Quarterly report pursuant to Section 13 or 15(d)

LONG-TERM DEBT

v2.4.0.6
LONG-TERM DEBT
 3 Months Ended
Mar. 31, 2013
Debt Disclosure [Abstract]  
LONG-TERM DEBT
LONG-TERM DEBT
The Company’s borrowings as of the periods indicated were as follows (in thousands):
 
 
March 31, 2013
 
December 31, 2012
7.750% Senior Notes (excluding unamortized discount of $3.3 million)
 
$
200,000

 
$
200,000

Senior Secured Revolving Credit Facility
 
50,000

 
50,000

Promissory Notes
 
32,401

 
33,098

 
 
282,401

 
283,098

Less: Portion due with one year
 
(2,787
)
 
(2,787
)
Less: Debt discount, net
 
(3,307
)
 
(3,363
)
Total Long-Term Debt
 
$
276,307

 
$
276,948


7.750% Senior Notes. On December 7, 2012, the Company issued $200.0 million aggregate principal amount of its 7.750% senior unsecured notes due December 15, 2022 (the “7.750% Senior Notes”) and received net proceeds of $191.9 million. Interest on the 7.750% Senior Notes is payable semi-annually in arrears on each June 15 and December 15 of each year, beginning on June 15, 2013.
Senior Secured Revolving Credit Facility. As of March 31, 2013, the Company had $50.0 million of outstanding borrowings under its senior secured revolving credit facility (“Revolving Credit Facility”). As of March 31, 2013, the remaining availability under this facility was $149.3 million, net of issued letters of credit of $0.7 million. During the three months ended March 31, 2013, the Company had borrowings of $15.0 million and made repayments of $15.0 million.
Promissory Notes. During the three months ended March 31, 2013, the Company made scheduled payments on other long-term debt of $0.7 million.