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CREDIT AGREEMENTS (Tables)
 12 Months Ended
Dec. 31, 2012
Schedule of U.S. Credit Agreement

Selected details of our Credit Agreements as of and for the years ended December 31, 2012 and 2011 were as follows:

 

     As of December 31,  
     2012(1)     2011(2)  
     (Dollars in thousands)  

Credit Agreements:

     

Credit facility remaining availability

    $ —        $ 178,310   

Credit facility borrowings

    $ 80,000      $ —     

Outstanding letters of credit(3)

    $ 6,981      $ 6,690   

Availability for additional letters of credit

    $ —        $ 43,310   

Average daily revolving credit borrowings for the year ended

    $ 219      $ —     

Weighted average annual interest rate

      5.25 %      0.00 % 

Commitment fee rate

      0.25 %      0.10 % 

Letter of credit fee rate(3)

      0.50 %      0.50 % 

 

(1) Details reflect terms under our existing Credit Agreement which was entered into during December 2012, except for our outstanding letters of credit.
(2) Details reflect terms under our previous U.S. Credit Agreement which expired October 31, 2012.
(3) Represents letters of credit which are fully collateralized with $7.4 million of restricted cash.