|
Debt (Tables)
|
6 Months Ended |
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Jun. 30, 2013
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| Debt Disclosure [Abstract] |
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| 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:
|
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|
|
|
|
|
|
|
June 30, 2013 |
|
Issuance Date |
Stock price |
$ |
7.10 |
|
|
$ |
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 |
1.57 |
% |
|
1.12 |
% |
Estimated stock volatility |
35 |
% |
|
40 |
% |
Estimated credit spread |
983 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 Notes with and without the embedded derivatives, and the fair value of the embedded derivatives as of the issuance date and June 30, 2013:
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(In thousands) |
June 30, 2013 |
|
Issuance Date |
Fair value of Notes: |
|
|
|
With the embedded derivatives |
$ |
189,481 |
|
|
$ |
175,000 |
|
Without the embedded derivatives |
$ |
115,402 |
|
|
$ |
115,796 |
|
Estimated fair value of the embedded derivatives |
$ |
74,079 |
|
|
$ |
59,204 |
|
|
| Schedule of principal amounts, unamortized discount and net carrying amounts |
The principal amounts, unamortized discount and net carrying amounts of the Notes as of June 30, 2013 were as follows:
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(In thousands) |
Principal
Balance
|
|
Unamortized
Discount
|
|
Net Carrying
Amount
|
Notes |
$ |
175,000 |
|
|
$ |
60,555 |
|
|
$ |
114,445 |
|
|
| Summary of lines of credit |
The following table summarizes the amount outstanding under the lines of credit:
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(Dollars in thousands) |
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Balance Outstanding |
Lender |
|
Interest rate on
borrowings
|
|
Credit line
capacity
|
|
June 30,
2013 |
|
December 31,
2012
|
Itau Bank |
|
6.66 |
% |
|
$ |
3,000 |
|
|
$ |
2,664 |
|
|
$ |
2,738 |
|
Bank of Chile |
|
7.50 |
% |
|
3,000 |
|
|
2,237 |
|
|
2,292 |
|
BICE Bank |
|
5.02 |
% |
|
2,000 |
|
|
940 |
|
|
2,451 |
|
Corp Banca |
|
5.00 |
% |
|
1,000 |
|
|
140 |
|
|
1,248 |
|
BBVA Bank |
|
5.55 |
% |
|
3,000 |
|
|
1,949 |
|
|
2,823 |
|
Penta Bank |
|
9.48 |
% |
|
1,000 |
|
|
793 |
|
|
833 |
|
Security Bank |
|
7.60 |
% |
|
1,500 |
|
|
994 |
|
|
— |
|
BCI |
|
5.00 |
% |
|
1,500 |
|
|
1,591 |
|
|
— |
|
Estado Bank |
|
5.99 |
% |
|
2,000 |
|
|
1,851 |
|
|
1,963 |
|
Sabadell Bank |
|
7.60 |
% |
|
195 |
|
|
— |
|
|
3 |
|
Bilbao Vizcaya Bank |
|
4.90 |
% |
|
390 |
|
|
91 |
|
|
377 |
|
Banco Popular |
|
8.25 |
% |
|
390 |
|
|
11 |
|
|
260 |
|
Santander Bank |
|
6.00 |
% |
|
195 |
|
|
— |
|
|
— |
|
Banesto |
|
5.80 |
% |
|
195 |
|
|
— |
|
|
163 |
|
Banca March |
|
6.25 |
% |
|
260 |
|
|
— |
|
|
44 |
|
Total |
|
|
|
$ |
19,625 |
|
|
$ |
13,261 |
|
|
$ |
15,195 |
|
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| Mortgage notes and other debt payables |
At June 30, 2013 and December 31, 2012, we had mortgage notes and other debt payables related to Farmadiet as follows:
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(In thousands) |
June 30,
2013 |
|
December 31,
2012
|
Current portion of lines of credit and notes payable |
$ |
2,385 |
|
|
$ |
2,331 |
|
Other long-term liabilities |
3,636 |
|
|
3,916 |
|
Total mortgage notes and other debt payables |
$ |
6,021 |
|
|
$ |
6,247 |
|
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