Annual report pursuant to Section 13 and 15(d)

Subsequent Event

v2.4.0.6
Subsequent Event
12 Months Ended
Dec. 31, 2012
Subsequent Events [Abstract]  
Subsequent Event

NOTE 16.  SUBSEQUENT EVENT 

 

Amendment of Revolving Credit Facility 

 

On March 8, 2013, the Company entered into a new amended and restated loan agreement (the “Loan Agreement”) with Zions First National Bank to refinance the line of credit with a new maturity date of March 8, 2016. Under the Loan Agreement, the Company has a thirty million dollar ($30,000) Revolving Line of Credit for funding general corporate needs.  In addition to the Revolving Line of Credit, the Company obtained a Term Facility and Acquisition Facility from the Lender.  Under the Term Facility, 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 loan is due and payable in monthly payments of principal and interest and is adjusted monthly based on new advances.  Advances on the Term Facility are available through March 8, 2016, with the all principal and interest due March 8, 2023.  The Acquisition Facility allows the Company to borrow $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.  Any unfunded facility will mature three years from close.  Interest on all facilities is based on the one-month LIBOR rate plus an applicable margin as determined by the ratio of Total Senior Debt (as calculated in the Loan Agreement) to Trailing Twelve Month EBITDA (as calculated in the Loan Agreement).