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Long-Term Debt | 12 Months Ended
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Dec. 31, 2011
Long-Term Debt [Abstract] |
Long-Term Debt | 9. Long-Term Debt Long-term debt consists of the following:
|  | December 31, 2011 |  |  | December 31, 2010 |
|  | (In thousands) |
$300 million floating rate revolving credit facility, due August 2016 |  | $ | — |  |  | $ | 94,000 |
5.55% senior notes, with semi-annual interest payments in June and December, maturing June 2013 |  |  | 35,000 |  |  |  | 35,000 |
4.91% senior notes, with semi-annual interest payments in June and December, with annual principal payments in June, maturing in June 2018 |  |  | 32,317 |  |  |  | 37,650 |
8.38% senior notes, with semi-annual interest payments in March and September, with scheduled principal payments beginning March 2013, maturing in March 2019 |  |  | 150,000 |  |  |  | 150,000 |
5.05% senior notes, with semi-annual interest payments in January and July, with annual principal payments in July, maturing in July 2020 |  |  | 69,230 |  |  |  | 76,923 |
5.31% utility local improvement obligation, with annual principal and interest payments, maturing in March 2021 |  |  | 1,922 |  |  |  | 2,115 |
5.55% senior notes, with semi-annual interest payments in June and December, with annual principal payments in June, maturing in June 2023 |  |  | 33,600 |  |  |  | 36,900 |
4.73% senior notes, with semi-annual interest payments in June and December, with scheduled principal payments beginning December 2014, maturing in December 2023 |  |  | 75,000 |  |  |  | — |
5.82% senior notes, with semi-annual interest payments in March and September, with annual principal payments in March, maturing in March 2024 |  |  | 195,000 |  |  |  | 210,000 |
8.92% senior notes, with semi-annual interest payments in March and September, with scheduled principal payments beginning March 2014, maturing in March 2024 |  |  | 50,000 |  |  |  | 50,000 |
5.03% senior notes, with semi-annual interest payments in June and December, with scheduled principal payments beginning December 2014, maturing in December 2026 |  |  | 175,000 |  |  |  | — |
5.18% senior notes, with semi-annual interest payments in June and December, with scheduled principal payments beginning December 2014, maturing in December 2026 |  |  | 50,000 |  |  |  | — |
Total debt |  |  | 867,069 |  |  |  | 692,588 |
Less — current portion of long term debt |  |  | (30,801 | ) |  |  | (31,518 | )
Long-term debt |  | $ | 836,268 |  |  | $ | 661,070 |
Principal payments due in:
|  | Senior Notes |  |  | Credit Facility |  |  | Total |
|  | (In thousands) |
2012 |  | $ | 30,801 |  |  | $ | — |  |  | $ | 30,801 |
2013 |  |  | 87,230 |  |  |  | — |  |  |  | 87,230 |
2014 |  |  | 80,983 |  |  |  | — |  |  |  | 80,983 |
2015 |  |  | 80,983 |  |  |  | — |  |  |  | 80,983 |
2016 |  |  | 80,983 |  |  |  | — |  |  |  | 80,983 |
Thereafter |  |  | 506,089 |  |  |  | — |  |  |  | 506,089 |
|  | $ | 867,069 |  |  | $ | — |  |  | $ | 867,069 |
The senior note purchase agreement contains covenants requiring our operating subsidiary to:
| • |  | Maintain a ratio of consolidated indebtedness to consolidated EBITDA (as defined in the note purchase agreement) of no more than 4.0 to 1.0 for the four most recent quarters;
| • |  | not permit debt secured by certain liens and debt of subsidiaries to exceed 10% of consolidated net tangible assets (as defined in the note purchase agreement); and
| • |  | maintain the ratio of consolidated EBITDA to consolidated fixed charges (consisting of consolidated interest expense and consolidated operating lease expense) at not less than 3.5 to 1.0.
The 8.38% and 8.92% senior notes also provide that in the event that the Partnership’s leverage ratio exceeds 3.75 to 1.00 at the end of any fiscal quarter, then in addition to all other interest accruing on these notes, additional interest in the amount of 2.00% per annum shall accrue on the notes for the two succeeding quarters and for as long thereafter as the leverage ratio remains above 3.75 to 1.00. During 2011, the Partnership issued $300 million of senior unsecured notes. Proceeds from the senior notes were used to repay all of the outstanding borrowings under the revolving credit facility and the Partnership has used, or will use, the remaining proceeds for acquisitions. A summary of the four tranches of senior notes are as follows:
Series |  | Amount |  |  | Interest Rate |  |  | Issue Date |  |  | Maturity |
H |  |  | $75 million |  |  |  | 4.73 | % |  |  | April 20, 2011 |  |  |  | December 1, 2023 |
I |  |  | $125 million |  |  |  | 5.03 | % |  |  | April 20, 2011 |  |  |  | December 1, 2026 |
J |  |  | $50 million |  |  |  | 5.03 | % |  |  | June 15, 2011 |  |  |  | December 1, 2026 |
K |  |  | $50 million |  |  |  | 5.18 | % |  |  | October 3, 2011 |  |  |  | December 1, 2026 |
All tranches have semi-annual interest payments beginning December 1, 2011, and equal annual principal payments beginning December 1, 2014. The Partnership made principal payments of $31.5 million on its senior notes during the year ended December 31, 2011. On August 10, 2011, the Partnership completed an amendment and restatement of its $300 million revolving credit facility. The amendment extends the term of the credit facility to August 2016. The Partnership incurs a commitment fee on the undrawn portion of the revolving credit facility at rates ranging from 0.18% to 0.40% per annum. The facility includes an accordion feature whereby the Partnership may request its lenders to increase their aggregate commitment to a maximum of $500 million on the same terms. At December 31, 2011 the Partnership did not have any outstanding balance on its revolving credit facility, while at December 31, 2010 the Partnership had $94.0 million. The weighted average interest rates for the year ended December 31, 2011 and the year ended December 31, 2010 were 1.83% and 1.42%, respectively. The revolving credit facility contains covenants requiring the Partnership to maintain:
| • |  | a ratio of consolidated indebtedness to consolidated EBITDDA (as defined in the credit agreement) not to exceed 4.0 to 1.0 and,
| • |  | a ratio of consolidated EBITDDA to consolidated fixed charges (consisting of consolidated interest expense and consolidated lease operating expense) of not less than 3.5 to 1.0 for the four most recent quarters.
The Partnership was in compliance with all terms under its long-term debt as of December 31, 2011.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + 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 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 + Details
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