Annual report pursuant to Section 13 and 15(d)

Debt (Tables)

v2.4.0.8
Debt (Tables)
12 Months Ended
Dec. 31, 2013
Debt Instrument [Line Items]  
Schedule of principal amounts, unamortized discount and net carrying amounts
The following table sets forth information related to the 3.00% convertible senior notes which are included in our Consolidated Balance Sheets:
(In thousands)
Embedded conversion option
 
2033 Senior Notes
 
Discount
 
Total
Balance at December 31, 2012
$

 
$

 
$

 
$

Issuance of 3.00% convertible notes
59,204

 
175,000

 
(59,204
)
 
175,000

Amortization of debt discount

 

 
6,596

 
6,596

Change in fair value of embedded derivative
43,082

 

 

 
43,082

Conversion
(1,199
)
 
(16,936
)
 
5,369

 
(12,766
)
Balance at December 31, 2013
$
101,087

 
$
158,064

 
$
(47,239
)
 
$
211,912

Summary of lines of credit
The following table summarizes the amounts outstanding under the Chilean and Spanish lines of credit:
(Dollars in thousands)
 
 
 
 
 
 Balance Outstanding
Lender
 
Interest rate on
borrowings
 
Credit line
capacity
 
December 31,
2013
 
December 31,
2012
Itau Bank
 
8.04
%
 
$
3,000

 
$
1,999

 
$
2,738

Bank of Chile
 
7.80
%
 
2,250

 
2,079

 
2,292

BICE Bank
 
5.50
%
 
1,500

 
516

 
2,451

Corp Banca
 
5.50
%
 

 
(47
)
 
1,248

BBVA Bank
 
8.29
%
 
2,000

 
523

 
2,823

Penta Bank
 
9.48
%
 
1,000

 
946

 
833

Security Bank
 
7.56
%
 
1,337

 
1,075

 

BCI
 
5.50
%
 
198

 
198

 

Estado Bank
 
6.88
%
 
2,000

 
1,772

 
1,963

Sabadell Bank
 
7.60
%
 

 

 
3

Banco Bilbao Vizcaya
 
4.90
%
 
344

 

 
377

Banco Popular
 
8.25
%
 
275

 

 
260

Santander Bank
 
6.00
%
 
207

 

 

Banesto
 
5.80
%
 
207

 

 
163

Banca March
 
6.25
%
 

 

 
44

Deutsche Bank
 
4.00
%
 
206

 
 
 
 
Total
 
 
 
$
14,524

 
$
9,061

 
$
15,195

Farmadiet [Member]
 
Debt Instrument [Line Items]  
Schedule of principal amounts, unamortized discount and net carrying amounts
At December 31, 2013 and December 31, 2012, we had mortgage notes and other debt payables related to Farmadiet as follows:
 
December 31,
(In thousands)
2013
 
2012
Current portion of notes payable
$
1,964

 
$
2,331

Other long-term liabilities
3,270

 
3,916

Total mortgage notes and other debt payables
$
5,234

 
$
6,247

Notes [Member]
 
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:
 
December 31, 2013
 
Issuance Date
Stock price
$8.44
 
$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
1.78%
 
1.12%
Estimated stock volatility
55%
 
40%
Estimated credit spread
828 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 2033 Senior Notes with and without the embedded derivatives, and the fair value of the embedded derivatives as of the issuance date and December 31, 2013. At December 31, 2013 and at issuance date the principal amount of the 2033 Senior Notes was $158.1 million and $175.0 million, respectively:
(In thousands)
December 31, 2013
 
Issuance Date
Fair value of Notes:
 
 
 
With the embedded derivatives
$
218,081

 
$
175,000

Without the embedded derivatives
$
116,993

 
$
115,796

Estimated fair value of the embedded derivatives
$
101,087

 
$
59,204