| 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. |
|