LIABILITIES AND LONG-TERM DEBT
|9 Months Ended|
Sep. 30, 2016
|LIABILITIES AND LONG-TERM DEBT [Abstract]|
|LIABILITIES AND LONG-TERM DEBT||
10. LIABILITIES AND LONG-TERM DEBT
On October 1, 2014, we entered into an Amended and Restated Credit Agreement (“ARC”) with the lenders which from time to time are parties to the ARC and Bank of America, N.A., as Administrative Agent for the Lenders, and Merrill Lynch, Pierce, Fenner & Smith Incorporated as Lead Arranger.
Under the ARC, we may borrow, repay and re-borrow revolving loans from time to time during the period ending September 30, 2019, up to but not exceeding $40.0 million. All outstanding loans under the revolving loans must be repaid on October 1, 2019. As of September 30, 2016, and December 31, 2015, there was a long-term amount of $4.0 million and $1.0 million outstanding, respectively. The interest rate on the loan varies according to several options. Interest on the loan is paid monthly and a commitment fee of 0.37% is due quarterly on the unused portion of the loan. At September 30, 2016, approximately $36.0 million was available to be drawn; however, in order to maintain compliance with our covenants, we may only draw approximately $35.0 million.
Under the ARC, we also borrowed $70.0 million in a single advance term loan (the “Acquisition Loan”) to partially finance the acquisition of TC. Interest on the Acquisition Loan is payable quarterly using a ten year commercial style amortization. Principal is also payable on the last business day of each March, June, September and December in an amount equal to $1,750,000, provided that the final installment on the September 30, 2019, maturity date shall be in an amount equal to the then outstanding unpaid principal balance of the Acquisition Loan. At September 30, 2016, there was a short-term amount of $7.0 million and a long-term amount of $49.0 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.
Under the ARC, we also had the right to borrow $25.0 million in a multiple advance loan (“Term Loans”). Borrowing availability under the Term Loans ended on December 31, 2015. The Term Loans converted from a multiple advance loan to a “mini-perm” loan once certain obligations were fulfilled 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. Interest on the Term Loans is paid monthly. At September 30, 2016, there was a short-term amount of $1.3 million and a long-term amount of $17.7 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.
Debt issuance costs of approximately $0.8 million and $1.2 million for the periods ended September 30, 2016 and December 31, 2015, have been netted against outstanding loan balances per ASU 2015-03 and ASU 2015-15. The interest rate on all of the above loans varies according to several options as defined in the ARC. At September 30, 2016, and December 31, 2015, the rate was 2.77% and 2.42%, respectively. We were in compliance with all covenants at September 30, 2016.
The entire disclosure for long-term debt.
Reference 1: http://www.xbrl.org/2003/role/presentationRef