SEC Filings

10-Q
ENVISION HEALTHCARE CORP filed this Form 10-Q on 11/03/2017
Entire Document
 
Item 1. Financial Statements - (continued)

(10) Long-term Debt

Long-term debt at September 30, 2017 and December 31, 2016 consisted of the following (in millions):
 
September 30,
 
December 31,
 
2017
 
2016
ABL Facility
$

 
$

Term Loan B - 2023
3,966.3

 
3,495.0

Senior Unsecured Notes due 2022 (5.625%)
1,100.0

 
1,100.0

Senior Unsecured Notes due 2022 (5.125%)
750.0

 
750.0

Senior Unsecured Notes due 2024 (6.250%)
550.0

 
550.0

Other debt due through 2025
26.1

 
20.9

Capitalized lease arrangements due through 2031
32.5

 
31.9

 
6,424.9

 
5,947.8

Less current portion
52.5

 
46.6

Less net deferred financing costs
101.7

 
111.0

Long-term debt
$
6,270.7

 
$
5,790.2


The fair value of fixed rate long-term debt, with a carrying value of $2.46 billion, was $2.57 billion at September 30, 2017. The fair value of variable rate long-term debt approximates its carrying value of $3.97 billion at September 30, 2017. With the exception of the Company’s senior unsecured notes, the fair value of fixed rate debt (Level 2) is determined based on an estimation of discounted future cash flows of the debt at rates currently quoted or offered to the Company for similar debt instruments of comparable maturities by its lenders. The fair value of the Company’s senior unsecured notes (Level 1) is determined based on quoted prices in an active market.

On June 23, 2017, the Company incurred incremental term loan borrowings in an aggregate principal amount of $500 million, maturing on December 1, 2023. The incremental amounts were borrowed pursuant to the Increase Supplement, dated as of June 23, 2017, which supplements the Company’s existing Amended and Restated Credit Agreement, dated as of December 1, 2016. The incremental borrowings bear interest at the same rate and have the same terms as the Company’s Term Loan B.

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