XML 47 R14.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Long-term Debt | 3 Months Ended
--- | ---
Mar. 31, 2014
Long-term Debt |
Long-term Debt | 6. Long-term Debt Long-term debt, net of current maturities, is as follows:
|  | March 31, |  | December 31, |
|  | 2014 |  | 2013 |
|  | (in thousands) |
Senior secured credit facility |  | $ | 743,125 |  | $ | 750,000 |
$300 million 5.875% senior unsecured notes due November 1, 2021 |  | 300,000 |  | 300,000 |
Other long term obligations |  | 18,500 |  | — |
Capital leases |  | 1,991 |  | 2,015 |
|  | 1,063,616 |  | 1,052,015 |
Less current maturities of long-term debt |  | (27,600 | ) | (27,598 | )
Less discount on senior secured credit facility Term Loan B |  | (1,181 | ) | (1,223 | )
|  | $ | 1,034,835 |  | $ | 1,023,194 |
The following is a schedule of future minimum repayments of long-term debt as of March 31, 2014 (in thousands):
Within one year |  | $ | 27,600 |
1-3 years |  | 73,973 |
3-5 years |  | 405,260 |
Over 5 years |  | 556,783 |
Total minimum payments |  | $ | 1,063,616 |
Senior Secured Credit Facility On October 30, 2013, the Company entered into a new senior secured credit facility. The new senior secured credit facility consists of a five year $500 million revolver, a five year $500 million Term Loan A facility, and a seven year $250 million Term Loan B facility. The Company’s senior secured credit facility had a gross outstanding balance of $743.1 million at March 31, 2014, consisting of a $493.8 million Term Loan A facility and a $249.3 million Term Loan B facility. This compares with a $750 million gross outstanding balance at December 31, 2013 which consisted of a $500 million Term Loan A facility and a $250 million Term Loan B facility. No balances were outstanding on the revolving credit facility at March 31, 2014 and December 31, 2013. Additionally, at March 31, 2014 and December 31, 2013, the Company was contingently obligated under letters of credit issued pursuant to the senior secured credit facility with face amounts aggregating $22.1 million, resulting in $477.9 million of available borrowing capacity as of March 31, 2014 and December 31, 2013 under the revolving credit facility. Other Long Term obligations Other long term obligations represent contingent purchase price consideration related to the purchase of Plainridge Racecourse. This obligation is measured at its estimated fair value that will be paid over a ten year time period based on the annual earnings of the facility’s operations. At each reporting period, the Company will assess the fair value of this obligation and changes in its value will be recorded in earnings. Covenants The Company’s senior secured credit facility and $300 million 5.875% senior unsecured notes require it, among other obligations, to maintain specified financial ratios and to satisfy certain financial tests, including fixed charge coverage, interest coverage, senior leverage and total leverage ratios. In addition, the Company’s senior secured credit facility and $300 million 5.875% senior unsecured notes restrict, among other things, its ability to incur additional indebtedness, incur guarantee obligations, amend debt instruments, pay dividends, create liens on assets, make investments, engage in mergers or consolidations, and otherwise restrict corporate activities. At March 31, 2014, the Company was in compliance with all required covenants.

X
- Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration