Debt | 7. Debt Debt outstanding, excluding capital leases, consisted of the following: March 31, 2016 December 31, 2015 (In thousands) Principal Balance Unamortized Discount and Debt Issuance Costs Net Carrying Amount Principal Balance Unamortized Discount and Debt Issuance Costs Net Carrying Amount 1.25% Cash Convertible Senior Notes $ 345,000 $ 58,663 $ 286,337 $ 345,000 $ 61,771 $ 283,229 Senior Secured Credit Facility (long-term portion) 306,250 5,232 301,018 334,375 5,225 329,150 Senior Secured Credit Facility (current portion) 12,500 473 12,027 12,500 479 12,021 Other debt 144 0 144 183 0 183 Total debt $ 663,894 $ 64,368 $ 599,526 $ 692,058 $ 67,475 $ 624,583 Interest expense consisted of the following: Three Months Ended March 31, (In thousands) 2016 2015 Interest expense $ 3,538 $ 3,861 Amortization of discounts and debt issuance costs 3,431 3,395 Total interest expense $ 6,969 $ 7,256 Interest expense related to the 1.25% Notes was comprised of the following: Three Months Ended March 31, (In thousands) 2016 2015 Coupon interest at 1.25% $ 1,078 $ 1,078 Amortization of discounts and debt issuance costs 3,108 2,948 Total interest expense related to the 1.25% Notes $ 4,186 $ 4,026 Senior Secured Credit Facility Amendment On March 28, 2016, we entered into a First Amendment with JPMorgan Chase Bank, N.A., as administrative agent, and certain other lenders to our senior secured credit facility agreement executed on September 30, 2015. This amendment allows us greater flexibility to make selective cash investments in third parties while continuing to remain in compliance with the original covenants of our senior secured credit facility agreement. In addition, this amendment clarifies certain definitions and clauses contained in our original senior secured credit facility agreement. None of the original terms of our senior secured credit facility relating to scheduled future principal payments, applicable interest rates and margins, and borrowing capacity under our revolving facility were amended. In connection with this amendment, we incurred fees and other costs totaling $0.3 million, which were capitalized and included in the net carrying amounts outstanding under our senior secured credit facility as of March 31, 2016. The capitalized fees and other costs will be amortized to interest expense over the remaining term of our senior secured credit facility. As of March 31, 2016, $243.8 million under a term loan, $75.0 million under our revolving credit facility, and $0.7 million in letters of credit were outstanding under our senior secured credit facility. As of March 31, 2016, the interest rate on the United States dollars-denominated borrowings under the senior secured credit facility was LIBOR plus 1.75%, which totaled 2.18%. We were in compliance with all covenants under the senior secured credit facility agreement as of March 31, 2016. As of March 31, 2016, we had $474.3 million available, net of outstanding letters of credit, under our revolving credit facility. There can be no assurance that we will be able to draw on the full available balance of our revolving credit facility if the financial institutions that have extended such credit commitments become unwilling or unable to fund such borrowings. As of March 31, 2016, the if-converted value of the 1.25% Notes did not exceed the 1.25% Notes’ principal amount. The following table summarizes our future payment obligations under the 1.25% Notes and our senior secured credit facility as of March 31, 2016: (In thousands) Total Remainder of 2016 2017 2018 2019 2020 1.25% Cash Convertible Senior Notes (1) $ 345,000 $ 0 $ 0 $ 0 $ 0 $ 345,000 Term Loan 243,750 9,375 15,625 28,125 40,625 150,000 Revolving Facility 75,000 0 0 0 0 75,000 Other debt 144 144 0 0 0 0 Total debt $ 663,894 $ 9,519 $ 15,625 $ 28,125 $ 40,625 $ 570,000 (1) |