Annual report pursuant to Section 13 and 15(d)

Debt (Tables)

v3.19.1
Debt (Tables)
12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
Schedule of Debt [Table Text Block]
Long-term debt consists of the following obligations as of December 31:
 
(
in thousand
s)
 
2018
 
 
2017
 
Credit Agreement – revolver
(1)
 
$
-
 
 
$
5,658
 
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
 
 
 
17,635
 
Capital leases – collateralized by vehicles, payable in monthly installments of principal, plus interest ranging from
4.95
% to
6.1
% through 2023
 
 
5,145
 
 
 
3,830
 
Total debt
 
 
27,216
 
 
 
27,123
 
Less - Current portion
 
 
(3,141
)
 
 
(6,358
)
Less - Debt issuance costs
 
 
(461
)
 
 
(209
)
Long-term debt
 
$
23,614
 
 
$
20,556
 
 
(1)
Subsequent to the fiscal year ended December 31, 2018, the Company entered into the Refinancing Agreements (as defined below) and used the net proceeds to repay its existing indebtedness under the Credit Agreement.
Schedule of Maturities of Long-term Debt [Table Text Block]
Maturities of long-term debt and capital leases at December 31, 2018, as adjusted for the 2019 Refinancing Agreement, are as follows:
 
(
in thousands
)
 
Year ending

December 31
 
2019
 
$
3,141
 
2020
 
 
3,560
 
2021
 
 
5,061
 
2022
 
 
15,444
 
2023
 
 
10
 
Total
 
$
27,216
 
Senior Leverage ratio covenant [Table Text Block]
The following is a summary of the additional margin and commitment fees payable on the available revolving credit commitment:
 
Level
 
Senior Leverage Ratio
 
Additional Margin for

Base Rate loans
 
 
Additional Margin for

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
%