Annual report pursuant to Section 13 and 15(d)

Debt

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Debt
12 Months Ended
Dec. 31, 2013
Debt Disclosure [Abstract]  
Debt
Debt
We have a secured revolving credit facility in an aggregate principal amount of up to $150.0 million subject to a borrowing formula, with a sublimit of $10.0 million for the issuance of letters of credit on our behalf. At our option, borrowings accrue interest at a per annum rate equal to either LIBOR or Wells Fargo’s prime rate (or, if greater, the federal funds rate plus 0.50% or three month LIBOR plus 1.00%), in each case plus a margin ranging from 2.50% to 3.00%, in the case of LIBOR loans, and 0.0% to 0.25% in the case of prime rate loans, based upon our senior leverage ratio. The interest is due and payable monthly, in arrears, for loans bearing interest at the prime rate and at the end of the applicable 1-, 2-, or 3-month interest period in the case of loans bearing interest as the adjusted LIBOR rate. The facility matures on December 30, 2015. Advances under the credit facility may be voluntarily prepaid, and must be prepaid with the proceeds of certain dispositions, extraordinary receipts and indebtedness and in full upon a change in control.
In September 2012, we entered into an amendment to the credit facility. Under the terms of the amendment, the LIBOR rate margin ranges from 2.00% to 2.50%, based on our senior leverage ratio. All other interest rates and maturity periods remain consistent with the facility. Additionally, our capital expenditure limitations were expanded in the amendment.
As of December 31, 2013 and 2012, we had $0.0 million and $10.0 million outstanding under our revolving line of credit, which approximates its fair value. As of December 31, 2013, $150.0 million was available under our revolving line of credit and $10.0 million was available for the issuance of letters of credit. We had unamortized debt issuance costs of $0.3 million and $0.8 million at December 31, 2013 and 2012, respectively. As of December 31, 2013, we were in compliance with our debt covenants.