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LONG-TERM DEBT (Tables)
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12 Months Ended |
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Dec. 31, 2012
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| LONG-TERM DEBT [Abstract] |
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| Long Term Debt |
Long-term debt, which includes capital leases, at December 31, 2012 and 2011, consisted of the following:
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December 31, |
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2012 |
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|
2011 |
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(in thousands) |
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May 2010 Senior Secured Credit Facility: |
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Term loan A, net of unamortized discount of $0.9 million and $1.2 million at December 30, 2012 and 2011, respectively |
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Term loan B, net of unamortized discount of $14.1 million and $12.2 million at December 31, 2012 and 2011, respectively |
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863,370 |
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|
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773,773 |
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Revolving credit facility |
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|
- |
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- |
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7% Senior Notes due 2020 |
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225,000 |
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|
|
- |
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8.125% Senior Notes due 2018 |
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250,000 |
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250,000 |
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10.75% Senior Notes due 2016, plus unamortized premium of $18.7 million at December 31, 2011 |
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- |
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305,649 |
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2.875% Convertible Senior Notes due 2027, net of unamortized discount of $20.6 million and $32.4 million at December 31, 2012 and 2011, respectively |
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|
199,419 |
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|
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187,627 |
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Other long-term debt |
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125,660 |
|
|
|
101,871 |
|
| |
|
|
1,740,005 |
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|
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1,705,261 |
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Less: current portion |
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|
62,050 |
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52,632 |
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| |
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Total long-term debt, net |
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$ |
1,677,955 |
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$ |
1,652,629 |
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| Future Maturities of Long Term Debt |
Future maturities of long-term debt at December 31, 2012 are as follows:
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(in thousands) |
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2013 |
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$ |
62,050 |
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2014 |
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|
263,241 |
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2015 |
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|
80,777 |
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2016 |
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|
875,113 |
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2017 |
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|
1,567 |
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Thereafter |
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|
492,912 |
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Total |
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|
1,775,660 |
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Debt discount |
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(35,655 |
) |
Total including discount |
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$ |
1,740,005 |
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| Pre-tax Interest Cost Recognized on Convertible Senior Notes |
As of December 31, 2012 and 2011, the carrying amount of the equity component of the notes was $73.0 million. As of December 31, 2012 and 2011, the principal amount of the liability component (face value of the notes) was $220.0 million in each of the respective periods. As of December 31, 2012 the remaining period over which the discount will be amortized is approximately two years. At December 31, 2012, the value of the notes, if converted and fully settled in shares, does not exceed the principal amount of the notes. For the years ended December 31, 2012, 2011 and 2010, the effective interest rate on the liability component of the notes was 9.7%. The following table summarizes the amount of pre-tax interest cost recognized on the notes:
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Year Ended December 31, |
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2012 |
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2011 |
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2010 |
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(in thousands) |
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Interest cost recognized relating to: |
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Contractual interest coupon |
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$ |
6,325 |
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$ |
6,325 |
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$ |
6,325 |
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Amortization of debt discount |
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11,792 |
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|
10,700 |
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|
|
9,710 |
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Amortization of debt issuance costs |
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|
703 |
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|
703 |
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|
703 |
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Total interest cost recognized on the notes |
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$ |
18,820 |
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$ |
17,728 |
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$ |
16,738 |
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