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Long-Term Debt | 12 Months Ended
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Dec. 31, 2015
Debt Disclosure [Abstract] |
Long-term Debt | LONG-TERM DEBT Our senior long-term debt consisted of the following at December 31, 2014 and 2015 (in thousands):
| December 31, 2014 |  | December 31, 2015
Revolving credit facility, secured, floating rate | $ | 40,500 |  |  | $ | 92,600 |
Term loan, secured, floating rate | 120,312 |  |  | 110,937 |
Acquisition debt | 1,205 |  |  | 4,929 |
Less: current portion | (9,630 | ) |  | (12,012 | )
Total long-term debt | $ | 152,387 |  |  | $ | 196,454 |
At December 31, 2015, we had a $325 million secured bank credit facility with Bank of America, N.A. as Administrative Agent comprised of a $200 million revolving credit facility and a $125 million term loan. The Credit Agreement contains an accordion provision to borrow up to an additional $50 million in revolving loans, subject to certain conditions. The Credit Facility matures on March 31, 2019 and is collateralized by all personal property and funeral home real property in certain states. At December 31, 2015, we had outstanding borrowings under the revolving credit facility of $92.6 million and $110.9 million was outstanding on the term loan. No letters of credit were issued and outstanding under the Credit Facility at December 31, 2015. Outstanding borrowings under the Credit Facility 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, 2015, the prime rate margin was equivalent to 1.50% and the LIBOR margin was 2.50%. The weighted average interest rate on the Credit Facility for the year ended December 31, 2015 was 2.60%. On May 20, 2015, we entered into a sixth amendment (the “Sixth Amendment”) to the Credit Agreement. The Sixth Amendment provides that, among other things, we may repurchase our common stock so long as at the time of such repurchase there have been no defaults under the Credit Agreement, we have at least $15.0 million of unrestricted cash and undrawn borrowing capacity under the Credit Facility and the senior secured leverage ratio is less than 3.25 to 1.00. See Note 25 to the Consolidated Financial Statements included herein for additional information related to our Credit Facility. We have no material assets or operations independent of our subsidiaries. All assets and operations are held and conducted by subsidiaries, each of which have fully and unconditionally guaranteed our obligations under the Credit Agreement. Additionally, we do not currently have any significant restrictions on our ability to receive dividends or loans from any subsidiary guarantor under the Credit Agreement. We were in compliance with the covenants contained in our Credit Agreement as of December 31, 2014 and 2015. The Credit Agreement calls for key ratios that we must comply with including a requirement to maintain a leverage ratio of no more than 3.25 to 1.00 through March 30, 2015 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, 2015, the leverage ratio was 2.97 to 1.00 and the fixed charge coverage ratio was 2.79 to 1.00. 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 8.5% 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, 2015 and thereafter are as follows (in thousands):
Years ending December 31, |
2016 | $ | 12,012 |
2017 | 13,499 |
2018 | 15,184 |
2019 | 167,168 |
2020 | 383 |
2021 and thereafter | 220 |
| $ | 208,466 |

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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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