Annual report pursuant to Section 13 and 15(d)

Subsequent Event

v2.4.0.8
Subsequent Event
12 Months Ended
Dec. 31, 2013
Subsequent Events [Abstract]  
Subsequent Event

NOTE 17.  SUBSEQUENT EVENT

 

Amendment of Revolving Credit Facility 

 

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 Zions First National Bank (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

 

All debt associated with the Loan Agreement bears interest at one-month London Interbank Offered Rate (“LIBOR”) plus an applicable margin as determined by the ratio of Total Senior Debt to Trailing Twelve Month EBITDA as follows: (i) one month LIBOR plus 3.75% per annum at all times that Total Senior Debt to Trailing Twelve Month EBITDA ratio is greater than or equal to 2.75; (ii) one month LIBOR plus 2.75% per annum at all times that Total Senior Debt to Trailing Twelve Month EBITDA ratio is less than 2.75.  The Loan Agreement requires the payment of an unused commitment fee of (i) .6% per annum at all times that the ratio of Total Senior Debt to Trailing Twelve Month EBITDA is greater than or equal to 2.75, and (ii) .4% per annum at all times that the Total Senior Debt to Trailing Twelve Month EBITDA is less than 2.75.