Quarterly report pursuant to Section 13 or 15(d)

Long Term Debt (Tables)

v3.19.1
Long Term Debt (Tables)
 3 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]  
Schedule of Long-term Debt

Long-term debt consists of the following at March 31, 2019 and December 31, 2018:

 

(Amounts in Thousands)   March 31, 2019     December 31, 2018  
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 the first quarter of 2019 was 7.6%. (1)   $ 1,004     $ 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 the first quarter of 2019 was 5.7%. (1)     2,367 (2)     2,663 (2) 
Total debt     3,371       3,302  
Less current portion of long-term debt     1,184       1,184  
Long-term debt   $ 2,187     $ 2,118  

 

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

 

(2) Net of debt issuance costs of ($72,000) and ($80,000) at March 31, 2019 and December 31, 2018, respectively.