Quarterly report pursuant to sections 13 or 15(d)

Long Term Debt (Tables)

v2.4.0.8
Long Term Debt (Tables)
3 Months Ended
Mar. 31, 2014
Long Term Debt [Abstract]  
Long-term Debt Instruments
Long-term debt consists of the following at March 31, 2014 and December 31, 2013:

(Amounts in Thousands)
 
March 31,
2014
   
December 31, 2013
 
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 March 31, 2014) plus 2.0% or London Interbank Offer Rate ("LIBOR") plus 3.0%, balance due October 31, 2016.  Effective interest rate for the first quarter of 2014 was 5.2%. (1)
 
$
2,033
   
$
 
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 the first quarter of 2014 was 3.7%. (1)
   
10,667
     
11,238
 
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)
   
99
     
127
 
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)
   
2,798
     
2,777
 
Various capital lease and promissory note obligations, payable 2014 to 2016, interest at rates ranging from 5.3% to 7.1%.
   
114
     
141
 
 
   
15,711
     
14,283
 
Less current portion of long-term debt
   
3,220
     
2,876
 
Less long-term debt related to assets held for sale
   
26
     
35
 
 
 
$
12,465
   
$
11,372
 

(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 ($202,000) and ($223,000) for March 31, 2014 and December 31, 2013, respectively.  See “Promissory Notes” below for additional information.