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Financial Commitments | 3 Months Ended
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Mar. 31, 2016
Financial Commitments [Abstract] |
Financial Commitments | (5) Financial Commitments ﻿ Long-Term Debt ﻿ Long-term debt consists of the following: ﻿
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﻿ | March 31, |  | December 31,
﻿(in thousands) | 2016 |  | 2015
﻿Senior Notes | $ | 297,366 |  | $ | 297,118
﻿Revolving Credit Facility |  | 178,738 |  |  | 155,815
﻿Term Loan |  | 220,198 |  |  | 222,120
﻿Equipment financing, mortgages and acquisition-related notes |  | 124,911 |  |  | 133,288
﻿Other indebtedness |  | 4,520 |  |  | 9,343
﻿Total debt |  | 825,733 |  |  | 817,684
﻿Less – current maturities |  | (99,970) |  |  | (88,917)
﻿Long-term debt, net | $ | 725,763 |  | $ | 728,767
﻿ The following table reconciles the outstanding debt balance to the reported debt balances as of March 31, 2016 and December 31, 2015. ﻿
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﻿ | March 31, 2016 |  | December 31, 2015
﻿(in thousands) | Outstanding Long-Term Debt |  | Unamortized Discount and Issuance Cost |  | Reported Long-Term Debt |  | Outstanding Long-Term Debt |  | Unamortized Discount and Issuance Cost |  | Reported Long-Term Debt
﻿Senior Notes | $ | 300,000 |  | $ | (2,634) |  | $ | 297,366 |  | $ | 300,000 |  | $ | (2,882) |  | $ | 297,118
﻿Revolving Credit Facility |  | 183,500 |  |  | (4,762) |  |  | 178,738 |  |  | 158,000 |  |  | (2,185) |  |  | 155,815
﻿Term Loan |  | 223,750 |  |  | (3,552) |  |  | 220,198 |  |  | 223,750 |  |  | (1,630) |  |  | 222,120
﻿ The discount and debt issuance cost related to the Senior Notes is amortized as interest expense based on an imputed interest rate of 7.99%. The debt issuance cost related to the Revolving Credit Facility and Term Loan (as defined below) is amortized as interest expense based on an imputed interest rate of 8.84%. ﻿ Amended Credit Agreement ﻿ On February 26, 2016, we entered into Waiver and Amendment No. 1 (the “Amendment”) to the Sixth Amended and Restated Credit Agreement (the “Original Facility”; collectively, the “Credit Facility”) with Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer and a syndicate of other lenders. As a result of the Company’s financial results for the fiscal year ended December 31, 2015, which included the previously reported $23.9 million non-cash, pre-tax charge from an adverse ruling on the Brightwater litigation matter in the third quarter as well as $45.6 million of pre-tax charges in the third and fourth quarters for Five Star Electric, the Company was not in compliance with the required consolidated leverage ratio and consolidated fixed charge coverage ratio under the Original Facility, which are both calculated on a rolling four quarter basis. In the Amendment, the lenders waived these covenant violations and modified certain provisions of the Original Facility. ﻿ The Credit Facility provides for a $300 million revolving credit facility (the “Revolver”) and a $250 million term loan (the “Term Loan”). As a result of the Amendment, both the Revolver and the Term Loan will now mature on May 1, 2018. The Term Loan principal payments have been modified to include certain additional principal payments, which will be applied against the balloon payment (discussed below). Borrowings under the Revolver bear interest, based either on Bank of America’s prime lending rate, plus an applicable margin, or the London Interbank Offered Rate (“LIBOR”), plus an applicable margin. Borrowings under the Term Loan bear interest based on LIBOR plus an applicable margin. Under the terms of the Amendment, for so long as the Company’s consolidated leverage ratio is greater than 3.5 to 1.0, it will not be permitted to make LIBOR-based borrowings and will therefore be subject to an increased interest rate on borrowings, with such rate being 100 basis points higher than the highest rate under the Original Facility while the Company’s consolidated leverage ratio is greater than 3.5 to 1.0 but not more than 4.0 to 1.0, and an additional 100 basis points higher while the Company’s consolidated leverage ratio is greater than 4.0 to 1.0. The Company also will be subject to increased commitment fees at these higher leverage ratio levels. In addition, until the Company’s consolidated leverage ratio goes below 3.5 to 1.0, LIBOR-based borrowings will convert to base rate borrowings. The Amendment provides for the exclusion of the impact of the Brightwater litigation matter from the calculation of the Company’s consolidated leverage ratio and consolidated fixed charge coverage ratio. Interest payments will be due on a monthly basis, rather than a quarterly basis. If the Company is in compliance with the leverage and fixed charge ratio covenants provided in the Original Facility as of December 31, 2016, interest payments will again be due on a quarterly basis thereafter. The Amendment also removes the accordion feature of the Original Facility, which would have allowed either an increase of $300 million in the Revolver or the establishment of one or more new term loan commitments. ﻿ The Amendment also modifies several of the covenants in the Original Facility, including the Company’s maximum allowable consolidated leverage ratio to be at 4.25:1.00 in the first quarter of 2016, stepping down to 4.0:1.0 in the second and third quarters of 2016 and then returning to the Original Facility’s range of 3.25:1.00 to 3.00:1.00 beginning with the fourth quarter of 2016. The Credit Facility will continue to require the Company to maintain a minimum consolidated fixed charge coverage ratio of 1.25:1.00. Other usual and customary covenants for credit facilities of this type (such as, restrictions on the payment of dividends and share repurchases) were included in the Original Facility (subject to certain modifications made in the Amendment), while the Amendment adds covenants regarding the Company’s liquidity, including a cap on the cash balance in the Company’s bank account and a weekly minimum liquidity requirement (based on specified available cash balances and availability under the Revolver). The Amendment also requires the Company to achieve certain quarterly cash collection milestones and increases the lenders’ collateral package. Beginning in the fourth quarter of 2016, the Company will be required to make quarterly principal payments towards the Term Loan balloon payment, based on a percentage of certain forecasted cash collections for the prior quarter, in addition to the scheduled amortization payments of the Original Facility. ﻿ Substantially all of the Company’s subsidiaries unconditionally guarantee our obligations under the Credit Facility. The obligations under the Credit Facility are secured by a lien on substantially all real and personal property of the Company and its subsidiaries party thereto. Under the Amendment, the Company agreed to increase the lenders’ collateral package, including by pledging to the lenders (i) the equity interests of each direct domestic subsidiary of the Company and (ii) 65% of the stock of each material first-tier foreign restricted subsidiary of the Company. ﻿ We utilized the Revolver for letters of credit in the amount of $0.2 million as of March 31, 2016 and December 31, 2015. As of March 31, 2016, we had $116.3 million of additional capacity under the Revolver. ﻿ The Company was in compliance with the financial covenants under the Credit Facility for the period ended March 31, 2016.

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