Debt (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
|---|
| Debt Instrument [Line Items] |
|
| Schedule of Principal Amounts, Unamortized Discount and Net Carrying Amounts |
At December 31, 2015 and 2014, we had mortgage notes and other debt (excluding the 2033 Senior Notes, the Credit Agreement and amounts outstanding under lines of credit) as follows:
|
|
|
|
|
|
|
|
|
(In thousands) |
December 31,
2015 |
|
December 31,
2014
|
Current portion of notes payable |
$ |
1,054 |
|
|
$ |
608 |
|
Other long-term liabilities |
1,963 |
|
|
2,435 |
|
Total mortgage notes and other debt |
$ |
3,017 |
|
|
$ |
3,043 |
|
The following table sets forth information related to the 2033 Senior Notes which is included our Consolidated Balance Sheets as of December 31, 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
Embedded conversion option |
|
2033 Senior Notes |
|
Discount |
|
Total |
Balance at December 31, 2014 |
$ |
65,947 |
|
|
$ |
87,642 |
|
|
$ |
(22,135 |
) |
|
$ |
131,454 |
|
Amortization of debt discount |
— |
|
|
— |
|
|
2,613 |
|
|
2,613 |
|
Change in fair value of embedded derivative |
36,587 |
|
|
— |
|
|
— |
|
|
36,587 |
|
Conversion |
(78,797 |
) |
|
(55,442 |
) |
|
12,997 |
|
|
(121,242 |
) |
Balance at December 31, 2015 |
$ |
23,737 |
|
|
$ |
32,200 |
|
|
$ |
(6,525 |
) |
|
$ |
49,412 |
|
The following table sets forth information related to the 2033 Senior Notes which is included our Consolidated Balance Sheets as of December 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
Embedded conversion option |
|
2033 Senior Notes |
|
Discount |
|
Total |
Balance at December 31, 2013 |
$ |
101,087 |
|
|
$ |
158,064 |
|
|
$ |
(47,239 |
) |
|
$ |
211,912 |
|
Amortization of debt discount |
— |
|
|
— |
|
|
5,662 |
|
|
5,662 |
|
Change in fair value of embedded derivative |
12,213 |
|
|
— |
|
|
— |
|
|
12,213 |
|
Conversion |
(47,353 |
) |
|
(70,422 |
) |
|
19,442 |
|
|
(98,333 |
) |
Balance at December 31, 2014 |
$ |
65,947 |
|
|
$ |
87,642 |
|
|
$ |
(22,135 |
) |
|
$ |
131,454 |
|
|
| 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, 2015
|
|
Credit line
capacity
|
|
December 31,
2015 |
|
December 31,
2014
|
JP Morgan Chase |
|
3.25% |
|
$ |
175,000 |
|
|
$ |
72,107 |
|
|
$ |
— |
|
Itau Bank |
|
6.00% |
|
1,500 |
|
|
282 |
|
|
965 |
|
Bank of Chile |
|
5.50% |
|
2,500 |
|
|
2,313 |
|
|
1,410 |
|
BICE Bank |
|
5.50% |
|
2,300 |
|
|
1,502 |
|
|
1,249 |
|
BBVA Bank |
|
5.50% |
|
2,300 |
|
|
1,825 |
|
|
795 |
|
Penta Bank |
|
7.58% |
|
— |
|
|
— |
|
|
1,008 |
|
Security Bank |
|
6.16% |
|
150 |
|
|
145 |
|
|
361 |
|
Estado Bank |
|
5.30% |
|
2,500 |
|
|
2,210 |
|
|
1,870 |
|
Santander Bank |
|
5.30% |
|
2,000 |
|
|
1,345 |
|
|
— |
|
Scotiabank |
|
5.00% |
|
1,300 |
|
|
939 |
|
|
— |
|
Banco Bilbao Vizcaya |
|
2.90% |
|
273 |
|
|
— |
|
|
— |
|
Total |
|
|
|
$ |
189,823 |
|
|
$ |
82,668 |
|
|
$ |
7,658 |
|
|
| 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, 2015 |
|
December 31, 2014 |
|
December 31, 2013 |
Stock price |
$10.05 |
|
$9.99 |
|
$8.44 |
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 |
1.33% |
|
1.40% |
|
1.78% |
Estimated stock volatility |
50% |
|
39% |
|
55% |
Estimated credit spread |
1,142 basis points |
|
1,081 basis points |
|
828 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, 2015, 2014 and 2013. At December 31, 2015, 2014 and 2013, the principal amount of the 2033 Senior Notes was $32.2 million, $87.6 million and $158.1 million, respectively:
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
December 31, 2015 |
|
December 31, 2014 |
|
December 31, 2013 |
Fair value of 2033 Senior Notes: |
|
|
|
|
|
With the embedded derivatives |
$ |
48,384 |
|
|
$ |
129,009 |
|
|
$ |
218,081 |
|
Without the embedded derivatives |
$ |
24,647 |
|
|
$ |
63,062 |
|
|
$ |
116,994 |
|
Estimated fair value of the embedded derivatives |
$ |
23,737 |
|
|
$ |
65,947 |
|
|
$ |
101,087 |
|
|