Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

v3.3.0.814
Debt (Tables)
9 Months Ended
Sep. 30, 2015
Debt Instrument [Line Items]  
Schedule of principal amounts, unamortized discount and net carrying amounts
At September 30, 2015 and December 31, 2014, we had mortgage notes and other debt (excluding the 2033 Senior Notes, the Credit Facility and amounts outstanding under lines of credit) as follows:
(In thousands)
September 30,
2015
 
December 31,
2014
Current portion of notes payable
$
1,029

 
$
608

Other long-term liabilities
2,347

 
2,435

Total mortgage notes and other debt
$
3,376

 
$
3,043

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

 

 
2,176

 
2,176

Change in fair value of embedded derivative
31,818

 

 

 
31,818

Conversion
(78,797
)
 
(55,442
)
 
12,997

 
(121,242
)
Balance at September 30, 2015
$
18,968

 
$
32,200

 
$
(6,962
)
 
$
44,206

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, 2015
 
Credit line
capacity
 
September 30,
2015
 
December 31,
2014
PNC Bank
 
3.50%
 
$120,000
 
$67,892
 
$—
Itau Bank
 
6.00%
 
1,800
 
980
 
965
Bank of Chile
 
5.50%
 
2,250
 
2,101
 
1,410
BICE Bank
 
6.16%
 
2,300
 
1,591
 
1,249
BBVA Bank
 
5.00%
 
2,300
 
1,418
 
795
Penta Bank
 
7.58%
 
290
 
289
 
1,008
Security Bank
 
6.16%
 
940
 
346
 
361
Estado Bank
 
5.30%
 
2,800
 
2,112
 
1,870
BBVA Bank
 
3.90%
 
281
 
 
Santander Bank
 
5.30%
 
2,000
 
750
 
Total
 
 
 
$134,961
 
$77,479
 
$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:
 
September 30, 2015
Stock price
$8.41
Conversion Rate
141.4827
Conversion Price
$7.07
Maturity date
February 1, 2033
Risk-free interest rate
1.00%
Estimated stock volatility
49%
Estimated credit spread
1,411 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 September 30, 2015. At September 30, 2015 the principal amount of the 2033 Senior Notes was $32.2 million:
(In thousands)
September 30, 2015
Fair value of 2033 Senior Notes:
 
With the embedded derivatives
$
41,398

Without the embedded derivatives
$
22,430

Estimated fair value of the embedded derivatives
$
18,968