Annual report pursuant to Section 13 and 15(d)

Long-Term Debt (Tables)

v3.8.0.1
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2017
Debt Disclosure [Abstract]  
Schedule of Long-term Debt

Long-term debt consists of the following at December 31, 2017 and December 31, 2016:

 

(Amounts in Thousands)   December 31, 2017     December 31, 2016  
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 2017 and 2016 was 4.1% and 3.9%, respectively.(1) (2)   $ —     $ 3,803  
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 2017 and 2016 was 4.6% and 3.8%, respectively.(1) (2)     3,847 (3)     5,030 (3)
Total debt     3,847       8,833  
Less current portion of long-term debt     1,184       1,184  
Long-term debt   $ 2,663     $ 7,649  

 

(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. Prior to April 1, 2016, the monthly installment payment under the term loan was approximately $190,000.

 

(3) Net of debt issuance costs of ($115,000) and ($151,000) at December 31, 2017 and December 31, 2016, respectively.
Schedule of Maturities of Long-term Debt

The following table details the amount of the maturities of long-term debt maturing in future years at December 31, 2017 (net of debt issuance costs of $115,000).

 

Year ending December 31:      
(In thousands)        
2018   $ 1,184  
2019     1,184  
2020     1,184  
2021     295  
Total   $ 3,847