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Long-Term Debt (Tables) | 6 Months Ended
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Jun. 30, 2013
Long-term debt |
Long-term debt | Long-term debt consists of the following:
(In thousands) |  | June 30, 2013 |  |  | December 31, 2012 |
2011 Revolving Credit Facility (1) |  | $ | — |  |  | $ | 6,176 |
9.0% Senior Subordinated Notes due 2018 (the “9.0% Notes”) |  |  | — |  |  |  | 210,000 |
7.0% Senior Subordinated Notes due 2022 (the “7.0% Notes”) |  |  | 200,000 |  |  |  | 200,000 |
5.0% Senior Subordinated Notes due 2023 (the “5.0% Notes”) |  |  | 300,000 |  |  |  | — |
Notes payable to a finance company bearing interest from 9.52% to 10.52% (with a weighted average of 10.19%) |  |  | 9,137 |  |  |  | 10,572 |
Mortgage notes to finance companies-fixed rate, bearing interest from 3.51% to 7.03% |  |  | 141,373 |  |  |  | 137,791 |
Mortgage notes to finance companies-variable rate, bearing interest at 1.25 to 3.50 percentage points above one-month LIBOR |  |  | 79,485 |  |  |  | 62,229 |
Net debt discount and premium (2) |  |  | (1,806 | ) |  |  | (2,814 | )
Other |  |  | 5,261 |  |  |  | 5,431 |
Total debt |  | $ | 733,450 |  |  | $ | 629,385 |
Less current maturities |  |  | (20,363 | ) |  |  | (18,587 | )
Long-term debt |  | $ | 713,087 |  |  | $ | 610,798 |
(1) | The interest rate on the revolving credit facility was 2.00% above LIBOR at June 30, 2013 and 2.25% above LIBOR at December 31, 2012.
(2) | June 30, 2013 includes $1.7 million discount associated with the 7.0% Notes, $0.5 million premium associated with notes payable to a finance company and $0.6 million discount associated with mortgage notes payable. December 31, 2012 includes $1.1 million discount associated with the 9.0% Notes, $1.7 million discount associated with the 7.0% Notes, $0.7 million premium associated with notes payable to a finance company and $0.7 million discount associated with mortgage notes payable.
Financial covenants include required specified ratios | Financial covenants include required specified ratios (as each is defined in the 2011 Credit Facilities) of:
|  | Covenant |
|  | Minimum Consolidated Liquidity Ratio |  |  | Minimum Consolidated Fixed Charge Coverage Ratio |  |  | Maximum Consolidated Total Lease Adjusted Leverage Ratio |
Required ratio |  |  | 1.05 |  |  |  | 1.20 |  |  |  | 5.50 |
June 30, 2013 actual |  |  | 1.17 |  |  |  | 1.71 |  |  |  | 4.07 |
Summary of interest received and paid under term of cash flow swap | Under the terms of these Cash Flow Swaps, Sonic will receive and pay interest based on the following:
Notional Amount |  |  | Pay Rate |  |  | Receive Rate (1) |  | Maturing Date
(In millions) |  |  |  |  |  |  |  |
$ | 3.1 |  |  |  | 7.100 | % |  | one-month LIBOR + 1.50% |  | July 10, 2017
$ | 9.6 |  |  |  | 4.655 | % |  | one-month LIBOR |  | December 10, 2017
$ | 7.9 | (2) |  |  | 6.860 | % |  | one-month LIBOR + 1.25% |  | August 1, 2017
$ | 5.9 |  |  |  | 4.330 | % |  | one-month LIBOR |  | July 1, 2013
$ | 100.0 |  |  |  | 3.280 | % |  | one-month LIBOR |  | July 1, 2015
$ | 100.0 |  |  |  | 3.300 | % |  | one-month LIBOR |  | July 1, 2015
$ | 6.7 | (2) |  |  | 6.410 | % |  | one-month LIBOR + 1.25% |  | September 12, 2017
$ | 50.0 |  |  |  | 2.767 | % |  | one-month LIBOR |  | July 1, 2014
$ | 50.0 |  |  |  | 3.240 | % |  | one-month LIBOR |  | July 1, 2015
$ | 50.0 |  |  |  | 2.610 | % |  | one-month LIBOR |  | July 1, 2014
$ | 50.0 |  |  |  | 3.070 | % |  | one-month LIBOR |  | July 1, 2015
$ | 100.0 | (3) |  |  | 2.065 | % |  | one-month LIBOR |  | June 30, 2017
$ | 100.0 | (3) |  |  | 2.015 | % |  | one-month LIBOR |  | June 30, 2017
$ | 200.0 | (3) |  |  | 0.788 | % |  | one-month LIBOR |  | July 1, 2016
$ | 50.0 | (4) |  |  | 1.320 | % |  | one-month LIBOR |  | July 1, 2017
$ | 250.0 | (5) |  |  | 1.887 | % |  | one-month LIBOR |  | June 30, 2018
(1) | The one-month LIBOR rate was 0.195% at June 30, 2013.
(2) | Changes in fair value are recorded through earnings.
(3) | The effective date of these forward-starting swaps is July 1, 2015.
(4) | The effective date of this forward-starting swap is July 1, 2016.
(5) | The effective date of this forward-starting swap is July 3, 2017.
5.0% Senior Subordinated Notes due 2023 [Member] |
Long-term debt |
Redemption price, percentage | Sonic may redeem the 5.0% Notes in whole or in part at any time after May 15, 2018 at the following redemption prices, which are expressed as percentages of the principal amount:
|  | Redemption Price |
Beginning on May 15, 2018 |  |  | 102.500 | %
Beginning on May 15, 2019 |  |  | 101.667 | %
Beginning on May 15, 2020 |  |  | 100.833 | %
Beginning on May 15, 2021 and thereafter |  |  | 100.000 | %
7.0% Senior Subordinated Notes due 2022 [Member] |
Long-term debt |
Redemption price, percentage | Sonic may redeem the 7.0% Notes in whole or in part at any time after July 15, 2017 at the following redemption prices, which are expressed as percentages of the principal amount:
|  | Redemption Price |
Beginning on July 15, 2017 |  |  | 103.500 | %
Beginning on July 15, 2018 |  |  | 102.333 | %
Beginning on July 15, 2019 |  |  | 101.167 | %
Beginning on July 15, 2020 and thereafter |  |  | 100.000 | %

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