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v3.20.1

Long-Term Debt (Tables) | 3 Months Ended
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Mar. 31, 2020
Debt Instrument [Line Items] |
Long-Term Debt | Long-term debt consists of the following:
| March 31, 2020 |  | December 31, 2019
| (In thousands) |  |
2016 Revolving Credit Facility (1) | $ | 210,000 |  |  |  | $ | — |
6.125% Senior Subordinated Notes due 2027 (the “6.125% Notes”) | 250,000 |  |  |  | 250,000 |
2019 Mortgage Facility (2) | 109,088 |  |  |  | 109,088 |
Mortgage notes to finance companies - fixed rate, bearing interest from 3.51% to 7.03% | 191,248 |  |  |  | 194,535 |
Mortgage notes to finance companies - variable rate, bearing interest at 1.50 to 2.90 percentage points above one-month or three-month LIBOR | 158,855 |  |  |  | 161,345 |
Subtotal | $ | 919,191 |  |  |  | $ | 714,968 |
Debt issuance costs | (7,549) |  |  |  | (8,082) |
Total debt | 911,642 |  |  |  | 706,886 |
Less current maturities | (80,803) |  |  |  | (69,908) |
Long-term debt | $ | 830,839 |  |  |  | $ | 636,978 |
(1)The interest rate on the 2016 Revolving Credit Facility (as defined below) was 175 and 150 basis points above LIBOR at March 31, 2020 and December 31, 2019, respectively. (2)The interest rate on the 2019 Mortgage Facility (as defined below) was 175 and 200 basis points above the London Interbank Offer Rate ("LIBOR") at March 31, 2020 and December 31, 2019, respectively.
Financial Covenants Include Required Specified Ratios | were in compliance with the financial covenants under the 2016 Credit Facilities and the 2019 Mortgage Facility as of March 31, 2020. Financial covenants include required specified ratios (as each is defined in the 2016 Credit Facilities and the 2019 Mortgage Facility) 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 |  | 5.75
March 31, 2020 actual | 1.07 |  | 1.70 |  | 3.69
Summary of Interest Received and Paid under Term of Cash Flow Swap | Under the terms of the interest rate cap agreements, we will receive interest based on the following:
Notional Amount |  |  |  | Cap Rate (1) |  | Receive Rate (1) (2) |  | Start Date |  | End Date |
(In millions) |  |  |  |  |  |  |  |  |  |  |
$ | 312.5 |  |  |  |  | 2.000% |  | one-month LIBOR |  | July 1, 2019 |  | June 30, 2020 |
$ | 250.0 |  |  |  |  | 3.000% |  | one-month LIBOR |  | July 1, 2019 |  | June 30, 2020 |
$ | 225.0 |  |  |  |  | 3.000% |  | one-month LIBOR |  | July 1, 2020 |  | June 30, 2021 |
$ | 150.0 |  |  |  |  | 2.000% |  | one-month LIBOR |  | July 1, 2020 |  | July 1, 2021 |
$ | 250.0 |  |  |  |  | 3.000% |  | one-month LIBOR |  | July 1, 2021 |  | July 1, 2022 |
(1)Under these interest rate caps, no payment from the counterparty will occur unless the stated receive rate exceeds the stated cap rate, in which case a net payment to us from the counterparty, based on the spread between the receive rate and the cap rate, will be recognized as a reduction of interest expense, other, net in the accompanying unaudited condensed consolidated statements of income. (2)The one-month LIBOR rate was approximately 0.993% at March 31, 2020.
6.125% Notes |
Debt Instrument [Line Items] |
Debt Instrument Redemption | We may redeem the 6.125% Notes, in whole or in part, at any time on or after March 15, 2022 at the following redemption prices, which are expressed as percentages of the principal amount:
| Redemption Price
Beginning on March 15, 2022 | 103.063 | %
Beginning on March 15, 2023 | 102.042 | %
Beginning on March 15, 2024 | 101.021 | %
Beginning on March 15, 2025 and thereafter | 100.000 | %

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