| Long-Term Debt |
NOTE 6. LONG-TERM DEBT
Long-term debt, net as of September 30, 2014 and December 31, 2013, was as follows:
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September 30, 2014
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December 31, 2013
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Revolving credit facilities (a)
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$
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-
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$
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10,320
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Foreign credit facilities (b)
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7,308
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997
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5% Senior Subordinated Notes due 2017 (refer to Note 16)
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18,139
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17,154
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Capital leases
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-
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47
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Term notes (c)
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114
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9,523
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25,561
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38,041
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Less current portion
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(7,340)
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(1,910)
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$
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18,221
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$
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36,131
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(a)
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As of September 30, 2014, the Company had drawn $0 on a $30,000 revolving credit facility with Zions First National Bank (the “Lender”) with a maturity date of March 8, 2016. On July 23, 2014, upon the closing of the Gregory transaction, the Company paid off amounts outstanding under the revolving credit facility with the Lender in full. At September 30, 2014, the Company was in compliance with all associated covenants.
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On October 31, 2014, the Company together with its direct and indirect domestic subsidiaries entered into a second amended and restated loan agreement (the “Second Amended and Restated Loan Agreement”) with the Lender, which matures on April 1, 2017. Under the Second Amended and Restated Loan Agreement, the Company has a $30,000 revolving line of credit (the “Revolving Line of Credit”) pursuant to a second amended and restated promissory note (revolving loan) (the “Revolving Line of Credit Promissory Note”) which is inclusive of a $10,000 accordion option (the “Accordion”) available to the Company to increase the Revolving Line of Credit on a seasonal or permanent basis for funding general corporate needs including working capital, capital expenditures, permitted loans or investments in subsidiaries, and the issuance of letters of credit. Also certain additional changes were made to the original amended and restated loan agreement and the covenants contained therein.
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(b)
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The Company’s foreign subsidiaries have a revolving credit facility with a financial institution which matures on January 31, 2015. The Company had $0 and $340 in letters of credit as of September 30, 2014 and December 31, 2013, respectively.
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(c)
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On July 23, 2014, upon the closing of the GMP Sale, the Company paid off amounts outstanding under the existing Term Facility with the Lender, which was $8,954 as of June 30, 2014. On October 31, 2014, pursuant to the Second Amended and Restated Loan Agreement, the Company terminated its outstanding term loan facility. 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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