Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt

v2.4.0.6
Long-Term Debt
3 Months Ended
Mar. 31, 2013
Long-Term Debt [Abstract]  
Long-Term Debt

NOTE 6.  LONG-TERM DEBT 

 

Long-term debt, net as of March 31, 2013 and December 31, 2012, was as follows: 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2013

 

December 31, 2012

 

 

 

 

 

 

 

Revolving credit facilities (a)

 

$

13,374 

 

$

20,000 

Foreign credit facilities (b)

 

 

1,289 

 

 

3,995 

5% Senior Subordinated Notes due 2017

 

 

16,267 

 

 

15,992 

Capital leases

 

 

88 

 

 

119 

Term notes (c)

 

 

10,475 

 

 

382 

 

 

 

41,493 

 

 

40,488 

Less current portion

 

 

(2,142)

 

 

(4,059)

 

 

$

39,351 

 

$

36,429 

 

(a)

As of March 31, 2013, the Company had drawn down $13,374 on a $30,000 revolving credit facility with Zions First National Bank (the “Lender”).  On March 8, 2013, the Company entered into a new amended and restated loan agreement (the “Loan Agreement”) to refinance the line of credit with a new maturity date of March 8, 2016.  Under the Loan Agreement, the Company has a $30,000 Revolving Line of Credit for funding general corporate needs.  The Loan Agreement also provides for an Acquisition Facility which allows the Company to borrow up to $10,000 to fund permitted acquisitions.  Advances less than $1,000 will not be permitted and only interest will be payable monthly for 12 months following each advance.  Subsequent to 12 months of each advance, monthly payments of interest and principal will be made based on a five year amortization.  Advances under the Acquisition Facility are available through March 8, 2016, with all principal and interest due six years from the date of each advance, but no later than March 8, 2021.

 

The long-term debt agreements contain certain restrictive debt covenants that require the Company and its subsidiaries to maintain a minimum trailing twelve month earnings before interest, taxes, depreciation, and amortization (“EBITDA”), a positive amount of asset coverage, a minimum net worth, and a fixed charge coverage ratio.  At March 31, 2013, the Company was in compliance with all associated covenants.  

 

(b)

The Company’s foreign subsidiaries have revolving credit facilities with various financial institutions.  The Company had $1,895 and $1,488 in letters of credit as of March 31, 2013 and December 31, 2012, respectively. 

 

(c)

The Loan Agreement also provides for a Term Facility pursuant to which the Lender has made available $15,000 for funding permanent working capital, of which $10,000 was used upon the close of the Loan Agreement to reduce amounts owed on the already existing revolving credit facility.  The remaining $5,000 is available to fund existing term debt of foreign subsidiaries or to reduce the Revolving Line of Credit Facility.  The Term Facility is due and payable in monthly payments of principal and interest based on a 10 year amortization from March 8, 2013 and is adjusted monthly based on new advances.  Advances under the Term Facility are available through March 8, 2016, with the all principal and interest due March 8, 2023.  Other various term loans are payable to financial institutions and a government entity with interest rates ranging from 2.00% to 5.50% and monthly installments ranging from $0 to $4.  The notes mature between October 2013 and December 2016 and are secured by equipment.