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LONG-TERM DEBT

9 Months Ended

Sep. 30, 2012

7. LONG-TERM DEBT

Long-term debt consisted of the following (in thousands):

	September 30, 2012		December 31, 2011
Revolving credit facility due July 2016	$	232,000	$	433,500
Partnership’s revolving credit facility due November 2015	514,500		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 $39.6 million and $54.9 million, respectively)	315,369		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	19		140
Long-term debt	$	1,705,638	$	1,773,039

In March 2012, the Partnership and EXLP Operating LLC, the Partnership’s wholly-owned subsidiary, 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 are 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 July 2011, we entered into a credit agreement providing for a new five-year, $1.1 billion senior secured revolving credit facility (the “2011 Credit Facility”), which matures in July 2016 and replaced our former senior secured credit facility. We incurred approximately $7.8 million in transaction costs related to the 2011 Credit Facility. These costs are included in Intangible and other assets, net and are being amortized over the facility term. As a result of the termination of our former senior secured credit facility, we expensed approximately $1.6 million of unamortized deferred financing costs associated with our former senior secured credit facility in the third quarter of 2011, 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.

As of September 30, 2012, we had $232.0 million in outstanding borrowings and $198.7 million in outstanding letters of credit under the 2011 Credit Facility. At September 30, 2012, taking into account guarantees through letters of credit, we had undrawn and available capacity of $469.3 million under the 2011 Credit Facility.

As of September 30, 2012, the Partnership had $235.5 million of undrawn and available capacity under its revolving credit facility.