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Long-term Debt | 9 Months Ended
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Sep. 30, 2017
Long-term Debt |
Long-term Debt | 8. Long-term Debt Long-term debt, net of current maturities, is as follows:
|  | September 30, |  | December 31, |
|  | 2017 |  | 2016 |
|  | (in thousands) |
Senior secured credit facility |  | $ | 830,000 |  | $ | 976,845 |
$300 million 5.875 % senior subordinated notes due November 1, 2021 |  |  | — |  |  | 300,000 |
$400 million 5.625 % senior unsecured notes due January 15, 2027 |  |  | 400,000 |  |  | — |
Other long-term obligations |  |  | 119,536 |  |  | 154,084 |
Capital leases |  |  | 1,319 |  |  | 1,760 |
|  |  | 1,350,855 |  |  | 1,432,689 |
Less current maturities of long-term debt |  |  | (36,235) |  |  | (85,595) |
Less net discounts |  |  | (2,796) |  |  | (620) |
Less debt issuance costs |  |  | (29,368) |  |  | (16,535) |
|  | $ | 1,282,456 |  | $ | 1,329,939 |
The following is a schedule of future minimum repayments of long-term debt as of September 30, 2017 (in thousands):
Within one year |  | $ | 36,235 |
1-3 years |  |  | 86,737 |
3-5 years |  |  | 317,322 |
Over 5 years |  |  | 910,561 |
Total minimum payments |  | $ | 1,350,855 |
Senior Secured Credit Facility On January 19, 2017, the Company entered into a new senior secured credit facility. The new senior secured credit facility consists of a five year $700 million revolver, a five year $300 million Term Loan A facility, and a seven year $500 million Term Loan B facility (the “Amended Credit Facilities”). The Term Loan A facility was priced at LIBOR plus a spread (ranging from 3.00% to 1.25%) based on the Company’s consolidated total net leverage ratio as defined in the new senior secured credit facility. The Term Loan B facility was priced at LIBOR plus 2.50%, with a 0.75% LIBOR floor. At September 30, 2017, the Company’s senior secured credit facility had a gross outstanding balance of $830.0 million, consisting of a $292.5 million Term Loan A facility, a $497.5 million Term Loan B facility, and $40.0 million outstanding on the revolving credit facility. Additionally, at September 30, 2017, the Company had conditional obligations under letters of credit issued pursuant to the senior secured credit facility with face amounts aggregating $22.1 million, resulting in $637.9 million of available borrowing capacity as of September 30, 2017 under the revolving credit facility. In connection with the repayment of the previous senior secured credit facility, the Company recorded $1.7 million in refinancing costs and a $2.3 million loss on the early extinguishment of debt for the nine months ended September 30, 2017 related to the write-off of deferred debt issuance costs and the discount on the Term Loan B facility of the previous senior secured credit facility. Redemption of 5.875% Senior Subordinated Notes In the first quarter of 2017, the Company redeemed all of its $300 million 5.875% senior subordinated notes, which were due in 2021 (“5.875% Notes”). In connection with this redemption, the Company recorded a $21.1 million loss on the early extinguishment of debt for the nine months ended September 30, 2017 related to the difference between the reacquisition price of the 5.875% Notes compared to its carrying value. 5.625% Senior Unsecured Notes On January 19, 2017, the Company completed an offering of $400 million 5.625% senior unsecured notes that mature on January 15, 2027 (the “5.625% Notes”) at a price of par. Interest on the 5.625% Notes is payable on January 15 th and July 15 th of each year. The 5.625% Notes are senior unsecured obligations of the Company. The 5.625% Notes will not be guaranteed by any of the Company’s subsidiaries except in the event that the Company in the future issues certain subsidiary‑guaranteed debt securities. The Company may redeem the 5.625% Notes at any time on or after January 15, 2022, at the declining redemption premiums set forth in the indenture governing the 5.625% Notes, and, prior to January 15, 2022, at a “make-whole” redemption premium set forth in the indenture governing the 5.625% Notes. In addition, prior to January 15, 2020, the Company may redeem the 5.625% Notes with an amount equal to the net proceeds from one or more equity offerings, at a redemption price equal to 105.625% of the principal amount of the 5.625% Notes redeemed, together with accrued and unpaid interest to, but not including, the redemption date, so long as at least 60% of the aggregate principal amount of the notes originally issued under the indenture remains outstanding and such redemption occurs within 180 days of closing of the related equity offering. The Company used a portion of the proceeds from the issuance of the 5.625% Notes to retire its existing 5.875% Notes and to fund related transaction fees and expenses. The Company used loans funded under the Amended Credit Facilities and a portion of the proceeds of the 5.625% Notes to repay amounts outstanding under its then existing Credit Agreement and to fund related transaction fees and expenses and for general corporate purposes. Covenants The Company’s senior secured credit facility and $400 million 5.625% 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 $400 million 5.625% 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 September 30, 2017, the Company was in compliance with all required financial covenants. Corporate Airplane Loan In January 2017, the Company’s corporate airplane loan of $20.8 million was paid in full. At December 31, 2016 the corporate airplane loan was included with other long-term obligations.

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- Definition The entire disclosure for long-term debt. + References Reference 1: 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
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