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Long-Term Debt | 12 Months Ended
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Dec. 31, 2015
Long-Term Debt |
Long-Term Debt | Note 6: Long-Term Debt The Company has a revolving credit facility with Banc of America Securities, LLC, SunTrust Robinson Humphrey, Inc., and Regions Capital Markets as Joint Lead Arrangers and Joint Book Managers, and a syndicate of other lenders. The facility has a general term of five years and provides for an unsecured line of credit of up to $125 million, including a $50 million letter of credit subfacility, and a $35 million swingline subfacility. The revolving credit facility includes a full and unconditional guarantee by the Company's 100 percent owned domestic subsidiaries whose assets equal substantially all of the consolidated assets of RPC and its subsidiaries. The Company’s subsidiaries that are not guarantors are considered minor. On November 30, 2015, the Company gave notice to the syndicate it was reducing the size of the facility, which was previously $350 million, to $125 million. No other terms were changed. On January 17, 2014, the Company amended the revolving credit facility extending the maturity date of all the revolving loans from August 31, 2015 to January 17, 2019. Interest rates on the amended loans were reduced by 0.125% at all pricing levels under the amended revolving credit facility. The amount of the swing line sub-facility as a result of the amendment was increased from $25 million to $35 million. RPC incurred commitment fees and other debt related costs associated with the amendment of approximately $0.7 million. The Company has incurred loan origination fees and other debt related costs associated with the revolving credit facility in the aggregate of approximately $3.0 million. These costs, net of amounts written off as a result of the reduction in the revolving credit facility in 2015, are being amortized to interest expense over the remaining term of the five year loan, and the net amount of $0.3 million at December 31, 2015 is classified as non-current other assets. Revolving loans under the Revolving Credit Agreement bear interest at one of the following two rates, at the Company's election:
| · | the Base Rate, which is the highest of Bank of America’s "prime rate" for the day of the borrowing, a fluctuating rate per annum equal to the Federal Funds Rate plus 0.50%, and a rate per annum equal to the one (1) month LIBOR rate plus 1.00%; in each case plus a margin that ranges from 0.125% to 1.125% based on a quarterly debt covenant calculation; or
| · | with respect to any Eurodollar borrowings, Adjusted LIBOR (which equals LIBOR as increased to account for the maximum reserve percentages established by the U.S. Federal Reserve) plus a margin ranging from 1.125% to 2.125%, based upon a quarterly debt covenant calculation.
In addition, the Company pays an annual fee ranging from 0.225% to 0.325%, based on a quarterly debt covenant calculation, on the unused portion of the credit facility. The revolving credit facility contains customary terms and conditions, including certain financial covenants and restrictions on indebtedness, dividend payments, business combinations and other related items. Further, the revolving credit facility contains financial covenants limiting the ratio of the Company's consolidated debt-to-EBITDA to no more than 2.5 to 1, and limiting the ratio of the Company's consolidated EBITDA to debt service coverage to no less than 2 to 1. The Company was in compliance with these covenants for the year ended December 31, 2015. As of December 31, 2015, RPC had no outstanding borrowings under the revolving credit facility and letters of credit outstanding relating to self-insurance programs and contract bids totaling $29.3 million; therefore, a total of $95.7 million was available under the revolving credit facility. Interest incurred and paid on the credit facility, interest capitalized related to facilities and equipment under construction, and the related weighted average interest rates were as follows for the periods indicated:
Years Ended December 31, |  | 2015 |  |  | 2014 |  |  | 2013 |
(in thousands except interest rate data) |  |  |  |  |  |  |  |  |
Interest incurred |  | $ | 1,913 |  |  | $ | 2,295 |  |  | $ | 2,090 |
Capitalized interest |  | $ | 534 |  |  | $ | 563 |  |  | $ | 935 |
Interest paid (net of capitalized interest) |  | $ | 1,169 |  |  | $ | 1,314 |  |  | $ | 618 |
Weighted average interest rate |  |  | 2.2 | % |  |  | 2.2 | % |  |  | 3.7 | %
On January 4, 2016, the Company entered into a one year $35 million uncommitted letter of credit facility with Bank of America, N.A; accordingly, $125 million is now available under the revolving credit facility. Under the terms of the letter of credit facility, the Company will pay 0.75% per annum on outstanding letters of credit. No origination fees were incurred in connection with this facility.

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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 + Details
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