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LONG-TERM DEBT | 3 Months Ended
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Mar. 31, 2012
LONG-TERM DEBT |
LONG-TERM DEBT |
6. LONG-TERM DEBT Long-term debt consisted of the following (in thousands):
|  | March 31, 2012 |  | December 31, 2011 |
Revolving credit facility due July 2016 |  | $ | 275,000 |  | $ | 433,500 |
Partnership’s revolving credit facility due November 2015 |  | 485,500 |  | 395,500 |
Partnership’s term loan facility due November 2015 |  | 150,000 |  | 150,000 |
4.25% convertible senior notes due June 2014 (presented net of the unamortized discount of $49.9 million and $54.9 million, respectively) |  | 305,109 |  | 300,149 |
4.75% convertible senior notes due January 2014 |  | 143,750 |  | 143,750 |
7.25% senior notes due December 2018 |  | 350,000 |  | 350,000 |
Other, interest at various rates, collateralized by equipment and other assets |  | 92 |  | 140 |
Long-term debt |  | $ | 1,709,451 |  | $ | 1,773,039 |
In March 2012, the Partnership and EXLP Operating LLC, a wholly-owned subsidiary of the Partnership, increased the borrowing capacity under their revolving credit facility by $200 million to $750 million. During the three months ended March 31, 2012, the Partnership incurred transaction costs of approximately $0.5 million related to the increase in borrowing capacity. These costs were included in Intangible and other assets, net and are being amortized over the facility term. Concurrently with this increase, we decreased the borrowing capacity under our revolving credit facility by $200 million to $900 million. As a result of the decrease in borrowing capacity under our revolving credit facility, we expensed $1.3 million of unamortized deferred financing costs associated with our revolving credit facility in the first quarter of 2012, which is reflected in Interest expense in our condensed consolidated statements of operations. In March 2011, we repaid the $6.0 million outstanding balance under our asset-backed securitization facility and terminated that facility. As a result of the termination, we expensed $1.4 million of unamortized deferred financing costs, which is reflected in Interest expense in our condensed consolidated statements of operations. In June 2009, we issued $355.0 million aggregate principal amount of 4.25% convertible senior notes due June 2014 (the “4.25% Notes”). The 4.25% Notes are convertible upon the occurrence of certain conditions into shares of our common stock at an initial conversion rate of 43.1951 shares of our common stock per $1,000 principal amount of the convertible notes, equivalent to an initial conversion price of approximately $23.15 per share of common stock. The conversion rate will be subject to adjustment following certain dilutive events and certain corporate transactions. The value of the shares into which the 4.25% Notes may be converted did not exceed their principal amount as of March 31, 2012. We may not redeem the 4.25% Notes prior to their maturity date. GAAP requires that the liability and equity components of certain convertible debt instruments that may be settled in cash upon conversion be separately accounted for in a manner that reflects an issuer’s nonconvertible debt borrowing rate. Upon issuance of our 4.25% Notes, $97.9 million was recorded as a debt discount and reflected in equity related to the convertible feature of these notes. The discount on the 4.25% Notes will be amortized using the effective interest method through June 30, 2014. During each of the three month periods ended March 31, 2012 and 2011, we recognized $3.8 million of interest expense related to the contractual interest coupon. During the three months ended March 31, 2012 and 2011, we recognized $5.0 million and $4.4 million, respectively, of interest expense related to the amortization of the debt discount. The effective interest rate on the debt component of these notes is 11.67%. As of March 31, 2012, we had $275.0 million in outstanding borrowings and $201.1 million in outstanding letters of credit under our revolving credit facility. At March 31, 2012, taking into account guarantees through letters of credit, we had undrawn capacity of $423.9 million under our revolving credit facility. Our senior secured credit agreement limits our Total Debt to Adjusted EBITDA ratio to not greater than 5.0 to 1.0. Due to this limitation, $400.8 million of the $423.9 million of undrawn capacity under our revolving credit facility was available for additional borrowings as of March 31, 2012. As of March 31, 2012, the Partnership had $264.5 million of undrawn and available capacity under its revolving credit facility.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 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 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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