Long-Term Debt | 4. Long-Term Debt At March 31, 2017 and December 31, 2016, long-term debt consisted of the following: March 31, 2017 December 31, 2016 Term B-2 Loans 717,922 719,632 Extended Term B-1 Loans 117,347 117,634 Industrial Revenue bond 10,000 10,000 Revolving credit facility and other 72 88 Capital leases, net 7,007 3,634 Deferred financing costs, net (7,239 ) (7,975 ) 845,109 843,013 Less: current portion (11,617 ) (10,707 ) Long-term debt including leases $ 833,492 $ 832,306 On September 5, 2013, the Company entered into the Second Amended and Restated Credit Agreement (the “2013 Amended Credit Agreement”). The 2013 Amended Credit Agreement initially contained a revolving credit facility (“Revolving Credit Facility”) and two tranches of term loans, a term B-1 facility (“Term B-1 Loans”) and a term B-2 facility (“Term B-2 Loans”). The Revolving Credit Facility, and the Term B-1 and Term B-2 Loans are secured by a first priority lien on substantially all of the Company’s domestic assets. The 2013 Amended Credit Agreement was amended in March 2014, April 2015, and May 2015 and joinder agreements were entered into as of August 2014 and September 2014. These amendments and joinder agreements made various changes to maturity dates and interest rate margins. In addition, amounts that were initially Term B-1 Loans and balances on the Revolving Credit Facility were converted into term loans with essentially the same terms as the Term B-2 Loans (the “Extended Term B-1 Loans”). The applicable margin for Term B-1 and Term B-2 Base Rate loans was 2.5% and the margin on Term B-1 and Term B-2 Eurodollar Rate loans was 3.5%. The Revolving Credit Facility, the Extended Term B-1 Loans, and Term B-2 Loans are secured by a first priority lien on substantially all of the Company’s domestic assets. On September 30, 2015, the Company entered into an amendment to the 2013 Amended Credit Agreement that modified the Revolving Credit Facility. These modifications consisted primarily of (i) a reduction in the U.S. revolving commitments from $124,000 to $99,000 (while the aggregate Canadian revolving commitment remained at $1,000) and (ii) changes in the financial covenant governing the availability of amounts under the Revolving Credit Facility if, and only if, the Company has drawn, including letters of credit, more than $31,250 on the Revolving Credit Facility. At March 31 2017, the full amount of the revolving commitment ($100,000) is available so long as the Company’s leverage ratio does not exceed a revised limit (6.50:1.00 for the first quarter of 2017 declining quarterly to 4.75:1.00 for the fourth quarter of 2017). The Revolving Credit Facility termination date is September 6, 2018. On April 28, 2016, the Company entered into an amendment to the 2013 Amended Credit Agreement that extended the maturity of certain of the Term B-1 Loans to July 15, 2018 (the “2016 Extended Term Loans”). The Company made a prepayment of accrued interest of $227 and principal of $69,580 on April 28, 2016 to the lenders consenting to the amendment. Accrued interest on the extended remainder of the Term B-1 Loans was due at maturity on July 15, 2018. Accrued interest related to the $16,723 principal payment due on March 17, 2017 was also due on the same date. On October 17, 2016, the Company repurchased $3,000 of the Extended Term B-1 Loans at 91.5% of par. On November 17, 2016, the Company fully prepaid the $16,766 of the Term B-1 Loans due March 2017 as well as the $69,580 of the 2016 Extended Term Loans. On November 29, 2016, the Company repurchased, at an average of 96.3% of par, $37,867 of the Extended Term B-1 Loans and $175,133 of the Term B-2 Loans. The related gain on the October 2016 debt repurchase and the November 2016 debt repurchase was recorded in operating expense. As of March 31, 2017, the Term B-2 Loans, Extended Term B-1 Loans, and the Revolving Credit Facility had actual interest rates of 4.65%, 4.65%, and 4.3%, respectively. As of March 31, 2017, there was $15,745 available unused capacity on the Revolving Credit Facility and $15,505 committed to outstanding letters of credit. As of March 31, 2017, the Company has not drawn on the Revolving Credit Facility. The Company has a $10,000 Industrial Revenue Bond outstanding related to the construction of a manufacturing facility in Wisconsin. The bond bears interest, which is payable monthly, at a variable rate. The rate was 0.96% at March 31, 2017. The bond matures on September 1, 2027 and is collateralized by a letter of credit of $10,000. |