Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt

v2.4.0.8
Long-Term Debt
3 Months Ended
Mar. 31, 2014
Debt Disclosure [Abstract]  
Long-Term Debt
Note 2. Long-Term Debt

Long-term debt consisted of the following:
(In thousands)
March 31,
2014
 
December 31,
2013
Senior notes
$
180,714

 
$
191,429

Less: Current maturities
(35,714
)
 
(35,715
)
Total maturities due after one year
$
145,000

 
$
155,714



We have three outstanding unsecured senior note agreements with an aggregate amount outstanding of $180.7 million and $191.4 million at March 31, 2014 and December 31, 2013, 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 5.00% and 4.99% at March 31, 2014 and December 31, 2013, 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. We utilize the sweep program to manage our daily cash needs, as the sweep program 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% at March 31, 2014 and December 31, 2013, respectively. Revolving loans under the sweep program bear interest at the LIBOR Index Rate.

There were no borrowings outstanding at March 31, 2014 and December 31, 2013 under the revolving credit facility. There were $59.7 million and $57.7 million of outstanding letters of credit at March 31, 2014 and December 31, 2013, respectively.