| Long-term Debt Instruments |
Long-term debt consists of the following at September 30, 2013 and December 31, 2012:
(Amounts in Thousands) |
|
September 30, 2013 |
|
|
December 31, 2012 |
|
Revolving Credit facility dated October 31, 2011, borrowings based upon eligible accounts receivable, subject to monthly borrowing base calculation, variable interest paid monthly at our option of prime rate (3.25% at September 30, 2013) 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 2013 was 3.66%. (1)
|
|
$ |
851 |
|
|
$ |
— |
|
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 first nine months of 2013 was 4.05%. (1)
|
|
|
11,810 |
|
|
|
13,524 |
|
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%. (2)
|
|
|
— |
|
|
|
352 |
|
Promissory Note dated February 12, 2013, payable in monthly installments of $10, which includes interest and principal, starting February 28, 2013, interest accrues at annual rate of 6.0%, balance due January 31, 2015. (2)
|
|
|
156 |
|
|
|
— |
|
Promissory Note dated August 2, 2013, payable in twelve monthly installments of interest only, starting September 1, 2013 and twenty-four monthly installments of $125 in principal plus accrued interest. Interest accrues at annual rate of 2.99%. (2) (3)
|
|
|
2,755 |
|
|
|
— |
|
Various capital lease and promissory note obligations, payable 2013 to 2014, interest at rates ranging from 5.2% to 8.0%. |
|
|
93 |
|
|
|
391 |
|
|
|
|
15,665 |
|
|
|
14,267 |
|
Less current portion of long-term debt |
|
|
2,486 |
|
|
|
2,794 |
|
Less long-term debt related to assets held for sale |
|
|
44 |
|
|
|
71 |
|
|
|
$ |
13,135 |
|
|
$ |
11,402 |
|
(1) |
Our Revolving Credit facility is collateralized by our accounts receivable and our Term Loan is collateralized by our property, plant, and equipment. |
(2) |
Uncollateralized note. |
(3) |
Net of debt discount of ($245,000) for September 31, 2013. See “Promissory Note and Installment Agreement” below for additional information. |
|