Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt

v2.4.0.8
Long-Term Debt
6 Months Ended
Jun. 30, 2013
Debt Disclosure [Abstract]  
Long-Term Debt
Note 2. Long-Term Debt

Long-term debt consisted of the following:
(In thousands)
June 30,
2013
 
December 31,
2012
Senior notes
$
191,429

 
$
227,143

Revolving credit facility
34,680

 
10,000

Capitalized leases and other obligations
2,688

 
3,264

Total long-term debt
228,797

 
240,407

Less: Current maturities
(38,403
)
 
(38,978
)
Total maturities due after one year
$
190,394

 
$
201,429



We have three outstanding unsecured senior note agreements with an aggregate amount outstanding of $191.4 million and $227.1 million at June 30, 2013 and December 31, 2012, respectively. These notes call for periodic principal payments with maturities that range from 2015 to 2021, of which $35.7 million is due in the next twelve months. Interest rates on these notes are fixed and range from 4.00% to 5.85%. The weighted average interest rate on our outstanding senior note agreements was 4.99% and 5.07% at June 30, 2013 and December 31, 2012, respectively.

We have a five-year, $200.0 million senior unsecured revolving credit facility pursuant to the terms of a second amended and restated credit agreement dated August 10, 2011 (the “Credit Agreement”), with Wells Fargo Bank, National Association (“Wells Fargo”) serving as administrative agent for the lenders. Of the $200.0 million line of credit commitments, $150.0 million may be used for letters of credit and $20.0 million may be used for borrowings under the Wells Fargo Sweep Plus Loan Program. This sweep program is a daily cash management tool that automatically initiates borrowings to cover overnight cash requirements up to an aggregate of $20.0 million. In addition, we have the right to request an increase in the line of credit commitments up to a total of $300.0 million in minimum increments of $25.0 million. At our option, revolving loans under the facility bear interest at either: (a) the Applicable Margin Percentage for Base Rate Loans plus the higher of Wells Fargo’s prime rate, the federal funds rate plus 0.5% per annum, or the one month LIBOR Rate plus 1.0% per annum; (b) the LIBOR Rate plus the Applicable Margin Percentage for LIBOR Loans; or (c) the LIBOR Market Index Rate (“LIBOR Index Rate”) plus the Applicable Margin Percentage for LIBOR Market Index Loans. The Applicable Margin Percentage is determined by a pricing grid in the Credit Agreement and ranges from 1.0% to 1.875% based upon the ratio of Debt to Total Capitalization. The Applicable Margin Percentage was 1.0% and 1.125% at June 30, 2013 and December 31, 2012, respectively, and ranged from 1.0% to 1.125% during the six months ended June 30, 2013. Revolving loans under the sweep program bear interest at the LIBOR Index Rate.

There were $34.7 million and $10.0 million of borrowings outstanding at June 30, 2013 and December 31, 2012, respectively, under the revolving credit facility. There were $57.8 million and $52.4 million of outstanding letters of credit at June 30, 2013 and December 31, 2012, respectively.