Quarterly report pursuant to Section 13 or 15(d)

LIABILITIES AND LONG-TERM DEBT (Tables)

v3.8.0.1
LIABILITIES AND LONG-TERM DEBT (Tables)
9 Months Ended
Sep. 30, 2017
LIABILITIES AND LONG-TERM DEBT [Abstract]  
Schedule of Maximum Leverage Ratio
On March 28, 2017, we entered into a Second Amendment to the ARC with terms which increase the Maximum Consolidated Leverage Ratio financial covenant of 3.25x to 4.00x at March 31, 2017, and 4.25x at June 30, 2017, before stepping down to 3.75x at September 30, 2017, 3.50x at December 31, 2017, and reverting to the original financial covenant of 3.25x at March 31, 2018.
 
 
 
For Fiscal Quarter Ending
 
 
Maximum Consolidated Leverage Ratio
March 31, 2017
4.00 to 1.00
June 30, 2017
4.25 to 1.00
September 30, 2017
3.75 to 1.00
December 31, 2017
3.50 to 1.00
March 31, 2018 and each fiscal quarter thereafter
3.25 to 1.00
Schedule of Minimum Fixed Charge Coverage Ratio
The Second Amendment also reduces the Minimum Consolidated Fixed Charge Coverage Ratio of 1.25x to 1.10x at March 31, 2017, 1.05x at June 30, 2017 and September 30, 2017, 1.10x at December 31, 2017, before reverting to the original financial covenant of 1.25x at March 31, 2018.

 
 
 
For Fiscal Quarter Ending
 
 
 
Minimum Consolidated Fixed Charge Coverage Ratio
March 31, 2017
1.10 to 1.00
June 30, 2017
1.05 to 1.00
September 30, 2017
1.05 to 1.00
December 31, 2017
1.10 to 1.00
March 31, 2018 and each fiscal quarter thereafter
1.25 to 1.00
Schedule of Pricing Levels for Leverage Ratios
Also, under the terms of the Second Amendment, two additional levels of pricing were added – levels 4 and 5.

 
Level
 
Consolidated Leverage Ratio
 
LIBOR Margin
 
Base Rate Margin
 
Commitment Fee
1
Less than 1.50 to 1.00
2.00%
1.00%
0.25%
2
Greater than or equal to 1.50 to 1.00 but less than 2.00 to 1.00
2.25%
1.25%
0.25%
3
Greater than or equal to 2.00 to 1.00 but less than 3.00 to 1.00
2.50%
1.50%
0.375%
4
Greater than or equal to 3.00 to 1.00 but less than 3.50 to 1.00
2.75%
1.75%
0.375%
5
Greater than or equal to 3.50 to 1.00
3.00%
2.00%
0.375%
Summary of Carrying Amount and Debt Issuance Costs of Long-term Debt
The following table summarizes the carrying amounts and debt issuance costs of our long-term debt (in thousands):

   
September 30, 2017
   
December 31, 2016
 
             
Acquisition loan
 
$
49,000
   
$
56,000
 
Term loan
   
17,666
     
19,000
 
Revolving facility
   
23,000
     
9,000
 
Total
   
89,666
     
84,000
 
Less debt issuance costs
   
594
     
748
 
Carrying balance of debt
 
$
89,072
   
$
83,252