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Long-Term Debt | 12 Months Ended
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Dec. 31, 2012
Long-Term Debt [Abstract] |
Long-Term Debt |
4. | Long-Term Debt
Long-term debt consisted of the following:
|  | December 31, |
|  | 2012 |  |  | 2011 |
|  | (In thousands) |
Credit Agreement: |  |  |  |  |  |  |  |
Term loan |  | $ | 57,750 |  |  | $ | 58,500 |
Revolving credit facility |  |  | — |  |  |  | 9,500 |
Secured debt of affiliate |  |  | 1,078 |  |  |  | 1,078 |
|  |  | 58,828 |  |  |  | 69,078 |
Amounts payable within one year |  |  | — |  |  |  | 3,000 |
|  | $ | 58,828 |  |  | $ | 66,078 |
Future maturities of long-term debt are as follows:
Year Ending December 31, |  | (In thousands) |
2013 |  | $ | — |
2014 |  |  | 1,078 |
2015 |  |  | — |
2016 |  |  | 57,750 |
2017 |  |  | — |
Thereafter |  |  | — |
|  | $ | 58,828 |
On June 13, 2011, we entered into a new credit facility with a group of banks, to refinance our outstanding debt under our old credit agreement (the “Old Credit Agreement”). We wrote off unamortized debt issuance costs relating to the Old Credit Agreement of approximately $1.3 million, pre-tax, due to this refinancing during the quarter ended June 30, 2011. Our credit facility, providing availability up to $117.8 million at December 31, 2012 (the “Credit Facility”) consists of a $57.8 million term loan (the “Term Loan”) and a $60 million revolving loan (the “Revolving Credit Facility”) and matures on June 13, 2016. An additional $40 million financing may, in the future, be made available to the Company subject to compliance with terms and conditions of the Credit Facility. We had $60 million of unused borrowing capacity under the Revolving Credit Facility at December 31, 2012. The unused portion of the Revolving Credit Facility is available for general corporate purposes, including working capital, capital expenditures, permitted acquisitions and related transaction expenses and permitted stock buybacks. The Term Loan principal amortizes in equal installments of 5% of the Term Loan during each year, however, upon satisfaction of certain conditions, as defined in the Credit Facility, no amortization payment is required. The Credit Facility is also subject to mandatory prepayment requirements, including but not limited to, certain sales of assets, certain insurance proceeds, certain debt issuances and certain sales of equity. Optional prepayments of the Credit Facility are permitted without any premium or penalty, other than certain costs and expenses. As of December 31, 2012, we have no required amortization payment. Interest rates under the Credit Facility are payable, at our option, at alternatives equal to LIBOR (0.2117% at December 31, 2012) plus 1.50% to 2.75% or the base rate plus 0.50% to 1.75%. The spread over LIBOR and the base rate vary from time to time, depending upon our financial leverage. We also pay quarterly commitment fees of 0.25% to 0.375% per annum on the unused portion of the Revolving Credit Facility. We have pledged substantially all of our assets (excluding our FCC licenses and certain other assets) in support of the Credit Facility and each of our subsidiaries has guaranteed the Credit Facility and has pledged substantially all of their assets (excluding their FCC licenses and certain other assets) in support of the Credit Facility. The Credit Facility contains a number of financial covenants (all of which we were in compliance with at December 31, 2012) which, among other things, require us to maintain specified financial ratios and impose certain limitations on us with respect to investments, additional indebtedness, dividends, distributions, guarantees, liens and encumbrances.

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- 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. + 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 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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