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Long-Term Debt | 12 Months Ended
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Dec. 31, 2013
Debt Disclosure [Abstract] |
Long-term Debt | LONG-TERM DEBT Our senior long-term debt consisted of the following at December 31, 2012 and 2013 (in thousands):
| December 31, 2012 |  | December 31, 2013
Revolving credit facility, secured, floating rate | $ | 44,700 |  |  | $ | 36,900 |
Term loan, secured, floating rate | 127,500 |  |  | 117,000 |
Acquisition debt | 2,427 |  |  | 1,866 |
Less: current portion | (11,086 | ) |  | (13,224 | )
Total long-term debt | $ | 163,541 |  |  | $ | 142,542 |
At December 31, 2013, we had a $255 million secured bank credit facility (the “Credit Facility”) with Bank of America, N.A. as Administrative Agent comprised of a $125 million revolving credit facility and a $130 million term loan. Our Credit Facility also contains an accordion provision to borrow up to an additional $40 million in revolving loans, subject to certain conditions. Our Credit Facility matures on September 30, 2017 and is collateralized by all personal property and funeral home real property in certain states. At December 31, 2013, $36.9 million was drawn under our revolving credit facility and $117.0 million was outstanding on the term loan. No letters of credit were issued and outstanding under our Credit Facility at December 31, 2013. Under our Credit Facility, outstanding borrowings bear interest at either a prime rate or a LIBOR rate, plus an applicable margin based upon the Company’s leverage ratio. As of December 31, 2013, the prime rate margin was equivalent to 1.50% and the LIBOR margin was 2.50%. The weighted average interest rate on our Credit Facility for the year ended December 31, 2013 was 3.20%. We have no material assets or operations independent of our subsidiaries. All assets and operations are held and conducted by subsidiaries, each of which (except for the Trust, which is a single purpose entity that holds our 7% debentures issued in connection with the issuance of the Trust’s term income deferrable equity securities (TIDES) 7% convertible preferred securities) have fully and unconditionally guaranteed our obligations under our Credit Facility. Additionally, we do not currently have any significant restrictions on our ability to receive dividends or loans from any subsidiary guarantor under our Credit Facility. We were in compliance with the covenants contained in our Credit Facility as of December 31, 2012 and December 31, 2013. Our Credit Facility requires us to comply with certain financial ratios, including a requirement to maintain a leverage ratio of no more than 3.75 to 1.00 through June 29, 2014 and no more than 3.50 to 1.00 thereafter, and a covenant to maintain a fixed charge coverage ratio of no less than 1.20 to 1.00. As of December 31, 2013, the leverage ratio was 2.83 to 1.00 and the fixed charge coverage ratio was 2.01 to 1.00. The leverage ratio decline to below 3.00 to 1.00 at June 30, 2013 automatically triggered a 50 basis point rate decline on our outstanding term loan and revolving credit facility during the third quarter of 2013. Acquisition debt consists of deferred purchase price notes payable to sellers. A majority of the notes bear interest at rates ranging from 7.0% to 11.0%. A few notes bear interest at 0% and are discounted at imputed interest rates ranging from 9.5% to 10.0%. Original maturities range from five to twenty years. The aggregate maturities of our long-term debt for the next five years subsequent to December 31, 2013 and thereafter are as follows (in thousands):
Years ending December 31, |
2014 | $ | 13,224 |
2015 | 16,535 |
2016 | 20,248 |
2017 | 105,065 |
2018 | 203 |
2019 and thereafter | 491 |
| $ | 155,766 |

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 2: 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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