Annual report pursuant to Section 13 and 15(d)

Long-Term Debt

v3.10.0.1
Long-Term Debt
12 Months Ended
Dec. 31, 2018
Long-Term Debt [Abstract]  
Long-Term Debt

NOTE 7.  LONG-TERM DEBT



Long-term debt as of December 31, 2018 and 2017, was as follows:







 

 

 

 

 

 



 

December 31,



 

2018

 

2017



 

 

 

 

 

 

Revolving credit facility (a)

 

$

22,062 

 

$

20,842 

Other

 

 

84 

 

 

 -



 

 

22,146 

 

 

20,842 

Less current portion

 

 

(41)

 

 

 -



 

$

22,105 

 

$

20,842 



(a)

As of December 31, 2018, the Company had drawn $22,062 on the approximately $48,000 of the revolving commitment that was available under the Credit Agreement (as defined below) with JPMorgan Chase Bank, N.A., with a maturity date of June 27, 2022.  Approximately $26,000 was still available to borrow at December 31, 2018.  The Company pays interest monthly on any borrowings on the Credit Agreement at London Inter-bank Offered Rate (“LIBOR”) plus 1.5%  (3.8493% as of December 31, 2018), and an annual commitment fee of .25% on the unused portion of the commitment. The Company previously paid interest on the Terminated Credit Agreement (as defined below) at LIBOR plus 3.0%  (4.3607% at December 31, 2017).



On June 27, 2018, the Company entered into an asset based revolving Credit Agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A.  Concurrent with entering into the Credit Agreement, the Company terminated and satisfied in full its revolving credit agreement (the “Terminated Credit Agreement”) with ZB, N.A. dba Zions First National Bank.



All obligations under the Credit Agreement are secured by the accounts receivable, inventory, intellectual property and certain other assets of the Company.  The Credit Agreement contains restrictions on the Company’s ability to pay dividends based on the amount the Company has available to borrow.  The Credit Agreement includes customary affirmative and negative covenants, including financial covenants relating to the Company’s fixed charge coverage ratio. The Company was in compliance with the debt covenants set forth in the Credit Agreement as of December 31, 2018.



The aggregate maturities of the revolving credit facility for the years subsequent to December 31, 2018 are as follows:







 

 

 

2019

 

$

41 

2020

 

 

43 

2021

 

 

 -

2022

 

 

22,062 

Total future long-term debt payments

 

 

22,146 

Less current portion

 

 

(41)

Long-term debt obligations

 

$

22,105