Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt

v3.20.1
Long-Term Debt
 3 Months Ended
Mar. 31, 2020
Long-Term Debt [Abstract]  
Long-Term Debt

NOTE 5.  LONG-TERM DEBT



Long-term debt as of March 31, 2020 and December 31, 2019, was as follows:







 

 

 

 

 

 



 

March 31, 2020

 

December 31, 2019



 

 

 

 

 

 

Revolving credit facility (a)

 

$

 32,063 

 

$

 22,670 



 

 

 32,063 

 

 

 22,670 

Less current portion

 

 

 -

 

 

 -



 

$

 32,063 

 

$

 22,670 



(a)

As of March 31, 2020, the Company had drawn $32,063 on the $60,000 revolving commitment that was available under the credit agreement with JPMorgan Chase Bank, N.A., with a maturity date of May 3, 2024. The Company pays interest monthly on any borrowings on the Credit Agreement.  As of March 31, 2020 and December 31, 2019, the rate was 2.4375% and 3.3125%, respectively.



The Credit Agreement contains restrictions on the Company’s ability to pay dividends or make distributions or other restricted payments if certain conditions in the Credit Agreement are not fulfilled.  The Credit Agreement also includes other customary affirmative and negative covenants, including financial covenants relating to the Company’s consolidated total leverage ratio and fixed charge coverage ratio. The Company was in compliance with the debt covenants set forth in the Credit Agreement as of March 31, 2020.