Annual report pursuant to Section 13 and 15(d)

Debt (Tables)

v3.6.0.2
Debt (Tables)
12 Months Ended
Dec. 31, 2016
Debt Instrument [Line Items]  
Schedule of Principal Amounts, Unamortized Discount and Net Carrying Amounts
tively.
At December 31, 2016 and 2015, 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,
2016
 
December 31,
2015
Current portion of notes payable
$
3,681

 
$
1,054

Other long-term liabilities
2,090

 
1,963

Total
$
5,771

 
$
3,017

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




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

The following table sets forth information related to the 2033 Senior Notes which is included in our Consolidated Balance Sheet as of December 31, 2015:
(In thousands)
Embedded conversion option
 
2033 Senior Notes
 
Discount
 
Debt Issuance Cost
 
Total
Balance at December 31, 2014
$
65,947

 
$
87,642

 
$
(22,135
)
 
$
(1,638
)
 
$
129,816

Amortization of debt discount

 

 
2,613

 
233

 
2,846

Change in fair value of embedded derivative
36,587

 

 

 

 
36,587

Conversion
(78,797
)
 
(55,442
)
 
12,997

 
979

 
(120,263
)
Balance at December 31, 2015
$
23,737

 
$
32,200

 
$
(6,525
)
 
$
(426
)
 
$
48,986

Summary of Lines of Credit
The following table summarizes the amounts outstanding under the Bio-Reference, Chilean and Spanish lines of credit:
(Dollars in thousands)
 
 
 
 
 
 Balance Outstanding
Lender
 
Interest rate on
borrowings at December 31, 2016
 
Credit line
capacity
 
December 31,
2016
 
December 31,
2015
JP Morgan Chase
 
3.75%
 
$
175,000

 
$
38,809

 
$
72,107

Itau Bank
 
5.50%
 
1,450

 
419

 
282

Bank of Chile
 
6.60%
 
2,500

 
1,619

 
2,313

BICE Bank
 
5.50%
 
2,000

 
1,538

 
1,502

BBVA Bank
 
5.50%
 
2,300

 
1,063

 
1,825

Security Bank
 
N/A
 

 

 
145

Estado Bank
 
5.50%
 
2,400

 
1,870

 
2,210

Santander Bank
 
5.50%
 
3,000

 
1,196

 
1,345

Scotiabank
 
5.00%
 
1,300

 
789

 
939

Corpbanca
 
5.00%
 
500

 
18

 

Banco Bilbao Vizcaya
 
2.90%
 
263

 

 

Total
 
 
 
$
190,713

 
$
47,321

 
$
82,668

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:
 
December 31, 2016
 
December 31, 2015
 
December 31, 2014
Stock price
$9.30
 
$10.05
 
$9.99
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%
 
1.33%
 
1.40%
Estimated stock volatility
47%
 
50%
 
39%
Estimated credit spread
765 basis points
 
1,142 basis points
 
1,081 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 at December 31, 2016, 2015 and 2014. At December 31, 2016, 2015 and 2014, the principal amount of the 2033 Senior Notes was $31.9 million, $32.2 million and $87.6 million, respectively:
(In thousands)
December 31, 2016
 
December 31, 2015
 
December 31, 2014
Fair value of 2033 Senior Notes:
 
 
 
 
 
With the embedded derivatives
$
45,204

 
$
48,384

 
$
129,009

Without the embedded derivatives
$
28,468

 
$
24,647

 
$
63,062

Estimated fair value of the embedded derivatives
$
16,736

 
$
23,737

 
$
65,947