Quarterly report pursuant to sections 13 or 15(d)

Long Term Debt (Tables)

v2.4.0.6
Long Term Debt (Tables)
 9 Months Ended
Sep. 30, 2012
Long Term Debt [Abstract]  
Schedule of Long-term Debt Instruments
Long-term debt consists of the following at September 30, 2012 and December 31, 2011:

(Amounts in Thousands)
 
September 30, 2012
 
 
December 31, 2011
 
Revolving Credit facility dated October 31, 2011, borrowings based upon eligible accounts receivable, subject to monthly borrowing base calculation, variable interest paid monthly at option of prime rate (3.25% at September 30, 2012) plus 2.0% or London InterBank Offer Rate ("LIBOR") plus 3.0%, balance due October 31, 2016. Effective interest rate for first nine months of 2012 was 6.9%. (1) (2)
 
$
-
 
 
$
-
 
Term Loan dated October 31, 2011, payable in equal monthly installments of principal of $190, balance due in October 31, 2016, variable interest paid monthly at option of prime rate plus 2.5% or LIBOR plus 3.5%. Effective interest rate for nine months of 2012 was 3.9%. (1) (2)
 
 
14,095
 
 
 
15,810
 
Promissory Note dated April 18, 2011, payable in monthly installments of principal of $83 starting May 8, 2011, balance due April 8, 2012, variable interest paid monthly at LIBOR plus 4.5%, with LIBOR at least 1.5%.(3) (4) (5)
 
 
-
 
 
 
318
 
Promissory Note dated September 28, 2010, payable in 36 monthly equal installments of $40, which includes interest and principal, beginning October 15, 2010, interest accrues at annual rate of 6.0% (5)
 
 
467
 
 
 
798
 
Promissory Note dated October 31, 2011, payable in monthly installments of $76, which includes interest and principal, starting November 15, 2011, interest accrues at annual rate of 6.0%, balance due May 15, 2014. (5) (6)
 
 
1,773
 
 
 
2,363
 
Various capital lease and promissory note obligations, payable 2012 to    2015, interest at rates ranging from 5.0% to 7.8%.
 
 
184
 
 
 
259
 
 
 
16,519
 
 
 
19,548
 
Less current portion of long-term debt
 
 
3,636
 
 
 
3,906
 
Less long-term debt related to assets held for sale
 
 
80
 
 
 
105
 
 
$
12,803
 
 
$
15,537
 

(1) Our Revolving Credit facility is collateralized by our accounts receivable and our Term Loan is collateralized by our property, plant, and equipment.

(2)  On October 31, 2011, the Company entered into an "Amended and Restated Revolving Credit, Term Loan and Security Agreement" with PNC Bank.  Under the original credit facility with PNC dated December 22, 2000, as amended, variable interest was determined based on the options as noted; however, variable interest under the LIBOR option provided for a minimum floor base of 1.0% for both our Revolving Credit and Term Loan from January 1, 2011 to October 30, 2011.

(3) Original promissory note dated May 8, 2009 of $3,000,000 was modified on April 18, 2011, with principal balance of approximately $990,000.  See "Promissory Notes and Installment Agreements" below for terms of original and amended promissory notes and the final payment made on the note.

(4)  Net of debt discount of ($0) and ($117,000) for September 30, 2012 and December 31, 2011, respectively. See "Promissory Notes and Installment Agreements" below for additional information.   

(5)  Uncollateralized note.

(6)  Promissory note entered into in connection with acquisition of SEC on October 31, 2011.  See "Promissory Notes and Installment Agreements" below for further information regarding the Company's application of the $500,000 principal prepayment made on the note against the principal installments effective beginning with the July 15, 2012  payment.