| Long-Term Debt |
NOTE 5. LONG-TERM DEBT
Long-term debt, net as of March 31, 2014 and December 31, 2013, was as follows:
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March 31, 2014
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December 31, 2013
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Revolving credit facilities (a)
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$
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17,501
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$
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10,320
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Foreign credit facilities (b)
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1,089
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997
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5% Senior Subordinated Notes due 2017 (refer to Note 14)
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17,471
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17,154
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Capital leases
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4
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47
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Term notes (c)
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9,305
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9,523
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45,370
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38,041
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Less current portion
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(1,992)
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(1,910)
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$
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43,378
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$
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36,131
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(a)
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As of March 31, 2014, the Company had drawn $17,501 on a $30,000 revolving credit facility with Zions First National Bank (the “Lender”) with a maturity date of March 8, 2016. On February 28, 2014, the Company, together with its direct and indirect domestic subsidiaries, entered into a first amendment (the “Amendment”) to the amended and restated loan agreement dated March 8, 2013 (the “Loan Agreement”), with the Lender to reduce its existing Term Facility from $15,000 to $10,000 pursuant to an amended and restated term loan promissory note (the “Amended and Restated Term Loan Promissory Note”). Also pursuant to the Amendment, the Company terminated its outstanding Acquisition Facility which previously allowed the Company to borrow up to $10,000 to fund permitted acquisitions and amended certain covenants.
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The Loan Agreement and Amendment contain certain restrictive debt covenants that require the Company and its subsidiaries to maintain a minimum trailing 12-month earnings before interest, taxes, depreciation and amortization, a positive amount of asset coverage, a minimum net worth and a fixed charge coverage ratio. At March 31, 2014, the Company was in compliance with all associated covenants.
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(b)
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The Company’s foreign subsidiaries have revolving credit facilities with various financial institutions which mature on December 31, 2014. The Company had $625 and $340 in letters of credit as of March 31, 2014 and December 31, 2013, respectively.
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(c)
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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. On February 28, 2014, the Loan Agreement was amended to eliminate the remaining $5,000 of unused term debt. The Term Facility is due and payable in monthly payments of principal and interest with all principal and interest due on March 8, 2023. Other various term loans are payable to financial institutions and a government entity with interest rates ranging from 0.75% to 5.50% and monthly installments ranging from $0 to $3. The notes mature between January 2016 and March 2017, and are secured by certain equipment.
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