XML 42 R30.htm IDEA: XBRL DOCUMENT v3.8.0.1
Debt (Tables)
3 Months Ended
Mar. 31, 2018
Debt Disclosure [Abstract]  
Schedule of Debt
The carrying value of debt outstanding at at the respective balance sheet dates consisted of the following:
(in thousands, except rates)
Interest rate
 
Year of maturity
 
March 31, 2018
 
December 31, 2017
Senior secured notes
7.875%
 
2022
 
$
291,067

 
$
290,687

US ABL Facility
Varies
 
2022
 
334,541

 
297,323

Canadian ABL Facility (a)
Varies
 
2022
 

 

Capital lease and other financing obligations
 
 
 
 
38,475

 
38,736

Total debt
 
 
 
 
664,083

 
626,746

Less: current portion of long-term debt
 
 
 
 
(1,884
)
 
(1,881
)
Total long-term debt
 
 
 
 
$
662,199

 
$
624,865

(a)
At March 31, 2018, the Company had outstanding borrowings of $0.8 million on the Canadian ABL Facility and $1.6 million of related debt issuance costs. $0.8 million of the related debt issuance costs are recorded as a direct offset against the principal of the Canadian ABL Facility and the remaining $0.8 million, in excess of the principal, has been included in other non-current assets on the condensed consolidated balance sheet. As there was no carrying value of debt outstanding on the Canadian ABL Facility as of December 31, 2017, $1.8 million of debt issuance costs related to that facility are included in other non-current assets on the condensed consolidated balance sheet.
Debt Redemption
On or after December 15, 2019, WSII, at its option, may redeem the Notes, in whole or in part, at the redemption prices expressed as percentages of principal amount set forth below, plus accrued and unpaid interest to, but not including, the applicable redemption date (subject to the right of Note holders on the relevant record date to receive interest due on an interest payment date falling on or prior to the redemption date), if redeemed during the twelve month period beginning on December 15 of each of the years set forth below:
Year
Redemption Price
2019
103.938
%
2020
101.969
%
2021 and thereafter
100.000
%