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Financial Commitments | 6 Months Ended
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Jun. 30, 2014
Financial Commitments |
Financial Commitments | (10) Financial Commitments Amended Credit Agreement On June 5, 2014, the Company entered into a Sixth Amended and Restated Credit Agreement, (The “Credit Facility”) restructuring its former $300 million revolving credit facility and $200 million Term Loan. All outstanding amounts under the Fifth Amended and Restated Credit Agreement were repaid in full using proceeds of the Sixth Amended and Restated Credit Agreement. The new agreement provides for a $300 million revolving credit facility (the “Revolving Credit Facility”) and a $250 million term loan (the “Term Loan”) with Bank of America, N.A. as Administrative Agent, Swing Line Lender and L/C Issuer and a syndicate of other lenders. The Term Loan principal is payable at 6.0% in year 1, 9.0% in year 2, 12.0% in year 3, 15.0% in year 4 and 13.5% in year 5 with a 44.5% balloon payment at maturity. Both the Revolving Credit Facility and the Term Loan mature on June 5, 2019. Borrowings under the Revolving Credit Facility will bear interest based either on Bank of America’s prime lending rate or LIBOR plus an applicable margin. Borrowings under the Credit Facility will bear interest based on the London Interbank Offered Rate (“LIBOR”), plus an applicable margin. Included in the agreement is a special provision allowing an additional accordion provision, which the Company may opt to utilize at a future date to increase either the Revolving Credit Facility or establish one or more new term loan commitments, up to an aggregate amount not to exceed $300 million. The Credit Facility provides a sublimit for the issuance of letters of credit up to the aggregate amount of $150 million. The Revolving Credit Facility and Term Loan include usual and customary covenants for credit facilities of this type, including covenants providing maximum allowable ranges of consolidated leverage ratios from 3.75:1.00 to 2.75:1.00 over a range of five years and maintaining a minimum consolidated fixed charge coverage ratio of 1.25:1.00. The Sixth Amended and Restated Credit Facility eliminated the other covenant requirements that were formerly held under the Fifth Amended and Restated Credit Agreement. Substantially all of the Company’s subsidiaries unconditionally guarantee the obligations of the Company under the Sixth Amended and Restated Credit Facility. The obligations under the Amended Credit Agreement are secured by a lien on all personal property of the Company and its subsidiaries party thereto. Any outstanding loans under the Revolving Facility and the Term Loan mature on June 5, 2019. The Term Loan balance was $250.0 million at June 30, 2014. The first term loan payment on the Sixth Amended and Restated Credit Agreement is due on September 30, 2014. The Company was in compliance with the modified financial covenants under the a Sixth Amended and Restated Credit Facility for the period ended June 30, 2014. The Company had $80.5 million of outstanding borrowings under its Revolving Facility as of June 30, 2014 and $135.0 million of outstanding borrowings under its former Revolving Facility as of December 31, 2013. The net change in borrowings under the Revolving Facility comprises all “Proceeds from debt” and a significant portion of all “Repayment of debt” as presented in the Consolidated Condensed Statements of Cash Flows. The Company utilized the Revolving Facility for letters of credit in the amount of $0.4 million as of June 30, 2014 and $0.2 million under the former Revolving Facility as of December 31, 2013. Accordingly, at June 30, 2014, the Company had $219.1 million available to borrow under the Revolving Facility.

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