Annual report pursuant to Section 13 and 15(d)

Debt (Tables)

v3.8.0.1
Debt (Tables)
12 Months Ended
Dec. 31, 2017
Debt Instrument [Line Items]  
Schedule of Principal Amounts, Unamortized Discount and Net Carrying Amounts
The following table sets forth information related to the 2033 Senior Notes which is included in our Consolidated Balance Sheet as of December 31, 2017:
(In thousands)
Embedded conversion option
 
2033 Senior Notes
 
Discount
 
Debt Issuance Cost
 
Total
Balance at December 31, 2016
$
16,736


$
31,850


$
(4,612
)

$
(273
)
 
$
43,701

Amortization of debt discount and debt issuance costs




2,047


148

 
2,195

Change in fair value of embedded derivative
(3,185
)






 
(3,185
)
Reclassification of embedded derivatives to equity
(13,551
)






 
(13,551
)
Balance at December 31, 2017
$


$
31,850


$
(2,565
)

$
(125
)
 
$
29,160

The following table sets forth information related to the 2033 Senior Notes which is included in our Consolidated Balance Sheet as of December 31, 2016:
(In thousands)
Embedded conversion option
 
2033 Senior Notes
 
Discount
 
Debt Issuance Cost
 
Total
Balance at December 31, 2015
$
23,737

 
$
32,200

 
$
(6,525
)
 
$
(426
)
 
$
48,986

Amortization of debt discount and debt issuance costs

 

 
1,913

 
153

 
2,066

Change in fair value of embedded derivative
(7,001
)
 

 

 

 
(7,001
)
Conversion

 
(350
)
 

 

 
(350
)
Balance at December 31, 2016
$
16,736

 
$
31,850

 
$
(4,612
)
 
$
(273
)
 
$
43,701

tively.
At December 31, 2017 and 2016, we had notes payable and other debt (excluding the 2033 Senior Notes, the Credit Agreement and amounts outstanding under lines of credit) as follows:
(In thousands)
December 31,
2017
 
December 31,
2016
Current portion of notes payable
$
1,632

 
$
3,681

Other long-term liabilities
2,011

 
2,090

Total
$
3,643

 
$
5,771

Summary of Lines of Credit
The following table summarizes the amounts outstanding under the BioReference, Chilean and Spanish lines of credit:
(Dollars in thousands)
 
 
 
 
 
 Balance Outstanding
Lender
 
Interest rate on
borrowings at December 31, 2017
 
Credit line
capacity
 
December 31,
2017
 
December 31,
2016
JP Morgan Chase
 
3.27%
 
$
175,000

 
$
104,152

 
$
38,809

Itau Bank
 
5.50%
 
1,810

 
446

 
419

Bank of Chile
 
6.60%
 
3,800

 
1,598

 
1,619

BICE Bank
 
5.50%
 
2,500

 
1,819

 
1,538

BBVA Bank
 
5.50%
 
3,250

 
1,665

 
1,063

Security Bank
 
5.50%
 
501

 
501

 

Estado Bank
 
5.50%
 
3,500

 
2,111

 
1,870

Santander Bank
 
5.50%
 
4,500

 
1,988

 
1,196

Scotiabank
 
5.00%
 
1,800

 
384

 
789

Corpbanca
 
5.00%
 

 

 
18

Banco Bilbao Vizcaya
 
2.90%
 
300

 

 

Santander Bank
 
2.67%
 
359

 

 

Total
 
 
 
$
197,320

 
$
114,664

 
$
47,321

Notes  
Debt Instrument [Line Items]  
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:
 
February 1, 2017
 
December 31, 2016
 
December 31, 2015
Stock price
$8.63
 
$9.30
 
$10.05
Conversion Rate
141.4827
 
141.4827
 
141.4827
Conversion Price
$7.07
 
$7.07
 
$7.07
Maturity date
February 1, 2033
 
February 1, 2033
 
February 1, 2033
Risk-free interest rate
1.22%
 
1.22%
 
1.33%
Estimated stock volatility
49%
 
47%
 
50%
Estimated credit spread
761 basis points
 
765 basis points
 
1,142 basis points