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Long-Term Debt | 6 Months Ended
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Jun. 30, 2016
Debt Disclosure [Abstract] |
Long-Term Debt |
6. | LONG-TERM DEBT
A summary of long-term debt and capital leases by debt instrument follows:
|  | June 30, 2016 |  |  | December 31, 2015 |
Senior Secured Asset-Based Revolving Credit Facility: |  |  |  |  |  |  |  |
Due February 2020; bearing interest at one-month LIBOR plus 2.25% |  | $ | 55,800 |  |  | $ | 57,422 |
Tax-Exempt Bonds: |  |  |  |  |  |  |  |
New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014 due December 2044 - fixed rate interest period through 2019, bearing interest at 3.75% |  |  | 25,000 |  |  |  | 25,000 |
New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014R-2 due December 2044 - fixed rate interest period through 2026, bearing interest at 3.125% |  |  | 15,000 |  |  |  | — |
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-2 due January 2025 - fixed rate interest period through 2017, bearing interest at 6.25% |  |  | 21,400 |  |  |  | 21,400 |
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2015 due August 2035 - fixed rate interest period through 2025, bearing interest at 5.125% |  |  | 15,000 |  |  |  | 15,000 |
Vermont Economic Development Authority Solid Waste Disposal Long-Term Revenue Bonds Series 2013 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 due April 2029 - fixed rate interest period through 2019, bearing interest at 4.00% |  |  | 11,000 |  |  |  | 11,000 |
Finance Authority of Maine Solid Waste 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% |  |  | 4,508 |  |  |  | 4,130 |
Notes payable maturing through January 2021, bearing interest at up to 7.00% |  |  | 1,153 |  |  |  | 1,167 |
Senior Subordinated Notes: |  |  |  |  |  |  |  |
Due February 2019; bearing interest at 7.75% |  |  | 350,570 |  |  |  | 370,300 |
Principal amount of long-term debt and capital leases |  |  | 519,031 |  |  |  | 525,019 |
Less—unamortized discount and debt issuance costs (1) |  |  | 15,816 |  |  |  | 17,586 |
Long-term debt and capital leases less unamortized discount and debt issuance costs |  |  | 503,215 |  |  |  | 507,433 |
Less—current maturities of long-term debt |  |  | 1,411 |  |  |  | 1,448 |
|  | $ | 501,804 |  |  | $ | 505,985 |
(1) | A summary of unamortized discount and debt issuance costs by debt instrument follows:
|  | June 30, 2016 |  |  | December 31, 2015 |
Senior Secured Asset-Based Revolving Credit Facility |  | $ | 4,976 |  |  | $ | 5,593 |
New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014 |  |  | 1,314 |  |  |  | 1,407 |
New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014R-2 |  |  | 602 |  |  |  | — |
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-2 |  |  | 534 |  |  |  | 566 |
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2015 |  |  | 795 |  |  |  | 830 |
Vermont Economic Development Authority Solid Waste Disposal Long-Term Revenue Bonds Series 2013 |  |  | 620 |  |  |  | 636 |
Business Finance Authority of the State of New Hampshire Solid Waste Disposal Revenue Bonds Series 2013 |  |  | 627 |  |  |  | 690 |
Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-1 |  |  | 33 |  |  |  | 35 |
Senior Subordinated Notes |  |  | 6,315 |  |  |  | 7,829 |
|  | $ | 15,816 |  |  | $ | 17,586 |
Financing Activities New York Bonds 2016 In the three months ended June 30, 2016, we completed a financing transaction involving the issuance by the New York State Environmental Facilities Corporation of $15,000 aggregate principal amount of Solid Waste Disposal Revenue Bonds Series 2014R-2 (“New York Bonds 2016”). We borrowed the proceeds of the offering of the New York Bonds 2016 to finance or refinance certain capital projects in the state of New York, and to pay certain costs of issuance of the New York Bonds 2016. As of June 30, 2016, we had $848 of restricted cash reserved for repayment of certain capital projects in the state of New York as a result of this financing. As of June 30, 2016, we had outstanding $15,000 aggregate principal amount of New York Bonds 2016. The New York Bonds 2016, which are unsecured and guaranteed jointly and severally, fully and unconditionally by all of our significant wholly-owned subsidiaries, accrue interest at 3.125% per annum through May 31, 2026, at which time they may be converted from a fixed rate to a variable rate, and interest is payable on June 1 and December 1 of each year. Loss on Debt Extinguishment Senior Subordinated Notes In the three months ended June 30, 2016, we redeemed and permanently retired $12,500 aggregate principal amount of 7.75% senior subordinated notes due February 2019 (“2019 Notes”) at a redemption price equal to 101.938% of the principal amount thereof plus accrued and unpaid interest thereon in order to maximize interest savings by paying down our most expensive debt. As a result of the redemption, we recorded a loss on debt extinguishment of $525 in the three months ended June 30, 2016 related to the premium associated with the redemption price, the write off of debt issuance costs and unamortized original issue discount in proportion with the settlement amount. In the three months ended June 30, 2016, we repurchased and permanently retired $3,000 aggregate principal amount of 2019 Notes at a repurchase price of $102.25 in order to maximize interest savings by paying down our most expensive debt. As a result of the repurchase, we recorded a loss on debt extinguishment of $68 in the three months ended June 30, 2016 related to the premium associated with the repurchase price, the write off of debt issuance costs and unamortized original issue discount in proportion with the settlement amount. In the quarter ended March 31, 2016, we repurchased and permanently retired $4,230 aggregate principal amount of 2019 Notes at a repurchase price of $96.75 in order to maximize interest savings by paying down our most expensive debt. As a result of the repurchase, we recorded a gain on debt extinguishment of $48 in the quarter ended March 31, 2016 related to the non-cash gain associated with the below par repurchase price, net of the write off of debt issuance costs and unamortized original issue discount in proportion with the settlement amount. Senior Credit Facility In the quarter ended March 31, 2015, we recorded a charge of $521 as a loss on debt extinguishment related to the write-off of debt issuance costs in connection with changes to the borrowing capacity from our previous senior revolving credit and letter of credit facility that was due March 2016 (“Senior Credit Facility”) to our current senior secured asset-based revolving credit and letter of credit facility due February 2020 (“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 information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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