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Stonemor Partners LP – ‘10-Q’ for 6/30/13 – ‘XML.R14’

On:  Wednesday, 8/7/13, at 11:52am ET   ·   For:  6/30/13   ·   Accession #:  1193125-13-323518   ·   File #:  1-32270

Previous ‘10-Q’:  ‘10-Q’ on 5/7/13 for 3/31/13   ·   Next:  ‘10-Q’ on 11/7/13 for 9/30/13   ·   Latest:  ‘10-Q’ on 11/8/19 for 9/30/19

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 8/07/13  Stonemor Partners LP              10-Q        6/30/13  158:19M                                    Donnelley … Solutions/FA

Quarterly Report   —   Form 10-Q   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML   1.19M 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     47K 
 3: EX-31.2     Certification -- §302 - SOA'02                      HTML     48K 
 4: EX-32.1     Certification -- §906 - SOA'02                      HTML     44K 
 5: EX-32.2     Certification -- §906 - SOA'02                      HTML     44K 
153: R1          Document and Entity Information                     HTML     64K  
95: R2          Condensed Consolidated Balance Sheet                HTML    144K 
89: R3          Condensed Consolidated Statement of Operations      HTML    142K 
20: R4          Condensed Consolidated Statement of Operations      HTML     45K 
                (Parenthetical)                                                  
93: R5          Condensed Consolidated Statement of Partners'       HTML     59K 
                Capital                                                          
60: R6          Condensed Consolidated Statement of Cash Flows      HTML    163K 
127: R7          Nature of Operations, Basis of Presentation And     HTML     52K  
                Summary of Significant Accounting Policies                       
63: R8          Long-Term Accounts Receivable, Net of Allowance     HTML     60K 
70: R9          Cemetery Property                                   HTML     50K 
21: R10         Property and Equipment                              HTML     53K 
66: R11         Merchandise Trusts                                  HTML    185K 
126: R12         Perpetual Care Trusts                               HTML    171K  
118: R13         Goodwill and Intangible Assets                      HTML     76K  
90: R14         Long-Term Debt                                      HTML     72K 
146: R15         Income Taxes                                        HTML     51K  
124: R16         Deferred Cemetery Revenues, Net                     HTML     54K  
17: R17         Commitments and Contingencies                       HTML     52K 
27: R18         Partners' Capital                                   HTML     56K 
145: R19         Acquisitions                                        HTML    111K  
151: R20         Segment Information                                 HTML    277K  
155: R21         Fair Value Measurements                             HTML    147K  
149: R22         Subsequent Events                                   HTML     44K  
106: R23         Nature of Operations, Basis of Presentation And     HTML     61K  
                Summary of Significant Accounting Policies                       
                (Policies)                                                       
22: R24         Long-Term Accounts Receivable, Net of Allowance     HTML     60K 
                (Tables)                                                         
58: R25         Property and Equipment (Tables)                     HTML     59K 
37: R26         Merchandise Trusts (Tables)                         HTML    305K 
36: R27         Goodwill and Intangible Assets (Tables)             HTML     73K 
72: R28         Long-Term Debt (Tables)                             HTML     63K 
105: R29         Deferred Cemetery Revenues, Net (Tables)            HTML     53K  
121: R30         Commitments and Contingencies (Tables)              HTML     48K  
45: R31         Partners' Capital (Tables)                          HTML     53K 
73: R32         Acquisitions (Tables)                               HTML     95K 
135: R33         Segment Information (Tables)                        HTML    267K  
40: R34         Fair Value Measurements (Tables)                    HTML    140K 
115: R35         Nature of Operations Basis of Presentation and      HTML     52K  
                Summary of Significant Accounting Policies -                     
                Additional Information (Detail)                                  
116: R36         Long Term Accounts Receivable Net (Detail)          HTML     60K  
77: R37         Activity in Allowance for Contract Cancellations    HTML     53K 
                (Detail)                                                         
35: R38         Cemetery Property (Detail)                          HTML     48K 
112: R39         Major Classes of Property and Equipment (Detail)    HTML     57K  
43: R40         Property and Equipment - Additional Information     HTML     46K 
                (Detail)                                                         
