Quarterly report pursuant to Section 13 or 15(d)

LONG-TERM DEBT

v2.4.0.8
LONG-TERM DEBT
 9 Months Ended
Sep. 30, 2013
Debt Disclosure [Abstract]  
LONG-TERM DEBT
LONG-TERM DEBT
The Company’s borrowings as of the periods indicated were as follows (in thousands):
 
 
September 30, 2013
 
December 31, 2012
7.750% Senior Notes (excluding unamortized discount of $3.2 million and $3.4 million, respectively)
 
$
200,000

 
$
200,000

Senior Secured Revolving Credit Facility
 
15,000

 
50,000

Promissory Notes
 
31,007

 
33,098

 
 
246,007

 
283,098

Less: Portion due with one year
 
(2,787
)
 
(2,787
)
Less: Debt discount, net
 
(3,191
)
 
(3,363
)
Total Long-Term Debt
 
$
240,029

 
$
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 June 15 and December 15 of each year.
Senior Secured Revolving Credit Facility. As of September 30, 2013, the Company had $15.0 million of outstanding borrowings under its senior secured revolving credit facility (“Revolving Credit Facility”). As of September 30, 2013, the remaining availability under this facility was $176.3 million, net of issued letters of credit of $8.7 million. During the nine months ended September 30, 2013, the Company had borrowings of $15.0 million and made repayments of $50.0 million.
Promissory Notes. During the nine months ended September 30, 2013, the Company made scheduled payments on other long-term debt of $2.1 million.