Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt

Long-Term Debt
9 Months Ended
Sep. 30, 2012
Debt Disclosure [Abstract]  
Long-Term Debt
Note 2. Long-Term Debt

Long-term debt consisted of the following:
(In thousands)
September 30,
December 31,
Senior notes


Revolving credit facility


Capitalized leases and other obligations


Total long-term debt


Less: Current maturities
Total maturities due after one year


We have three outstanding unsecured senior note agreements with an aggregate amount outstanding of $227.1 million and $262.9 million at September 30, 2012 and December 31, 2011, 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 effective average interest rate on our outstanding senior note agreements was 5.07% and 5.17% at September 30, 2012 and December 31, 2011, 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 1.125% at September 30, 2012 and December 31, 2011, respectively, and ranged from 1.0% to 1.125% during the nine months ended September 30, 2012. Revolving loans under the sweep program bear interest at the LIBOR Index Rate.

Borrowings on the line of credit facility were $49.4 million at September 30, 2012 and zero at December 31, 2011. There were $52.6 million and $49.9 million of outstanding letters of credit at September 30, 2012 and December 31, 2011, respectively.