71: R41         Merchandise Trusts - Additional Information         HTML     66K 
                (Detail)                                                         
123: R42         Cost and Market Value Associated with Assets Held   HTML     71K  
                in Merchandise Trusts (Detail)                                   
53: R43         Contractual Maturities of Debt Securities Held in   HTML     61K 
                Merchandise Trusts (Detail)                                      
107: R44         Aging of Unrealized Losses on Investments in Fixed  HTML     78K  
                Maturities and Equity Securities Held in                         
                Merchandise Trusts (Detail)                                      
88: R45         Reconciliation of Merchandise Trust Activities      HTML     63K 
                (Detail)                                                         
39: R46         Cost and Market Value Associated with Assets Held   HTML     69K 
                in Perpetual Care Trusts (Detail)                                
131: R47         Contractual Maturities of Debt Securities Held in   HTML     61K  
                Perpetual Care Trusts (Detail)                                   
32: R48         Aging of Unrealized Losses on Investments in Fixed  HTML     73K 
                Maturities and Equity Securities Held in Perpetual               
                Care Trusts (Detail)                                             
44: R49         Reconciliation of Perpetual Care Trust Activities   HTML     63K 
                (Detail)                                                         
87: R50         Perpetual Care Trusts - Additional Information      HTML     53K 
                (Detail)                                                         
99: R51         Goodwill by Reportable Segment (Detail)             HTML     51K 
129: R52         Major Classes of Intangible Assets (Detail)         HTML     55K  
18: R53         Outstanding Debt (Detail)                           HTML     59K 
110: R54         Outstanding Debt (Parenthetical) (Detail)           HTML     52K  
81: R55         Long Term Debt - Additional Information (Detail)    HTML    127K 
26: R56         Measurement of Maximum Consolidated Leverage Ratio  HTML     47K 
                (Detail)                                                         
34: R57         Income Taxes - Additional Information (Detail)      HTML     50K 
94: R58         Deferred Cemetery Revenues Net (Detail)             HTML     55K 
140: R59         Commitments and Contingencies - Additional          HTML     49K  
                Information (Detail)                                             
158: R60         Operating Leases Future Payments (Detail)           HTML     62K  
157: R61         Compensation Expense Recognized Related to Unit     HTML     48K  
                Appreciation Rights and Restricted Phantom Unit                  
                Awards (Detail)                                                  
119: R62         Partners Capital - Additional Information (Detail)  HTML     62K  
52: R63         Acquisitions - Additional Information (Detail)      HTML    127K 
47: R64         Preliminary Assessment of Fair Value of Net Assets  HTML     87K 
                Acquired of First Quarter Twenty Thirteen                        
                Acquisition (Detail)                                             
111: R65         Final Assessment of Fair Value of Net Assets        HTML     70K  
                Acquired Elimination of Debt and Other Assets and                
                Purchase Price Recognition of Goodwill of First                  
                Quarter Twenty Twelve Acquisition (Detail)                       
138: R66         Final Assessment of Fair Value of Net Assets        HTML     76K  
                Acquired Elimination of Debt and Other Assets and                
                Purchase Price Gain on Bargain Purchase of                       
                Bronswood Cemetery (Detail)                                      
24: R67         Final Assessment of Fair Value of Net Assets        HTML     84K 
                Acquired Elimination of Debt and Other Assets and                
                Purchase Price Gain on Bargain Purchase of Lodi                  
                Funeral Home Second (Detail)                                     
148: R68         Consolidated Pro Forma Information (Detail)         HTML     50K  
54: R69         Segment Information - Additional Information        HTML     47K 
                (Detail)                                                         
78: R70         Segment Information (Detail)                        HTML    140K 
74: R71         Assets and Liabilities Measured at Fair Value       HTML    114K 
                (Detail)                                                         
50: R72         Subsequent Events - Additional Information          HTML     45K 
