Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

v2.4.0.8
Debt (Tables)
6 Months Ended
Jun. 30, 2013
Debt Disclosure [Abstract]  
Inputs to lattice model used to value the embedded derivative
The following table sets forth the inputs to the lattice model used to value the embedded derivative:
 
June 30, 2013
 
Issuance Date
Stock price
$
7.10

 
$
6.20

Conversion Rate
141.4827

 
141.4827

Conversion Price
$
7.07

 
$
7.07

Maturity date
February 1, 2033

 
February 1, 2033

Risk-free interest rate
1.57
%
 
1.12
%
Estimated stock volatility
35
%
 
40
%
Estimated credit spread
983 basis points

 
944 basis points

Fair value of notes with and without the embedded derivatives and fair value of embedded derivatives
The following table sets forth the fair value of the Notes with and without the embedded derivatives, and the fair value of the embedded derivatives as of the issuance date and June 30, 2013:
(In thousands)
June 30, 2013
 
Issuance Date
Fair value of Notes:
 
 
 
With the embedded derivatives
$
189,481

 
$
175,000

Without the embedded derivatives
$
115,402

 
$
115,796

Estimated fair value of the embedded derivatives
$
74,079

 
$
59,204

Schedule of principal amounts, unamortized discount and net carrying amounts
The principal amounts, unamortized discount and net carrying amounts of the Notes as of June 30, 2013 were as follows:
(In thousands)
Principal
Balance
 
Unamortized
Discount
 
Net Carrying
Amount
Notes
$
175,000

 
$
60,555

 
$
114,445

Summary of lines of credit
The following table summarizes the amount outstanding under the lines of credit:
(Dollars in thousands)
 
 
 
 
 
 Balance Outstanding
Lender
 
Interest rate on
borrowings
 
Credit line
capacity
 
June 30,
2013
 
December 31,
2012
Itau Bank
 
6.66
%
 
$
3,000

 
$
2,664

 
$
2,738

Bank of Chile
 
7.50
%
 
3,000

 
2,237

 
2,292

BICE Bank
 
5.02
%
 
2,000

 
940

 
2,451

Corp Banca
 
5.00
%
 
1,000

 
140

 
1,248

BBVA Bank
 
5.55
%
 
3,000

 
1,949

 
2,823

Penta Bank
 
9.48
%
 
1,000

 
793

 
833

Security Bank
 
7.60
%
 
1,500

 
994

 

BCI
 
5.00
%
 
1,500

 
1,591

 

Estado Bank
 
5.99
%
 
2,000

 
1,851

 
1,963

Sabadell Bank
 
7.60
%
 
195

 

 
3

Bilbao Vizcaya Bank
 
4.90
%
 
390

 
91

 
377

Banco Popular
 
8.25
%
 
390

 
11

 
260

Santander Bank
 
6.00
%
 
195

 

 

Banesto
 
5.80
%
 
195

 

 
163

Banca March
 
6.25
%
 
260

 

 
44

Total
 
 
 
$
19,625

 
$
13,261

 
$
15,195

Mortgage notes and other debt payables
At June 30, 2013 and December 31, 2012, we had mortgage notes and other debt payables related to Farmadiet as follows:
(In thousands)
June 30,
2013
 
December 31,
2012
Current portion of lines of credit and notes payable
$
2,385

 
$
2,331

Other long-term liabilities
3,636

 
3,916

Total mortgage notes and other debt payables
$
6,021

 
$
6,247