|
LONG-TERM DEBT (Tables)
|
12 Months Ended |
|
Dec. 31, 2014
|
| Debt Disclosure [Abstract] |
|
| Summary of Long-Term Debt Outstanding |
Our long-term debt outstanding consists of the following:
|
|
|
|
|
|
|
|
AS OF DECEMBER 31, |
|
|
|
|
2014 |
|
|
2013 |
|
|
Credit Facility debt payable: |
|
|
|
|
|
|
|
|
|
Advances under $132.3 million Class B Revolving Credit Facility
(excluding letters of credit issued thereunder) |
|
$ |
— |
|
|
$ |
— |
|
|
Class B Term Loan due 2017 |
|
|
212,224 |
|
|
|
214,429 |
|
|
Class C Term Loan due 2018 |
|
|
384,150 |
|
|
|
388,050 |
|
|
Discount of Class C Term Loan |
|
|
(452 |
) |
|
|
(784 |
) |
|
Notes payable to banks and others |
|
|
64,634 |
|
|
|
44,023 |
|
|
Capital lease obligations |
|
|
29,253 |
|
|
|
25,733 |
|
|
|
|
|
689,809 |
|
|
|
671,451 |
|
|
Less: Current portion |
|
|
(24,690 |
) |
|
|
(22,617 |
) |
|
Long-term debt, net of current portion |
|
$ |
665,119 |
|
|
$ |
648,834 |
|
|
| Schedule of Principal Payments Due on Long-Term Debt Including Capital Leases |
The following chart shows scheduled principal payments due on long-term debt, including capital leases, for the next five years and thereafter:
|
Year Ending December 31, |
|
|
|
|
|
2015 |
|
$ |
24,690 |
|
|
2016 |
|
|
22,776 |
|
|
2017 |
|
|
227,180 |
|
|
2018 |
|
|
382,954 |
|
|
2019 |
|
|
7,750 |
|
|
Thereafter |
|
|
24,459 |
|
|
Total |
|
$ |
689,809 |
|
|
| Interest Expense Presented in Consolidated Statements of Operations for Continuing and Discontinued Operations |
The following table provides information regarding our total Interest expense presented in our consolidated statements of operations for both continuing and discontinued operations:
|
|
|
YEAR-ENDED |
|
|
YEAR-ENDED |
|
|
YEAR-ENDED |
|
|
|
|
DECEMBER 31, |
|
|
DECEMBER 31, |
|
|
DECEMBER 31, |
|
|
|
|
2014 |
|
|
2013 |
|
|
2012 |
|
|
Continuing operations: |
|
|
|
|
|
|
|
|
Interest expense |
|
$ |
29,831 |
|
|
$ |
56,311 |
|
|
$ |
55,662 |
|
|
Amortization of bond issue costs |
|
|
2,954 |
|
|
|
3,891 |
|
|
|
2,980 |
|
|
Total interest expense and amortization of bond issue costs for continuing operations |
|
|
32,785 |
|
|
|
60,202 |
|
|
|
58,642 |
|
|
Discontinued operations: |
|
|
|
|
|
|
|
|
Interest expense |
|
|
280 |
|
|
|
414 |
|
|
|
442 |
|
|
Total interest expense for discontinued operations |
|
|
280 |
|
|
|
414 |
|
|
|
442 |
|
|
Total interest expense and amortization of bond issue costs |
|
$ |
33,065 |
|
|
$ |
60,616 |
|
|
$ |
59,084 |
|
|
| Summary of Applicable Margin for Each Portion of Credit Facility |
The following table outlines the applicable margin for each portion of the Credit Facility.
|
|
|
Applicable Margin (per annum) |
|
|
Facility |
|
Base Rate Borrowings |
|
|
LIBOR Borrowings |
|
|
Class B Revolving Credit Facility |
|
|
2.50% |
|
|
|
3.50% |
|
|
Class B Term Loan |
|
|
3.00% |
|
|
|
4.00% |
|
|
Class C Term Loan |
|
2.00% or 2.25% (with a base rate
floor of 2.00%) depending upon the total leverage ratio |
|
|
3.00% or 3.25% (with a LIBOR
floor of 1.00%) depending upon the total leverage ratio |
|
|