                (Detail)                                                         
85: XML         IDEA XML File -- Filing Summary                      XML    171K 
156: XML.R1      Document and Entity Information                      XML    151K  
68: XML.R2      Condensed Consolidated Balance Sheet                 XML    370K 
104: XML.R3      Condensed Consolidated Statement of Operations       XML    748K  
84: XML.R4      Condensed Consolidated Statement of Operations       XML     79K 
                (Parenthetical)                                                  
80: XML.R5      Condensed Consolidated Statement of Partners'        XML    228K 
                Capital                                                          
15: XML.R6      Condensed Consolidated Statement of Cash Flows       XML    473K 
97: XML.R7      Nature of Operations, Basis of Presentation And      XML     61K 
                Summary of Significant Accounting Policies                       
13: XML.R8      Long-Term Accounts Receivable, Net of Allowance      XML     74K 
51: XML.R9      Cemetery Property                                    XML     63K 
76: XML.R10     Property and Equipment                               XML     65K 
64: XML.R11     Merchandise Trusts                                   XML    237K 
56: XML.R12     Perpetual Care Trusts                                XML    220K 
132: XML.R13     Goodwill and Intangible Assets                       XML     94K  
67: XML.R14     Long-Term Debt                                       XML     82K 
150: XML.R15     Income Taxes                                         XML     60K  
101: XML.R16     Deferred Cemetery Revenues, Net                      XML     66K  
98: XML.R17     Commitments and Contingencies                        XML     62K 
103: XML.R18     Partners' Capital                                    XML     68K  
42: XML.R19     Acquisitions                                         XML    129K 
92: XML.R20     Segment Information                                  XML    356K 
120: XML.R21     Fair Value Measurements                              XML    186K  
125: XML.R22     Subsequent Events                                    XML     55K  
134: XML.R23     Nature of Operations, Basis of Presentation And      XML     82K  
                Summary of Significant Accounting Policies                       
                (Policies)                                                       
75: XML.R24     Long-Term Accounts Receivable, Net of Allowance      XML     79K 
                (Tables)                                                         
31: XML.R25     Property and Equipment (Tables)                      XML     91K 
143: XML.R26     Merchandise Trusts (Tables)                          XML    460K  
102: XML.R27     Goodwill and Intangible Assets (Tables)              XML     96K  
144: XML.R28     Long-Term Debt (Tables)                              XML     79K  
23: XML.R29     Deferred Cemetery Revenues, Net (Tables)             XML     65K 
117: XML.R30     Commitments and Contingencies (Tables)               XML     60K  
114: XML.R31     Partners' Capital (Tables)                           XML     66K  
30: XML.R32     Acquisitions (Tables)                                XML    190K 
147: XML.R33     Segment Information (Tables)                         XML    349K  
28: XML.R34     Fair Value Measurements (Tables)                     XML    179K 
152: XML.R35     Nature of Operations Basis of Presentation and       XML    259K  
                Summary of Significant Accounting Policies -                     
                Additional Information (Detail)                                  
137: XML.R36     Long Term Accounts Receivable Net (Detail)           XML    116K  
130: XML.R37     Activity in Allowance for Contract Cancellations     XML    134K  
                (Detail)                                                         
133: XML.R38     Cemetery Property (Detail)                           XML    209K  
83: XML.R39     Major Classes of Property and Equipment (Detail)     XML    107K 
61: XML.R40     Property and Equipment - Additional Information      XML     90K 
                (Detail)                                                         
154: XML.R41     Merchandise Trusts - Additional Information          XML    318K  
                (Detail)                                                         
113: XML.R42     Cost and Market Value Associated with Assets Held    XML    718K  
                in Merchandise Trusts (Detail)                                   
142: XML.R43     Contractual Maturities of Debt Securities Held in    XML    251K  
                Merchandise Trusts (Detail)                                      
29: XML.R44     Aging of Unrealized Losses on Investments in Fixed   XML    667K 
                Maturities and Equity Securities Held in                         
                Merchandise Trusts (Detail)                                      
