| Schedule of Long-term Debt |
Long-term debt consisted of the following (amounts in thousands):
|
|
|
|
|
|
|
|
|
|
December 31,
2016 |
|
December 31,
2015 |
9.125% Senior Notes due April 1, 2020 with an effective rate of 9.4% |
$ |
578,078 |
|
|
$ |
576,241 |
|
|
Promissory Note to Ascent Capital due October 1, 2020
with an effective rate of 12.5% (a)
|
12,000 |
|
|
100,000 |
|
Term loan, matures September 30, 2022, LIBOR plus 5.5% subject to a LIBOR floor of 1.00% with an effective rate of 7.2% |
1,066,130 |
|
|
— |
|
$295 million revolving credit facility, matures September 30, 2021, LIBOR plus 4.00% subject to a LIBOR floor of 1.00% with an effective rate of 5.3% |
42,570 |
|
|
— |
|
Term loan, mature March 23, 2018, LIBOR plus 3.25%, subject to a LIBOR floor of 1.00% with an effective rate of 5.0% |
— |
|
|
394,938 |
|
Term loan, mature April 9, 2022, LIBOR plus 3.5%, subject to a LIBOR floor of 1.00% with an effective interest rate of 5.1% |
— |
|
|
542,420 |
|
$315 million revolving credit facility, matures December 22, 2017, LIBOR plus 3.75%, subject to a LIBOR floor of 1.00% with an effective rate of 6.7% |
— |
|
|
131,048 |
|
|
1,698,778 |
|
|
1,744,647 |
|
Less current portion of long-term debt |
(11,000 |
) |
|
(5,500 |
) |
Long-term debt |
$ |
1,687,778 |
|
|
$ |
1,739,147 |
|
(a) The effective rate was 9.868% until February 29, 2016.
|
| Schedule of Components of Refinancing Expense |
The components of the refinancing expense is reflected below (amounts in thousands):
|
|
|
|
|
|
|
|
Twelve Months Ended
December 31, 2016 |
Accelerated amortization of deferred financing costs |
|
$ |
4,160 |
|
Accelerated amortization of debt discount |
|
3,416 |
|
Other refinancing costs |
|
1,924 |
|
Total refinancing expense |
|
$ |
9,500 |
|
|
| Schedule of Maturities of Long-term Debt Including Short-Term Borrowings |
Principal payments scheduled to be made on the Company’s debt obligations are as follows (amounts in thousands):
|
|
|
|
|
2017 |
$ |
11,000 |
|
2018 |
11,000 |
|
2019 |
11,000 |
|
2020 |
608,000 |
|
2021 |
55,800 |
|
Thereafter |
1,042,250 |
|
Total principal payments |
1,739,050 |
|
Less: |
|
|
Unamortized discounts, premium and deferred debt costs, net |
40,272 |
|
Total debt on consolidated balance sheet |
$ |
1,698,778 |
|
|