Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

v3.5.0.2
Debt (Tables)
9 Months Ended
Sep. 30, 2016
Debt Instrument [Line Items]  
Information Related to the Senior Notes
At September 30, 2016 and December 31, 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)
September 30,
2016
 
December 31,
2015
Current portion of notes payable
$
1,343

 
$
1,054

Other long-term liabilities
2,335

 
1,963

Total
$
3,678

 
$
3,017

The following table sets forth information related to the 2033 Senior Notes which is included our Condensed Consolidated Balance Sheets as of September 30, 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

 

 
1,379

 
111

 
1,490

Change in fair value of embedded derivative
1,061

 

 

 

 
1,061

Balance at September 30, 2016
$
24,798

 
$
32,200

 
$
(5,146
)
 
$
(315
)
 
$
51,537

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 September 30, 2016
 
Credit line
capacity
 
September 30,
2016
 
December 31,
2015
JPMorgan Chase
 
3.85%
 
$
175,000

 
$
38,444

 
$
72,107

Itau Bank
 
5.50%
 
1,450

 
1,020

 
282

Bank of Chile
 
6.60%
 
2,500

 
1,935

 
2,313

BICE Bank
 
5.50%
 
2,000

 
1,115

 
1,502

BBVA Bank
 
5.50%
 
2,300

 
965

 
1,825

Security Bank
 
N/A
 
N/A

 

 
145

Estado Bank
 
5.50%
 
2,400

 
1,431

 
2,210

Santander Bank
 
5.50%
 
3,000

 
1,308

 
1,345

Scotiabank
 
5.00%
 
1,300

 
802

 
939

Corpbanca
 
5.00%
 
500

 
182

 

Banco Bilbao Vizcaya
 
2.90%
 
280

 

 

Total
 
 
 
$
190,730

 
$
47,202

 
$
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:
 
September 30, 2016
Stock price
$10.59
Conversion Rate
141.4827
Conversion Price
$7.07
Maturity date
February 1, 2033
Risk-free interest rate
0.81%
Estimated stock volatility
41%
Estimated credit spread
979 basis points
Fair Value of the Senior Notes With and Without the Embedded Derivatives and Fair Value of the 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 September 30, 2016. At September 30, 2016 the principal amount of the 2033 Senior Notes was $32.2 million:
(In thousands)
September 30, 2016
Fair value of 2033 Senior Notes:
 
With the embedded derivatives
$
52,206

Without the embedded derivatives
$
27,408

Estimated fair value of the embedded derivatives
$
24,798