Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

v3.4.0.3
Debt (Tables)
3 Months Ended
Mar. 31, 2016
Debt Instrument [Line Items]  
Information Related to the Senior Notes
The following table sets forth information related to the 2033 Senior Notes which is included our Condensed Consolidated Balance Sheets as of March 31, 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

 

 
447

 
37

 
484

Change in fair value of embedded derivative
138

 

 

 

 
138

Conversion

 

 

 

 

Balance at March 31, 2016
$
23,875

 
$
32,200

 
$
(6,078
)
 
$
(389
)
 
$
49,608

At March 31, 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)
March 31,
2016
 
December 31,
2015
Current portion of notes payable
$
1,017

 
$
1,054

Other long-term liabilities
3,986

 
1,963

Total
$
5,003

 
$
3,017

Summary of Lines of Credit
These lines of credit are used primarily as a source of working capital for inventory purchases.
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, 2016
 
Credit line
capacity
 
March 31,
2016
 
December 31,
2015
JPMorgan Chase
 
3.50%
 
$
175,000

 
$
72,343

 
$
72,107

Itau Bank
 
5.50%
 
1,200

 
538

 
282

Bank of Chile
 
6.60%
 
2,500

 
1,853

 
2,313

BICE Bank
 
5.50%
 
2,000

 
1,566

 
1,502

BBVA Bank
 
5.50%
 
2,300

 
1,967

 
1,825

Security Bank
 
N/A
 
N/A

 

 
145

Estado Bank
 
5.50%
 
2,400

 
1,613

 
2,210

Santander Bank
 
5.50%
 
2,000

 
1,626

 
1,345

Scotiabank
 
5.00%
 
1,300

 
1,114

 
939

Corpbanca
 
5.00%
 
500

 
160

 

Banco Bilbao Vizcaya
 
2.90%
 
284

 

 

Total
 
 
 
$
189,484

 
$
82,780

 
$
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:
 
March 31, 2016
Stock price
$10.39
Conversion Rate
141.4827
Conversion Price
$7.07
Maturity date
February 1, 2033
Risk-free interest rate
0.85%
Estimated stock volatility
48%
Estimated credit spread
1,097 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, 2016. At March 31, 2016 the principal amount of the 2033 Senior Notes was $32.2 million:
(In thousands)
March 31, 2016
Fair value of 2033 Senior Notes:
 
With the embedded derivatives
$
49,612

Without the embedded derivatives
$
25,737

Estimated fair value of the embedded derivatives
$
23,875