Quarterly report pursuant to Section 13 or 15(d)

LIABILITIES AND LONG-TERM DEBT (Tables)

v3.7.0.1
LIABILITIES AND LONG-TERM DEBT (Tables)
6 Months Ended
Jun. 30, 2017
LIABILITIES AND LONG-TERM DEBT [Abstract]  
Schedule of Maximum Leverage Ratio
On March 28, 2017, we entered into a Second Amendment to the ARC with terms which increase the Maximum Consolidated Leverage Ratio financial covenant of 3.25x to 4.00x at March 31, 2017, and 4.25x at June 30, 2017, before stepping down to 3.75x at September 30, 2017, 3.50x at December 31, 2017, and reverting to the original financial covenant of 3.25x at March 31, 2018.

Four Fiscal Quarter Ending
Maximum Consolidated Leverage Ratio
March 31, 2017
4.00 to 1.00
June 30, 2017
4.25 to 1.00
September 30, 2017
3.75 to 1.00
December 31, 2017
3.50 to 1.00
March 31, 2018 and each fiscal quarter thereafter
3.25 to 1.00
Schedule of Minimum Fixed Charge Coverage Ratio
The Second Amendment also reduces the Minimum Consolidated Fixed Charge Coverage Ratio of 1.25x to 1.10x at March 31, 2017, 1.05x at June 30, 2017 and September 30, 2017, 1.10x at December 31, 2017, before reverting to the original financial covenant of 1.25x at March 31, 2018.
 
Four Fiscal Quarter Ending
Minimum Consolidated Fixed Charge Coverage Ratio
March 31, 2017
1.10 to 1.00
June 30, 2017
1.05 to 1.00
September 30, 2017
1.05 to 1.00
December 31, 2017
1.10 to 1.00
March 31, 2018 and each fiscal quarter thereafter
1.25 to 1.00
Schedule of Pricing Levels for Leverage Ratios
Also, under the terms of the Second Amendment, two additional levels of pricing were added – levels 4 and 5.

Level
Consolidated Leverage Ratio
LIBOR Margin
Base Rate Margin
Commitment Fee
1
Less than 1.50 to 1.00
2.00%
1.00%
0.25%
2
Greater than or equal to 1.50 to 1.00 but less than 2.00 to 1.00
2.25%
1.25%
0.25%
3
Greater than or equal to 2.00 to 1.00 but less than 3.00 to 1.00
2.50%
1.50%
0.375%
4
Greater than or equal to 3.00 to 1.00 but less than 3.50 to 1.00
2.75%
1.75%
0.375%
5
Greater than or equal to 3.50 to 1.00
3.00%
2.00%
0.375%