Annual report pursuant to Section 13 and 15(d)

LONG-TERM DEBT AND LONG-TERM OBLIGATIONS (Tables)

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LONG-TERM DEBT AND LONG-TERM OBLIGATIONS (Tables)
12 Months Ended
Dec. 31, 2016
LONG-TERM DEBT AND LONG-TERM OBLIGATIONS [Abstract]  
Long-term Debt and Long-term Obligations
Long-term debt and long-term obligations at December 31 are summarized as follows:

   
2016
   
2015
 
   
(thousands of dollars)
 
  Revolving note to domestic banks (A)
 
$
9,000
   
$
1,000
 
  Term note to domestic banks (B)
   
56,000
     
61,250
 
  Term note to domestic banks (C)
   
19,000
     
20,000
 
  Loan fees
   
(748
)
   
(1,020
)
                 
     Total long-term debt
   
83,252
     
81,230
 
                 
  Less current portion including loan fees
   
10,145
     
8,061
 
                 
     Total long-term debt, less current portion including loan fees
 
$
73,107
   
$
73,169
 
(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, 2016, and 2015, TOCCO had long-term outstanding borrowings under the Revolving Loans of $9.0 million and $1.0 million, respectively.  At December 31, 2016, approximately $31.0 million was available to be drawn.  However, in order to maintain compliance with our covenants, we could have only drawn approximately $29.5 million.

(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.  At December 31, 2016, there was a short-term amount of $8.8 million and a long-term amount of $47.3 million outstanding.  At December 31, 2015, there was a short-term amount of $7.0 million and a long-term amount of $54.3 million outstanding.

(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, 2016, TOCCO had borrowed funds under the agreement aggregating $20.0 million with no additional availability remaining.  At December 31, 2016, there was a short-term amount of $1.7 million and a long-term amount of $17.3 million outstanding.  At December 31, 2015, there was a short-term amount of $1.3 million and a long-term amount of $18.7 million outstanding.
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)
 
2017
 
$
10,417
 
2018
   
8,333
 
2019
   
65,250
 
Total
 
$
84,000