100: XML.R45     Reconciliation of Merchandise Trust Activities       XML    179K  
                (Detail)                                                         
57: XML.R46     Cost and Market Value Associated with Assets Held    XML    638K 
                in Perpetual Care Trusts (Detail)                                
96: XML.R47     Contractual Maturities of Debt Securities Held in    XML    266K 
                Perpetual Care Trusts (Detail)                                   
86: XML.R48     Aging of Unrealized Losses on Investments in Fixed   XML    517K 
                Maturities and Equity Securities Held in Perpetual               
                Care Trusts (Detail)                                             
46: XML.R49     Reconciliation of Perpetual Care Trust Activities    XML    179K 
                (Detail)                                                         
108: XML.R50     Perpetual Care Trusts - Additional Information       XML    160K  
                (Detail)                                                         
48: XML.R51     Goodwill by Reportable Segment (Detail)              XML    214K 
62: XML.R52     Major Classes of Intangible Assets (Detail)          XML    247K 
16: XML.R53     Outstanding Debt (Detail)                            XML    315K 
128: XML.R54     Outstanding Debt (Parenthetical) (Detail)            XML    199K  
139: XML.R55     Long Term Debt - Additional Information (Detail)     XML   1.47M  
38: XML.R56     Measurement of Maximum Consolidated Leverage Ratio   XML    143K 
                (Detail)                                                         
41: XML.R57     Income Taxes - Additional Information (Detail)       XML    124K 
19: XML.R58     Deferred Cemetery Revenues Net (Detail)              XML    206K 
141: XML.R59     Commitments and Contingencies - Additional           XML    180K  
                Information (Detail)                                             
79: XML.R60     Operating Leases Future Payments (Detail)            XML    103K 
69: XML.R61     Compensation Expense Recognized Related to Unit      XML    192K 
                Appreciation Rights and Restricted Phantom Unit                  
                Awards (Detail)                                                  
65: XML.R62     Partners Capital - Additional Information (Detail)   XML    238K 
136: XML.R63     Acquisitions - Additional Information (Detail)       XML   1.55M  
109: XML.R64     Preliminary Assessment of Fair Value of Net Assets   XML    600K  
                Acquired of First Quarter Twenty Thirteen                        
                Acquisition (Detail)                                             
33: XML.R65     Final Assessment of Fair Value of Net Assets         XML    314K 
                Acquired Elimination of Debt and Other Assets and                
                Purchase Price Recognition of Goodwill of First                  
                Quarter Twenty Twelve Acquisition (Detail)                       
49: XML.R66     Final Assessment of Fair Value of Net Assets         XML    453K 
                Acquired Elimination of Debt and Other Assets and                
                Purchase Price Gain on Bargain Purchase of                       
                Bronswood Cemetery (Detail)                                      
59: XML.R67     Final Assessment of Fair Value of Net Assets         XML    551K 
                Acquired Elimination of Debt and Other Assets and                
                Purchase Price Gain on Bargain Purchase of Lodi                  
                Funeral Home Second (Detail)                                     
25: XML.R68     Consolidated Pro Forma Information (Detail)          XML    125K 
55: XML.R69     Segment Information - Additional Information         XML    101K 
                (Detail)                                                         
91: XML.R70     Segment Information (Detail)                         XML   2.68M 
12: XML.R71     Assets and Liabilities Measured at Fair Value        XML   2.78M 
                (Detail)                                                         
122: XML.R72     Subsequent Events - Additional Information           XML     79K  
                (Detail)                                                         
82: EXCEL       IDEA Workbook of Financial Reports (.xls)            XLS   2.15M 
 6: EX-101.INS  XBRL Instance -- ston-20130630                       XML   3.58M 
 8: EX-101.CAL  XBRL Calculations -- ston-20130630_cal               XML    225K 
 9: EX-101.DEF  XBRL Definitions -- ston-20130630_def                XML   1.29M 
10: EX-101.LAB  XBRL Labels -- ston-20130630_lab                     XML   1.36M 
11: EX-101.PRE  XBRL Presentations -- ston-20130630_pre              XML   1.44M 
 7: EX-101.SCH  XBRL Schema -- ston-20130630                         XSD    240K 
14: ZIP         XBRL Zipped Folder -- 0001193125-13-323518-xbrl      Zip    219K

‘XML.R14’   —   Long-Term Debt

This Financial Report is an XBRL XML File.

