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Long-Term Debt
 12 Months Ended
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.