Long-Term Obligations | 6. LONG-TERM OBLIGATIONS Long-term obligations consist of the following at June 30, 2017 and December 31, 2016: 2017 2016 2017 senior secured credit facility due 2023 $ 180,000 $ — Debt discount (3,000 ) — Debt issuance costs (3,176 ) — 2015 senior secured credit facilities due 2018 — 86,750 Debt issuance costs — (1,738 ) 6.25% convertible notes due 2018 10,044 94,000 Debt discount (131 ) (2,271 ) Debt issuance costs (27 ) (467 ) Capital leases and other long-term obligations 3,956 3,325 187,666 179,599 Less current portion (15,958 ) (1,973 ) Long-term obligations, net of current portion $ 171,708 $ 177,626 As of June 30, 2017, the aggregate maturities of long-term obligations were as follows: 2017 (July 1 - December 31) $ 2,602 2018 (January 1 - December 31) 16,880 2019 (January 1 - December 31) 6,639 2020 (January 1 - December 31) 8,902 2021 (January 1 - December 31) 16,267 2022 (January 1 - December 31) 86,483 Thereafter 56,227 $ 194,000 As of June 30, 2017, the Company had no amounts outstanding under the $15,000 revolving facility component of its 2017 Senior Credit Facility. 2017 Senior Credit Facility On March 13, 2017 (the “Closing Date”), the Company entered into a new senior credit facility consisting of a Term A-1 A-2 The Term A-1 The Term A-2 The Company may, at its option, designate a portion of the borrowings under the Term A-1 A-2 The revolving facility provides for borrowings in an aggregate amount outstanding at any one time not to exceed $15,000, including a letter of credit subfacility and swingline subfacility with commitment limitations based on amounts drawn under the revolving facility (collectively the “Revolving Facility”). The Revolving Facility bears interest at LIBOR plus 5.0% per annum, with a LIBOR minimum of 1.0%. The obligations under the 2017 Senior Credit Facility are secured by substantially all of the personal property and certain material real property owned by the Company and its wholly-owned subsidiaries, with certain exceptions. The 2017 Senior Credit Facility contains customary representations, warranties and covenants, including covenants limiting the incurrence of debt, declaring dividends, repurchase of the Company’s common stock, making investments, dispositions, and entering into mergers and acquisitions. Financial covenants (i) impose a maximum net total leverage to consolidated EBITDA ratio; and (ii) require a minimum consolidated EBITDA to fixed charge coverage ratio. The 2017 Senior Credit Facility provides for events of default customary for credit facilities of this type, including non-payment As required under the terms of the 2017 Senior Credit Facility, the Company has entered into interest rate hedges sufficient to effectively fix or limit the interest rate on borrowings under the Agreement of a minimum of $90,000 with a weighted average life of at least two years. See Note 3 “ Fair Value Measurements and Derivative Financial Instruments 2015 Senior Credit Facilities On March 28, 2017, the Company utilized proceeds from the 2017 Senior Credit Facility and cash on hand to repay, in full, the outstanding principal balance of its 2015 Senior Credit Facilities in the amount of $86,750 and accrued interest and fees totaling $1,385. The Company recorded a loss of $2,274 on the extinguishment of debt associated with this transaction, including the write-off 6.25% Convertible Notes Due 2018 On March 17, 2017, the Company issued a tender offer to purchase any and all of its outstanding 6.25% Notes for cash in an amount equal to one thousand twenty-five dollars per one thousand dollars principal amount (the “Tender Offer”). The Tender Offer was subsequently amended to one thousand thirty-seven dollars and fifty cents per one thousand dollars principal amount. Under the terms of the Agreement, proceeds from the Company’s 2017 Senior Credit Facility in the amount of $94,000 must be utilized to fund the Tender Offer, the repurchase, or repayment at maturity of, the 6.25% Notes. The Tender Offer expired on April 14, 2017 and was settled on April 17, 2017. As of the expiration date, $83,956 aggregate principal amount of the 6.25% Notes were validly tendered and not validly withdrawn pursuant to the Tender Offer, and were accepted for purchase by the Company at a purchase price equal to one thousand thirty-seven dollars and fifty cents per one thousand dollars principal amount. The Company settled the Tender Offer on April 17, 2017 for a total of $90,011, including principal of $83,956, accrued interest of $2,420, the premium of $3,148 and fees of $487. Settlement was funded with restricted cash of $83,956 and other cash on hand of $6,055. The Company recorded a loss on the extinguishment of this debt of $5,160 in the second quarter of 2017. Following settlement, 6.25% Notes in the aggregate principal amount of $10,044 remained outstanding. The purchase or settlement at maturity of the remaining 6.25% Notes will be funded, in part, with restricted cash of $10,044 designated for this purpose. |