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Asset-Based Credit Agreement
InJune2015,weenteredintoaseniorsecuredasset-basedrevolvingcreditagreement(the“CreditAgreement”)withasyndicateofbanks,whichwe
amendedasofNovember3,2015.TheCreditAgreementprovidesforaseniorsecuredasset-basedrevolvingcreditfacility(the“CreditFacility”),whichwemay
drawuponasneeded.InOctober,lendersincreasedtheirtotalfundingcommitmentstousundertheCreditFacilitybyuptoanadditional$250.0million,subjectto
certainconditions,fortotalcommitmentsupto$750million.Inaddition,theCreditAgreementprovidesfora$200.0millionletterofcreditsub-facilityanda
$40.0millionswing-lineloansub-facility.TheCreditAgreementiscollateralizedbyapledgeofcertainofouraccountsreceivable,inventory,andequipment,and
availabilityundertheCreditAgreementisbasedonthevalueofsuchassets,asreducedbycertainreserves.InFebruary2016,weamendedtheCreditAgreement
andincreasedtheavailabilityandthecommitmentsundertheCreditAgreementfrom$750.0millionto$1.0billion.
Borrowedfundsbearinterest,atouroption,atanannualrateof(a)1%plusLIBORor(b)thehighestof(i)thefederalfundsrateplus0.50%,(ii)thelenders
“primerate”or(iii)1%plusLIBOR.Thefeeforundrawnamountsis0.25%perannum.Interestispayablequarterly.TheCreditAgreementterminates,andall
outstandingloansbecomedueandpayable,inJune2020.AsofDecember31,2015,wehad$135.0millionborrowingsundertheCreditFacility.
Wearerequiredtomeetvariouscovenants,includingmeetingcertainreportingrequirements,suchasthecompletionandpresentationofaudited
consolidatedfinancialstatementsforourborrowings.AsofDecember31,2015wewereincompliancewithallcovenantscontainedintheCreditAgreement.
Pledged Assets
AsofDecember31,2015and2014,wehavepledgedorrestricted$1.43billionand$29.3millionprincipallyfromfinishedgoodsandrawmaterials
inventory,aswellascertainpropertyandequipment,directleasevehicles,receivablesandcashascollateralforlettersofcreditincludingourAsset-basedcredit
arrangement,realestateleases,andinsurancepolicies.
Interest Expense
ThefollowingtablepresentstheaggregateamountofinterestexpenserecognizedontheWarehouseFacility,CreditAgreement,2018Notes,2019Notes,
and2021Notesrelatingtothecontractualinterestcouponandamortizationofthedebtissuancecostsanddebtdiscount.
2015 2014 2013
Contractualinterestcoupon  $ 32,061  $ 26,019  $ 5,938
Amortizationofdebtissuancecosts   8,102   5,288   1,207
Amortizationofdebtdiscount   97,786   79,479   9,143
Total  $ 137,949  $ 110,786  $ 16,288
Note 9 - Common Stock
InOctober2012,wecompletedafollow-onofferingofcommonstockinwhichwesoldatotalof7,964,601sharesofourcommonstockandreceivedcash
proceedsof$222.1million(whichincluded35,398sharesor$1.0millionsoldtoourCEO)fromthistransaction,netofunderwritingdiscountsandofferingcosts.
InMay2013,wecompletedapublicofferingofcommonstockandsoldatotalof3,902,862sharesofourcommonstockfortotalcashproceedsof
approximately$355.1million(whichincluded487,857sharesor$45.0millionsoldtoourCEO),netofunderwritingdiscountsandofferingcosts.Wealsosold
596,272sharesofourcommonstocktoourCEOandreceivedtotalcashproceedsof$55.0millioninaprivateplacementatthepublicofferingprice.Concurrent
withtheseequitytransactions,wealsoissued$660.0millionprincipalamountof1.50%convertibleseniornotesinapublicofferingandreceivedtotalcash
proceedsofapproximately$648.0million,netofunderwritingdiscountsandofferingcosts(seeNote8–ConvertibleNotesandLong-TermDebtObligations).
InAugust2015,wecompletedapublicofferingofcommonstockandsoldatotalof3,099,173sharesofourcommonstockfortotalcashproceedsof
approximately$738.3million(whichincludes82,645sharesor$20.0millionsoldtoourCEO,netofunderwritingdiscountsandofferingcosts.
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