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Debt | 12 Months Ended
--- | ---
Dec. 31, 2015
Long-term Debt, Unclassified [Abstract] |
Debt | DEBT Long-term debt at December 31 consists of the following (in thousands):
| 2015 |  | 2014
Senior Subordinated 6.25% Notes | $ | 210,000 |  |  | $ | 210,000 |
Other debt | 3,200 |  |  | 3,600 |
Less unamortized debt issuance costs | (3,918 | ) |  | (3,689 | )
Total debt | 209,282 |  |  | 209,911 |
Less current maturities | 400 |  |  | 400 |
Total long-term debt | $ | 208,882 |  |  | $ | 209,511 |
The Company's Fifth Amended and Restated Credit Agreement dated December 9, 2015 (the Senior Credit Agreement) provides for a revolving credit facility. The Senior Credit Agreement was amended and restated in order to convert it into a secured cash flow revolver. Borrowings under the Senior Credit Agreement are secured by the trade receivables, inventory, personal property, equipment, and certain real property of the Company’s significant domestic subsidiaries. The Senior Credit Agreement provides for a revolving credit facility and letters of credit in an aggregate amount of $300 million. The Company can request additional financing from the banks to increase the revolving credit facility to $500 million or enter into a term loan of up to $200 million subject to conditions set forth in the Senior Credit Agreement. The terms of the Senior Credit Agreement provide that the revolving credit facility will terminate on December 9, 2020. Interest rates on the revolving credit facility are based on the LIBOR plus an additional margin that ranges from 1.25% to 2.25% for LIBOR loans based on the Total Leverage Ratio. In addition, the revolving credit facility is subject to an undrawn commitment fee ranging between 0.20% and 0.30% based on the Total Leverage Ratio and the daily average undrawn balance. Standby letters of credit of $20,459,000 have been issued under the Senior Credit Agreement to third parties on behalf of the Company as of December 31, 2015. These letters of credit reduce the amount otherwise available under the revolving credit facility. As of December 31, 2015, the Company had $279,541,000 of availability under the revolving credit facility. No borrowings were outstanding under the revolving credit facility at December 31, 2015 and December 31, 2014. There are three financial covenants contained in the Senior Credit Agreement, which require: (i) a Maximum Senior Secured Leverage Ratio of 3.25x; (ii) a Maximum Total Leverage Ratio of 4.50x; and (iii) a Minimum Interest Coverage Ratio of 3.00 x. As of December 31, 2015, the Company was in compliance with these financial covenants. The Senior Credit Agreement contains other provisions and events of default that are customary for similar agreements and may limit the Company’s ability to take various actions. On January 31, 2013, the Company issued $210 million of 6.25% Senior Subordinated Notes (6.25% Notes) due February 1, 2021. In connection with the issuance of the 6.25% Notes, the Company initiated a tender offer for the purchase of the outstanding $204 million of 8% Senior Subordinated Notes (8% Notes). Simultaneously with the closing of the sale of the 6.25% Notes, the Company purchased tendered notes or called for redemption of all of the remaining 8% Notes that were not purchased. In connection with the redemption and tender offer, the Company satisfied and discharged its obligations under the 8% Notes during the first quarter of 2013. The Company recorded a charge of approximately $7,166,000 in the first quarter of 2013, including $3,702,000 for the prepayment premium paid to holders of the 8% Notes, $2,199,000 to write-off deferred financing fees and $1,265,000 for the unamortized original issue discount related to the 8% Notes. In connection with the issuance of the 6.25% Notes, the Company paid $3,755,000 in placement and other fees which are recorded as deferred financing costs and included in other assets. The provisions of the 6.25% Notes include, without limitation, restrictions on indebtedness, liens, and distributions from restricted subsidiaries, asset sales, affiliate transactions, dividends, and other restricted payments. Dividend payments are subject to annual limits of the greater of $0.25 per share or $25 million. The 6.25% Notes are redeemable at the option of the Company, in whole or in part, at any time on or after February 1, 2017, at the redemption price. The redemption prices are 103.13%, and 101.56% of the principal amount thereof if the redemption occurs during the 12-month periods beginning February 1, of the years 2017 and 2018, respectively, and 100% of the principal amount thereof on and after February 1, 2019, in each case plus accrued and unpaid interest to the applicable redemption date. In addition, prior to February 1, 2016, the Company may redeem up to 35% of the aggregate principal amount of the Notes with the net cash proceeds of certain equity offerings by the Company at a redemption price of 106.25% of the principal amount thereof, plus accrued and unpaid interest to the redemption date. In the event of a Change in Control, each Shareholder of the 6.25% Notes may require the Company to repurchase all or a portion of such holder’s 6.25% Notes at a purchase price equal to 101% of the principal amount thereof. The aggregate maturities of long-term debt for the next five years and thereafter are as follows (in thousands):
2016 | $ | 400 |
2017 | $ | 400 |
2018 | $ | 400 |
2019 | $ | 400 |
2020 | $ | 400 |
Thereafter | $ | 211,200 |
Total cash paid for interest in the years ended December 31 was (in thousands):
| 2015 |  | 2014 |  | 2013
Cash paid for interest | $ | 15,374 |  |  | $ | 13,864 |  |  | $ | 24,880 |

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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 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 + Details
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