Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

v3.19.3
Debt (Tables)
9 Months Ended
Sep. 30, 2019
Debt  
Schedule of Debt

Long-term debt consists of the following obligations as of:

 

 

 

 

 

 

 

 

 

    

September 30, 

    

December 31, 

(in thousands)

 

2019

 

2018

Credit Agreement – revolver(1)

 

$

 —

 

$

 —

Bridge Term Loan – term loan payable in quarterly installments of principal, plus interest through April 2019(1)

 

 

 —

 

 

7,736

Credit Agreement – term loan payable in quarterly installments of principal, plus interest through March 2020(1)

 

 

 —

 

 

14,335

2019 Revolving Credit Facility

 

 

 —

 

 

 —

2019 Refinancing Term Loan – term loan payable in quarterly installments of principal, (commencing in September 2020) plus interest through April 2022

 

 

40,000

 

 

 —

2019 Refinancing Term Loan embedded derivative

 

 

388

 

 

 —

Capital leases – collateralized by vehicles, payable in monthly installments of principal, plus interest ranging from 4.95% to 6.1% through 2023

 

 

6,028

 

 

5,145

Total debt

 

 

46,416

 

 

27,216

Less - Current portion of long-term debt

 

 

(3,548)

 

 

(3,141)

Less - Unamortized discount and debt issuance costs

 

 

(3,285)

 

 

(461)

Long-term debt

 

$

39,583

 

$

23,614


(1)

On April 12, 2019, the Company entered into the Refinancing Agreements (as defined below) and used the net proceeds to repay its existing indebtedness under the Credit Agreement (as defined below).

Senior Leverage ratio covenant

The following is a summary of the additional margin and commitment fees payable on the prior revolving credit commitment:

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

Additional Margin for

    

Additional Margin for

    

 

 

Level

 

Senior Leverage Ratio

 

Base Rate loans

 

Libor Rate loans

 

Commitment Fee

 

I

 

Greater than or equal to 2.50 to 1.00

 

3.00

%  

4.00

%  

0.50

%

II

 

Less than 2.50 to 1.00, but greater than or equal to 2.00 to 1.00

 

2.75

%  

3.75

%  

0.50

%

III

 

Less than 2.00 to 1.00, but greater than or equal to 1.50 to 1.00

 

2.50

%  

3.50

%  

0.50

%

IV

 

Less than 1.50 to 1.00

 

2.25

%  

3.25

%  

0.50

%