                                                                                                                                                                                
<?xml version="1.0" encoding="windows-1252"?>
<InstanceReport xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<Version> 2.4.0.8 </Version>
<ReportLongName> 115 - Disclosure - Long-Term Debt </ReportLongName>
<DisplayLabelColumn> true </DisplayLabelColumn>
<ShowElementNames> false </ShowElementNames>
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<HasEmbeddedReports> false </HasEmbeddedReports>
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<hasScenarios> false </hasScenarios>
<MCU>
<KeyName/>
<CurrencySymbol/>
<contextRef>
<ContextID> eol_PE630761--1310-Q0008_STD_181_20130630_0 </ContextID>
<EntitySchema> http://www.sec.gov/CIK </EntitySchema>
<EntityValue> 0001286131 </EntityValue>
<PeriodDisplayName/>
<PeriodType> duration </PeriodType>
<PeriodStartDate> 2013-01-01T00:00:00 </PeriodStartDate>
<PeriodEndDate> 2013-06-30T00:00:00 </PeriodEndDate>
<Segments/>
<Scenarios/>
</contextRef>
<UPS/>
<CurrencyCode/>
<OriginalCurrencyCode/>
</MCU>
<CurrencySymbol/>
<Labels>
<Label Key="CalendarSupplement" Id="0" Label="6 Months Ended"/>
<Label Key="Calendar" Id="1" Label="Jun. 30, 2013"/>
</Labels>
</Column>
</Columns>
<Rows>
<Row FlagID="0">
<Id> 1 </Id>
<IsAbstractGroupTitle> false </IsAbstractGroupTitle>
<LabelSeparator> </LabelSeparator>
<Level> 4 </Level>
<ElementName> us-gaap_LongTermDebtTextBlock </ElementName>
<ElementPrefix> us-gaap_ </ElementPrefix>
<IsBaseElement> true </IsBaseElement>
<BalanceType> na </BalanceType>
<PeriodType> duration </PeriodType>
<IsReportTitle> false </IsReportTitle>
<IsSegmentTitle> false </IsSegmentTitle>
<IsCalendarTitle> false </IsCalendarTitle>
<IsEquityPrevioslyReportedAsRow> false </IsEquityPrevioslyReportedAsRow>
<IsEquityAdjustmentRow> false </IsEquityAdjustmentRow>
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<NonNumbericText>
<div> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="4%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>8.</b></font></td> <td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>LONG-TERM DEBT</b></font></td> </tr> </table> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company had the following outstanding debt:</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 12px">  </p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr> <td width="74%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1">  </font></td> <td valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>As of</b></font></td> <td valign="bottom"><font size="1"> </font></td> </tr> <tr> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1">  </font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>June 30,<br /> 2013</b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1">  </font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>December 31,<br /> 2012</b></font></td> <td valign="bottom"><font size="1"> </font></td> </tr> <tr> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1">  </font></td> <td valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>(in thousands)</b></font></td> <td valign="bottom"><font size="1"> </font></td> </tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">7.875% Senior Notes, due 2021</font></p> </td> <td valign="bottom"><font size="1">  </font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">175,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td> <td valign="bottom"><font size="1">  </font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">—  </font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">10.25% Senior Notes, due 2017</font></p> </td> <td valign="bottom"><font size="1">  </font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">—  </font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td> <td valign="bottom"><font size="1">  </font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">150,000</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Revolving Credit Facility, due January 2017</font></p> </td> <td valign="bottom"><font size="1">  </font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">91,002</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td> <td valign="bottom"><font size="1">  </font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">101,700</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Notes payable - acquisition debt</font></p> </td> <td valign="bottom"><font size="1">  </font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4,244</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td> <td valign="bottom"><font size="1">  </font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1,465</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Notes payable - acquisition non-competes</font></p> </td> <td valign="bottom"><font size="1">  </font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4,695</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td> <td valign="bottom"><font size="1">  </font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3,830</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Insurance and vehicle financing</font></p> </td> <td valign="bottom"><font size="1">  </font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2,889</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td> <td valign="bottom"><font size="1">  </font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1,298</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid"> </p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid"> </p> </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid"> </p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid"> </p> </td> <td> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Total</font></p> </td> <td valign="bottom"><font size="1">  </font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">277,830</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td> <td valign="bottom"><font size="1">  </font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">258,293</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Less current portion</font></p> </td> <td valign="bottom"><font size="1">  </font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">6,936</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td> <td valign="bottom"><font size="1">  </font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2,175</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Less unamortized bond and note payable discounts</font></p> </td> <td valign="bottom"><font size="1">  </font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4,604</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td> <td valign="bottom"><font size="1">  </font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3,344</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid"> </p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid"> </p> </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid"> </p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid"> </p> </td> <td> </td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Long-term portion</font></p> </td> <td valign="bottom"><font size="1">  </font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">266,290</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td> <td valign="bottom"><font size="1">  </font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">252,774</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double"> </p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double"> </p> </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double"> </p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double"> </p> </td> <td> </td> </tr> </table> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px">  </p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">This note includes a summary of material terms of the Company’s senior notes and credit facility. For a more detailed description of the Company’s long-term debt agreements, see the Company’s 2012 Form 10-K. The increase in notes payable acquisition debt and acquisition non-competes was the result of an acquisition consummated in the first quarter of 2013. See Note 13 for further details.</font></p> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>7.875% Senior Notes due 2021</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">On May 28, 2013, the Company issued $175.0 million aggregate principal amount of 7.875% Senior Notes due 2021 (the “Senior Notes”). The Company pays 7.875% interest per annum on the principal amount of the Senior Notes, payable in cash semi-annually in arrears on June 1 and December 1 of each year, commencing on December 1, 2013. The net proceeds from the offering were used to retire 10.25% Senior Notes due 2017 and the remaining proceeds were used for general corporate purposes. The Senior Notes were issued at 97.832% of par resulting in gross proceeds of $171.2 million with an original issue discount of approximately $3.8 million. The Company incurred debt issuance costs and fees of approximately $4.2 million. These costs and fees are deferred and will be amortized over the life of these notes. Based on trades made at the end of the quarter, the Company has estimated the fair value of its Senior Notes to be below par and trading at a discount of 0.9%, which would imply a fair value of $173.4 million at June 30, 2013. As of June 30, 2013, the Company was in compliance with all applicable covenants of the Senior Notes.</font></p> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>10.25% Senior Notes due 2017</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Prior to their retirement in the second quarter of 2013, the Company had outstanding a $150.0 million aggregate principal amount of 10.25% Senior Notes due 2017 (the “Prior Senior Notes”), with an original issue discount of approximately $4.0 million. The Company paid 10.25% interest per annum on the principal amount of the Prior Senior Notes, payable in cash semi-annually in arrears on June 1 and December 1 of each year. The Prior Senior Notes were due to mature on December 1, 2017. In the second quarter of 2013, the Company retired the notes using the proceeds from the Senior Notes offering described above. The Company made a tender offer to repurchase the Prior Senior Notes and paid $14.9 million to retire the Prior Senior Notes inclusive of the tender premium and accrued interest from the date of repurchase through December 1, 2013, the first redemption date for the Prior Senior Notes. In addition the Company incurred expenses of $6.7 million related to the refinancing event inclusive of $2.6 million of unamortized original issue discount and $4.1 million of unamortized capitalized debt issue costs related to the Prior Senior Notes.</font></p> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Credit Facility</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">On January 19, 2012, the Company entered into the Third Amended and Restated Credit Agreement (the “Credit Agreement”). The terms of the Credit Agreement are substantially the same as the terms of the Second Amended and Restated Credit Agreement, as amended. Capitalized terms which are not defined in the following description shall have the meaning assigned to such terms in the Credit Agreement.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">On February 19, 2013, the Company entered into the First Amendment to the Credit Agreement, which increased the total availability under the Revolving Credit Facility (the “Credit Facility”) by $10.0 million to $140.0 million (the “Credit Facility”) of which $91.0 million was outstanding at June 30, 2013. The Credit Facility may be used to finance working capital requirements, Permitted Acquisitions and Capital Expenditures. The maturity date of the Credit Facility is January 19, 2017.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">On May 8, 2013, the Company entered into the Second Amendment to the Credit Agreement, which allowed the Company to incur additional indebtedness to be evidenced by the 2021 Senior Notes, to enter into the related indenture and to use the proceeds of the Senior Notes offering, in part, to fund the retirement of the Prior Senior Notes.