Annual report pursuant to Section 13 and 15(d)

Long-Term Debt (Tables)

v3.19.1
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
Schedule of Long-term Debt

Long-term debt consists of the following at December 31, 2018 and December 31, 2017:

 

(Amounts in Thousands)   December 31, 2018     December 31, 2017  
Revolving Credit facility dated October 31, 2011, as amended, borrowings based upon eligible accounts receivable, subject to monthly borrowing base calculation, balance due March 24, 2021. Effective interest rate for 2018 and 2017 was 5.8% and 4.1%, respectively. (1) (2)   $ 639     $ —  
Term Loan dated October 31, 2011, as amended, payable in equal monthly installments of principal of $102, balance due on March 24, 2021. Effective interest rate for 2018 and 2017 was 5.5% and 4.6%, respectively. (1) (2)     2,663 (3)     3,847 (3)
Total debt     3,302       3,847  
Less current portion of long-term debt     1,184       1,184  
Long-term debt   $ 2,118     $ 2,663  

 

(1) Our revolving credit facility is collateralized by our accounts receivable and our term loan is collateralized by our property, plant, and equipment.

 

(2) See below “Revolving Credit and Term Loan Agreement” for monthly payment interest options.

 

(3) Net of debt issuance costs of ($80,000) and ($115,000) at December 31, 2018 and December 31, 2017, respectively.
Schedule of Maturities of Long-term Debt

Year ending December 31:        
(In thousands)        
2019       1,219  
2020       1,219  
2021       944  
Total     $ 3,382