| Debt |
Debt
consists of
the following at:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| |
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|
December 31,
2013 |
|
|
December 31, 2012 |
|
| |
|
Interest Rate |
|
|
Maturity Date |
|
|
Unamortized
Deferred
Financing
Costs |
|
|
Debt |
|
|
Debt |
|
|
Amended Revolving Credit
Facility (a)
|
|
|
4.61 |
% |
|
|
Nov. 2017 |
|
|
$ |
6,115 |
|
|
$ |
135,990 |
|
|
$ |
146,990 |
|
|
2018 Notes (b)
|
|
|
9.875 |
% |
|
|
Apr. 2018 |
|
|
|
14,691 |
|
|
|
400,000 |
|
|
|
400,000 |
|
|
Vehicle Financings
(c)
|
|
|
3.30 |
% |
|
|
Various |
|
|
|
— |
|
|
|
19,956 |
|
|
|
20,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt
|
|
|
|
|
|
|
|
|
|
$ |
20,806 |
|
|
|
555,946 |
|
|
|
567,037 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Original issue discount
(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,084 |
) |
|
|
(1,277 |
) |
|
Original issue premium
(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
315 |
|
|
|
366 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt,
net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
555,177 |
|
|
|
566,126 |
|
|
Less: current
portion
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,464 |
) |
|
|
(4,699 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total long-term
debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
549,713 |
|
|
$ |
561,427 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (a) |
The interest rate
presented represents the interest rate on the $325.0 million senior
secured revolving credit facility (the “Revolving Credit
Facility”) at December 31, 2013. |
| (b) |
The interest rate
presented represents the coupon rate on the Company’s
outstanding $400 million aggregate principal amounts of 9.875%
Senior Notes due 2018 (the “2018 Notes”), excluding the
effect of deferred financing costs, original issue discounts and
original issue premiums. Including the effect of these items, the
effective interest rate on the 2018 Notes is approximately
11.0%. |
| (c) |
Vehicle financings
consist of installment notes payable and capital lease arrangements
related to fleet purchases with a weighted-average annual interest
rate of approximately 3.30%, which mature in varying installments
between 2014 and 2017. Installment notes payable and capital lease
obligations were $1.1 million and $18.8 million, respectively, at
December 31, 2013 and $2.1 million and $17.9 million,
respectively, at December 31, 2012. |
| (d) |
The issuance discount
represents the unamortized difference between the $250.0 million
aggregate principal amount of the 2018 Notes issued in April 2012
and the proceeds received upon issuance (excluding interest and
fees). The issuance premium represents the unamortized difference
between the proceeds received in connection with the November 2012
issuance of the 2018 Notes (excluding interest and fees) and the
$150.0 million aggregate principal amount thereunder. |
|
| Principal Payments for Borrowings |
The required
principal payments for all borrowings for each of the five years
following the balance sheet date are as follows:
|
|
|
|
|
|
2014
|
|
$ |
5,437 |
|
|
2015
|
|
|
4,940 |
|
|
2016
|
|
|
4,277 |
|
|
2017
|
|
|
140,090 |
|
|
2018
|
|
|
401,202 |
|
|
Thereafter
|
|
|
— |
|
|
|
|
|
|
|
Total
|
|
$ |
555,946 |
|
|
|
|
|
|
|
| Debt Instrument Applicable Redemption Price |
The 2018 Notes
are redeemable, at the Company’s option, in whole or in part,
at any time and from time to time on and after April 15, 2015
at the applicable redemption price set forth below, if redeemed
during the 12-month period commencing on April 15 of the years
set forth below:
|
|
|
|
|
|
Redemption
Period
|
|
Price |
|
|
2015
|
|
|
104.938 |
% |
|
2016
|
|
|
102.469 |
% |
|
2017 and
thereafter
|
|
|
100.000 |
% |
|