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">On June 18, 2013, the Company entered into the Third Amendment to the Credit Agreement. The Third Amendment amended certain financial covenants under the Credit Agreement as follows:</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 6px">  </p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="8%"><font size="1"> </font></td> <td valign="top" width="5%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">(i)</font></td> <td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">for any most recently completed four fiscal quarters, consolidated EBITDA shall not be less than the sum of $57,822,000 plus 80% of the aggregate of all consolidated EBITDA for each Permitted Acquisition completed after March 31, 2013; and</font></td> </tr> </table> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px">  </p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="8%"><font size="1"> </font></td> <td valign="top" width="5%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">(ii)</font></td> <td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">for the periods set forth below, Maximum Consolidated Leverage Ratio shall not be greater than as set forth below, subject to the Borrowers’ option to temporarily increase the Consolidated Leverage Ratio in connection with a Significant Permitted Acquisition Transaction as described below:</font></td> </tr> </table> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 12px">  </p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="68%" align="center"> <tr> <td width="86%"></td> <td valign="bottom" width="13%"></td> <td></td> </tr> <tr> <td valign="bottom" nowrap="nowrap"> <p style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 98pt"> <font style="FONT-FAMILY: Times New Roman" size="1"><b>Measurement Period Ending</b></font></p> </td> <td valign="bottom"><font size="1">  </font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Maximum Consolidated Leverage Ratio</b></font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">June 30, 2013 through December 31, 2013</font></p> </td> <td valign="bottom"><font size="1">  </font></td> <td valign="bottom" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">4.000 to 1.0</font></td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">March 31, 2014</font></p> </td> <td valign="bottom"><font size="1">  </font></td> <td valign="bottom" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">3.875 to 1.0</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">June 30, 2014 and thereafter</font></p> </td> <td valign="bottom"><font size="1">  </font></td> <td valign="bottom" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">3.750 to 1.0</font></td> </tr> </table> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Third Amendment also increased the ranges of the Applicable Rates to 3.00%, 4.00%, and .800% for Base Rate loans, Eurodollar Rate Loans and Letter of Credit Fees, and Commitment Fees, respectively, when the Consolidated Leverage Ratio is greater than or equal to 3.75 to 1.0.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Third Amendment also increased the amount of aggregate consideration that the Company may pay for a Permitted Acquisition after March 31, 2014, without Required Lender approval, to $10.0 million on an individual basis and $50.0 million when aggregated with the total Aggregate Consideration paid by or on behalf of the Company for all other Permitted Acquisitions which closed within the immediately preceding 365 days.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Third Amendment added a defined term for Significant Permitted Acquisition Transaction to describe a Permitted Acquisition in which the Aggregate Consideration exceeds $35.0 million when aggregated with the total Aggregate Consideration for all other Permitted Acquisitions which closed within the immediately preceding 180 days. In the case of a Significant Permitted Acquisition Transaction, the Third Amendment permits the Borrowers, subject to certain limitations, to temporarily increase the Consolidated Leverage Ratio to 4.00 to 1.0 for one or more the four immediately succeeding covenant measurement periods.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">In addition, the Third Amendment includes certain conforming changes to reflect the issuance of the Senior Notes.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">At June 30, 2013, amounts outstanding under the Credit Facility bore interest at rates between 3.5% and 4.0%. Amounts borrowed may be either Base Rate Loans or Eurodollar Rate Loans and amounts repaid or prepaid during the term may be reborrowed. Depending on the type of loan, borrowings bear interest at the Base Rate or Eurodollar Rate, plus applicable margins ranging from 1.25% to 3.00% and 2.25% to 4.00%, respectively, depending on the Company’s Consolidated Leverage Ratio. The Base Rate is the highest of the Prime Rate, the Federal Funds Rate plus 0.50%, or the Eurodollar Rate plus 1.0%. The Eurodollar rate is the British Bankers Association LIBOR Rate. Amounts outstanding under the Credit Facility approximate their fair value.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Credit Agreement requires the Company to pay an unused Commitment Fee, which is calculated based on the amount by which the commitments under the Credit Agreement exceed the usage of such commitments. The Commitment Fee Rate ranges from 0.375% to 0.800% depending on the Company’s Consolidated Leverage Ratio.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Credit Agreement contains restrictive covenants that, among other things, prohibit distributions upon defined events of default, restrict investments and sales of assets and require the Company to maintain certain financial covenants, including specified financial ratios. A material decrease in revenues could cause the Company to breach certain of its financial covenants. Any such breach could allow the Lenders to accelerate the Company’s debt which would have a material adverse effect on the Company’s business, financial condition or results of operations. The Company’s covenants include a Consolidated Leverage Ratio and a Consolidated Debt Service Coverage Ratio. As of June 30, 2013, the Company was in compliance with all applicable financial covenants.</font></p> </div>
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