029 - fixed rate interest period through 2019, bearing interest at 4.00% |  |  | 11,000 |  |  |  | 11,000 |
Finance Authority of Maine Solid Wasete Disposal Revenue Bonds Series 2005R-1; letter of credit backed due January 2025 - variable rate interest period through 2017, bearing interest at SIFMA Index |  |  | 3,600 |  |  |  | 3,600 |
Other: |  |  |  |  |  |  |  |
Capital leases maturing through April 2023, bearing interest at up to 7.70% |  |  | 3,075 |  |  |  | 3,295 |
Notes payable maturing through April 2017, bearing interest at up to 6.00% |  |  | 418 |  |  |  | 435 |
Senior Subordinated Notes: |  |  |  |  |  |  |  |
Due February 2019; bearing interest at 7.75% (including unamortized discount of $1,714 and $1,319) |  |  | 383,286 |  |  |  | 323,681 |
|  |  | 546,899 |  |  |  | 535,711 |
Less—current maturities of long-term debt |  |  | 1,457 |  |  |  | 1,656 |
|  | $ | 545,442 |  |  | $ | 534,055 |
Financing Activities In February 2015, we issued an additional $60,000 aggregate principal amount of 7.75% senior subordinated notes due February 15, 2019 (“2019 Notes”). The additional 2019 Notes, which are fungible with and issued under the same indenture as the 2019 Notes of $325,000 previously issued, were issued at a discount of approximately $476 to be accreted over the remaining term of the 2019 Notes. On February 27, 2015, we used the net proceeds from this issuance, together with the initial borrowings under our new senior secured asset-based revolving credit and letter of credit facility (“ABL Facility”), to refinance our senior revolving credit and letter of credit facility that was due March 18, 2016 (“Senior Credit Facility”). Our ABL Facility consists of a revolving credit facility with loans thereunder being available up to an aggregate principal amount of $190,000, subject to availability under a borrowing base formula as defined in the ABL Facility agreement. We have the right to request, at our discretion, an increase in the amount of loans under the ABL Facility by an aggregate amount of $100,000, subject to the terms and conditions set forth in the ABL Facility agreement. Interest accrues at LIBOR plus between 1.75% and 2.50%, subject to the terms of the ABL Facility agreement and is set at LIBOR plus 2.25% as of March 31, 2015. The ABL Facility matures on February 26, 2020. If we fail to refinance the 2019 Notes on or before November 16, 2018, the maturity date for the ABL Facility shall be November 16, 2018. The ABL Facility is guaranteed jointly and severally, fully and unconditionally by all of our significant wholly-owned subsidiaries. The ABL Facility requires us to maintain a certain minimum consolidated EBITDA measured at the end of each fiscal quarter. Additionally, if borrowing availability does not meet certain thresholds as defined in the ABL Facility agreement, the ABL Facility requires us to meet additional financial ratio covenants, including, without limitation:
| • |  | a minimum fixed charge coverage ratio; and
| • |  | a maximum consolidated first lien funded debt to consolidated EBITDA ratio.
An event of default under any of our debt agreements could permit some of our lenders, including the lenders under the ABL Facility, to declare all amounts borrowed from them to be immediately due and payable, together with accrued and unpaid interest, or, in the case of the ABL Facility, terminate the commitment to make further credit extensions thereunder, which could, in turn, trigger cross-defaults under other debt obligations. If we were unable to repay debt to our lenders, or were otherwise in default under any provision governing our outstanding debt obligations, our secured lenders could proceed against us and against the collateral securing that debt. In conjunction with the refinancing of our Senior Credit Facility in February 2015, we were also required to settle an obligation associated with an interest rate derivative agreement held with a creditor to our Senior Credit Facility. In February 2015, we made a cash payment of $830 to settle our obligation associated with this interest rate swap. Loss on Debt Extinguishment As a result of the refinancing of the Senior Credit Facility, in the three months ended March 31, 2015 we recorded a charge of $521 as a loss on debt extinguishment related to the write-off of deferred financing costs in connection with changes to the borrowing capacity from the Senior Credit Facility to the ABL Facility. The remaining unamortized deferred financing costs of the Senior Credit Facility, along with fees paid to the creditor and third-party costs incurred for the ABL Facility, are to be amortized over the term of the ABL Facility.

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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 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 + Details
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