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Long-term Debt

3 Months Ended

Mar. 31, 2012

2.	Long-term Debt

Long-term debt consists of the following (in thousands):


	March 31, 2012			December 31, 2011
Long-term debt including current portion:
Senior credit facility	$	461,763		$	471,968
10¹/ 2% senior secured second lien notes at liquidation value		365,000			365,000

Total long-term debt including current portion at liquidation value		826,763			836,968
Less unamortized discount on 10¹/2% senior secured second lien notes		(4,397	)		(4,735	)

Total long-term debt at recorded value	$	822,366		$	832,233

Borrowing availability under our senior credit facility	$	40,000		$	31,000

Our senior credit facility consists of a revolving loan, which matures March 19, 2014, and a term loan, which matures December 31, 2014. Excluding accrued interest, the amount outstanding under our senior credit facility as of March 31, 2012 was comprised solely of a term loan balance of $461.8 million. Excluding accrued interest, the amount outstanding under our senior credit facility as of December 31, 2011 was $472.0 million comprised of a term loan balance of $463.0 and a revolving loan balance of $9.0 million. Our maximum borrowing availability is limited by our required compliance with certain restrictive covenants, including a first lien net leverage ratio covenant. As of March 31, 2012 and December 31, 2011, we were in compliance with all covenants required under our debt obligations.

As of March 31, 2012 and December 31, 2011, we had $365.0 million of our 10¹/2% senior secured second lien notes due 2015 (the “Notes”) outstanding. Our Notes mature on June 29, 2015.

As of March 31, 2012 and December 31, 2011, the interest rate on the balance outstanding under the senior credit facility was 3.8%. As of March 31, 2012 and December 31, 2011, the coupon interest rate and the yield on the Notes were 10.5% and 11.0%, respectively. The yield on the Notes exceeds the coupon interest rate because the Notes were issued with “original issue discount”.

As of March 31, 2012 and December 31, 2011, we had a deferred loan cost balance, net of accumulated amortization, of $3.7 million and $4.0 million, respectively, related to our senior credit facility. As of March 31, 2012 and December 31, 2011, we had a deferred loan cost balance, net of accumulated amortization, of $5.7 million and $6.1 million, respectively, related to our Notes.

The collateral for our debt obligations consists of substantially all of our and our subsidiaries’ assets. In addition, certain of our subsidiaries are joint and several guarantors of these obligations and our ownership interests in our subsidiaries are pledged to collateralize the obligations.

- 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.

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