XML 19 R12.htm IDEA: XBRL DOCUMENT
v3.20.1

Long-Term Debt (Notes) | 3 Months Ended
--- | ---
Mar. 31, 2020
Debt Disclosure [Abstract] |
Long-Term Debt | 6. Long-Term Debt Long-term debt consisted of the following (in millions):
| March 31, 2020 |  | December 31, 2019
Senior Secured Credit Facility: |  |  |
$250 million revolving credit facility, due November 22, 2024 | $ | 33.0 |  |  | $ | — |
Term B loan facility, due April 2, 2025 | 490.8 |  |  | 490.8 |
4.625 percent Senior Notes, due May 15, 2028 (unsecured) | 550.0 |  |  | 550.0 |
| 1,073.8 |  |  | 1,040.8 |
Unamortized deferred loan costs | (8.3 | ) |  | (8.5 | )
| $ | 1,065.5 |  |  | $ | 1,032.3 |
Senior Secured Credit Facility The senior secured credit facility consists of a term B loan and a senior secured revolving credit facility with maximum borrowing capacity of $250.0 million. Borrowings under the term B loan bear interest at LIBOR plus 1.75 percent, or the bank’s base rate plus 0.75 percent. Borrowings under the senior secured revolving credit facility bear interest at LIBOR plus 1.25 to 2.25 percent, or the bank’s base rate plus 0.25 to 1.25 percent, depending on leverage levels. At March 31, 2020, the weighted average interest rate on the senior secured credit facility was 2.78 percent. A commitment fee of 0.20 to 0.35 percent is payable on the undrawn portion of the senior secured revolving credit facility. There are no required minimum payments until maturity. The Company is required to make mandatory prepayments on its term loan from excess cash flow and with the proceeds of asset sales, debt issuances and specified other events, subject to certain exceptions. The senior secured credit facility is secured by substantially all of the Company's assets and includes various restrictive covenants, including the maximum ratio of senior secured debt to trailing 12-months of lender defined consolidated EBITDA. The maximum senior secured leverage ratio steps down at regular intervals from 4.25 to 1.00 as of March 31, 2020, to 3.75 to 1.00 as of September 30, 2021. At March 31, 2020, the Company was in compliance with its debt covenants and the secured debt leverage ratio was 1.14 to 1.00. The Company had $213.1 million available borrowing capacity under its revolving credit facility as of March 31, 2020. The senior credit facility also contains certain customary limitations including, among other terms and conditions, the Company's ability to incur additional indebtedness, engage in mergers and acquisitions and declare dividends. At March 31, 2020 and December 31, 2019, the Company had $3.9 million undrawn stand-by letters of credit to secure certain obligations. 4.625 Percent Senior Notes The Company has $550.0 million of 4.625 percent senior notes due 2028 (the "Senior Notes"). Interest on the Senior Notes is payable in arrears on May 15 and November 15 of each year. The Senior Notes are unsecured obligations and are subordinate to the Company senior secured credit facility to the extent of the collateral securing such facility. The Senior Notes also contain certain customary limitations including, among other terms and conditions, the Company's ability to incur additional indebtedness, engage in mergers and acquisitions, transfer or sell assets and make certain distributions.

X
- References No definition available. + 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration