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Long-term Debt
 6 Months Ended
Jun. 30, 2012
Long-term Debt [Abstract]  
Long-term Debt
2. Long-term Debt

Long-term debt consists of our senior credit facility and 10  1/2 % senior secured second lien notes due 2015 (the “Notes”) as follows (in thousands):

 

                 
    June 30,
2012		     December 31,
2011		  

Long-term debt including current portion:

                

Senior credit facility

   $ 460,557     $ 471,968  

Notes at liquidation value

     365,000       365,000  
   

 

 

    

 

 

  

Total long-term debt including current portion at liquidation value

     825,557       836,968  

Less unamortized discount on Notes

     (4,059 )      (4,735 ) 
   

 

 

    

 

 

  

Total long-term debt at recorded value

   $ 821,498     $ 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 June 30, 2012 was comprised solely of a term loan balance of $460.6 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 June 30, 2012 and December 31, 2011, we were in compliance with all covenants required under our debt obligations.

As of June 30, 2012 and December 31, 2011, we had $365.0 million of Notes outstanding. Our Notes mature on June 29, 2015.

As of June 30, 2012 and December 31, 2011, the interest rate on the balance outstanding under the senior credit facility was 3.7% and 3.8%, respectively. As of June 30, 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 June 30, 2012 and December 31, 2011, we had a deferred loan cost balance, net of accumulated amortization, of $3.3 million and $4.0 million, respectively, related to our senior credit facility. As of June 30, 2012 and December 31, 2011, we had a deferred loan cost balance, net of accumulated amortization, of $5.3 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.