Long-Term Debt And Long-Term Obligations |
Long-term debt and long-term obligations at December 31 are summarized as follows:
|
|
2015 |
|
|
2014 |
|
|
|
(thousands of dollars) |
|
Revolving note to domestic banks (A) |
|
|
1,000 |
|
|
|
7,200 |
|
Term note to domestic banks (B) |
|
|
61,250 |
|
|
|
68,250 |
|
Term note to domestic banks (C) |
|
|
20,000 |
|
|
|
5,000 |
|
|
|
|
|
|
|
|
|
|
Total long-term debt |
|
|
82,250 |
|
|
|
80,450 |
|
|
|
|
|
|
|
|
|
|
Less current portion |
|
|
8,333 |
|
|
|
7,000 |
|
|
|
|
|
|
|
|
|
|
Total long-term debt, less current portion |
|
$ |
73,917 |
|
|
$ |
73,450 |
|
(A) |
On October 1, 2014, TOCCO, SHR, GSPL and TC (SHR, GSPL and TC collectively the "Guarantors") entered into an Amended and Restated Credit Agreement ("ARC Agreement") with the lenders which from time to time are parties to the ARC Agreement (collectively, the "Lenders") and Bank of America, N.A., a national banking association, as Administrative Agent for the Lenders, and Merrill Lynch, Pierce, Fenner & Smith Incorporated as Lead Arranger. |
Subject to the terms and conditions of the ARC Agreement, TOCCO may (a) borrow, repay and re-borrow revolving loans (collectively, the "Revolving Loans") from time to time during the period ending September 30, 2019, up to but not exceeding at any one time outstanding $40.0 million (the "Revolving Loan Commitment") and (b) request up to $5.0 million of letters of credit and $5.0 million of swingline loans. Each of the issuance of letters of credit and the advance of swingline loans shall be considered usage of the Revolving Loan Commitment. All outstanding loans under the Revolving Loans must be repaid on October 1, 2019. As of December 31, 2015, TOCCO had borrowed funds under the Revolving Loans aggregating $1.0 million with $39.0 million available to be drawn.
(B) |
Under the ARC Agreement, TOCCO also borrowed $70.0 million in a single advance term loan (the "Acquisition Term Loan") to partially finance the Acquisition. |
(C) |
Under the ARC Agreement, TOCCO also has the right to borrow $25.0 million in a multiple advance loan (the "Term Loans," together with the Revolving Loans and Acquisition Term Loan, collectively the "Loans"). Borrowing availability under the Term Loans ended on December 31, 2015. The Term Loans convert from a multiple advance loan to a "mini-perm" loan once TOCCO has fulfilled certain obligations such as certification that construction of D-Train was completed in a good and workmanlike manner, receipt of applicable permits and releases from governmental authorities, and receipt of releases of liens from the contractor and each subcontractor and supplier. The Loans also include a $40.0 million uncommitted increase option (the "Accordion Option"). As of December 31, 2015, TOCCO had borrowed funds under the agreement aggregating $20.0 million with $0.0 million available to be drawn due to the expiration of the borrowing availability. |
|
Principal Payments Of Long-Term Debt |
Principal payments of long-term debt for the next five years and thereafter ending December 31 are as follows:
Year Ending December 31, |
|
Long-Term Debt |
|
|
|
(thousands of dollars) |
|
2016 |
|
$ |
8,333 |
|
2017 |
|
|
8,333 |
|
2018 |
|
|
8,334 |
|
2019 |
|
|
57,250 |
|
Total |
|
$ |
82,250 |
|
|