Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

v3.7.0.1
Debt (Tables)
3 Months Ended
Mar. 31, 2017
Debt Instrument [Line Items]  
Schedule of Debt
At March 31, 2017 and December 31, 2016, 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)
March 31,
2017
 
December 31,
2016
Current portion of notes payable
$
3,361

 
$
3,681

Other long-term liabilities
2,022

 
2,090

Total
$
5,383

 
$
5,771

The following table sets forth information related to the 2033 Senior Notes which is included our Condensed Consolidated Balance Sheet as of March 31, 2017:
(In thousands)
Embedded conversion option
 
2033 Senior Notes
 
Discount
 
Debt Issuance Cost
 
Total
Balance at December 31, 2016
$
16,736

 
$
31,850

 
$
(4,612
)
 
$
(273
)
 
$
43,701

Amortization of debt discount and debt issuance costs

 

 
492

 
37

 
529

Change in fair value of embedded derivative
(4,945
)
 

 

 

 
(4,945
)
Balance at March 31, 2017
$
11,791

 
$
31,850

 
$
(4,120
)
 
$
(236
)
 
$
39,285

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 March 31, 2017
 
Credit line
capacity
 
March 31,
2017
 
December 31,
2016
JPMorgan Chase
 
2.74%
 
$
175,000

 
$
39,242

 
$
38,809

Itau Bank
 
5.50%
 
1,450

 
395

 
419

Bank of Chile
 
6.60%
 
2,500

 
1,566

 
1,619

BICE Bank
 
5.50%
 
2,000

 
592

 
1,538

BBVA Bank
 
5.50%
 
2,300

 
686

 
1,063

Security Bank
 
N/A
 
N/A

 

 

Estado Bank
 
5.50%
 
2,400

 
2,010

 
1,870

Santander Bank
 
5.50%
 
3,000

 
2,266

 
1,196

Scotiabank
 
5.00%
 
1,300

 
864

 
789

Corpbanca
 
5.00%
 
500

 

 
18

Banco Bilbao Vizcaya
 
2.90%
 
267

 

 

Total
 
 
 
$
190,717

 
$
47,621

 
$
47,321

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:
 
March 31, 2017
Stock price
$8.00
Conversion Rate
141.4827
Conversion Price
$7.07
Maturity date
February 1, 2033
Risk-free interest rate
1.23%
Estimated stock volatility
49%
Estimated credit spread
620 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 March 31, 2017. At March 31, 2017 the principal amount of the 2033 Senior Notes was $31.9 million:
(In thousands)
March 31, 2017
Fair value of 2033 Senior Notes:
 
With the embedded derivatives
$
41,329

Without the embedded derivatives
$
29,538

Estimated fair value of the embedded derivatives
$
11,791