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DERIVATIVE INSTRUMENTS - INTEREST RATE CAP AGREEMENT
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9 Months Ended |
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Sep. 30, 2014
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| Derivative Instruments [Abstract] | |
| DERIVATIVE INSTRUMENTS - INTEREST RATE CAP AGREEMENT |
5. DERIVATIVE INSTRUMENTS – INTEREST RATE CAP AGREEMENT
Currently, we are subject to interest rate risk under our Capital One First Lien Credit Agreement. In November 2012, in accordance with the terms of the First Lien Credit Agreement, we entered into a prepaid interest rate cap agreement with Capital One for a notional amount of $15.0 million at a LIBOR cap rate of 1.5%. The agreement was effective November 2, 2012 and terminated on October 1, 2014. On September 12, 2014, we entered into a prepaid interest rate cap agreement with Capital one for a notional amount of $14.8 million at a LIBOR cap rate of 1.5%. The agreement was effective October 1, 2014 and terminates on June 29, 2016. Any future settlements resulting from the interest rate cap will be recognized in interest expense during the period in which the change occurs.
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- Definition
The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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