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 |
|
|