Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

v3.7.0.1
Debt (Tables)
 6 Months Ended
Jun. 30, 2017
Debt Disclosure [Abstract]  
Schedule of Applicable Rates and Commitment Fees Percentage

On June 28, 2017, the Company entered into a Third Amendment to the Chase Credit Agreement to make certain amendments to the Credit Facility, including but not limited to:

 

  (i) restates the chart within the definition of “Applicable Rate” in Section 1.01 of the Credit Agreement as follows:

 

Leverage

Ratio

    CBFR
Spread 		  

Eurodollar

Spread

    Commitment
Fee Rate

Level I

< 1.5:1.0

    -1.00%    2.00%    0.25%

Level II

< 2.0:1.0 to 1.0 but ³ 1.5:1.0

    -0.75%    2.25%    0.25%

Level III

< 2.5:1.0 to 1.0 but ³ 2.0:1.0

    -0.50%    2.50%    0.25%

Level IV

< 3.0:1.0 to 1.0 but ³ 2.5:1.0

    0.00%    2.75%    0.25%

Level V

³ 3.0:1.0

    0.25%    3.00%    0.25%
Summary of Revolver Based upon Borrowers' Eligible Accounts Receivable and Inventory

The availability under the Revolver is based upon the Borrowers’ eligible accounts receivable and eligible inventory and is comprised as follows (in thousands):

 

     June 30,
2017		      December 31,
2016		  

Revolver:

      

Gross Availability

    $ 10,000      $ 10,000  

Outstanding Draws

      (1,415 )       —    

Letter of Credit

      0        —    

Landlord Reserves

      (45 )       (45 ) 
  

 

 

     

 

 

  

Availability on Revolver

    $ 8,540      $ 9,955  
  

 

 

     

 

 

  
Summary of Future Maturities of Loans

The Company had approximate future maturities of loans as of June 30, 2017 as follows (in thousands):

 

     2017     2018     2019     2020     2021     Total  

Term Loan

    $ 1,155     $ 3,067     $ 3,067     $ 3,067     $ 19,732     $ 30,088  

Unamortized value of the debt issuance costs (a)

      (14 )      (28 )      (28 )      (28 )      (26 )      (124 ) 

Revolver

      0       —         —         —         1,415       1,415  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

    $ 1,141     $ 3,039     $ 3,039     $ 3,039     $ 21,121     $ 31,379  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a) Includes the reclassification of the debt issuance costs as a result of the Company adopting ASU 2015-03
Summary of Company's Current and Long-Term Debt

The following is a breakdown of the Company’s current and long-term debt as of June 30, 2017 and December 31, 2016 (in thousands):

 

June 30, 2017

    

December 31, 2016

  
     Current
Portion of
Long-Term
Debt 		    Long-Term
Debt 		    Total          Current
Portion of
Long-Term
Debt		     Long-Term
Debt 		    Total  

Term Loan

    $ 2,688     $ 27,400     $ 30,088     Term Loans    $ 5,336     $ 26,664     $ 32,000  
Unamortized value of the debt issuance costs (a)    $ (28 )    $ (96 )      (124 )    Unamortized value of the debt issuance costs (a)    $ (22 )    $ (87 )      (109 ) 

Revolver

      0       1,415       1,415     Revolver      —         —         —    
  

 

 

    

 

 

    

 

 

       

 

 

    

 

 

    

 

 

  

Total

    $ 2,660     $ 28,719     $ 31,379     Total    $ 5,314     $ 26,577     $ 31,891  
  

 

 

    

 

 

    

 

 

       

 

 

    

 

 

    

 

 

  
               

 

(a) Includes the reclassification of the debt issuance costs as a result of the Company adopting ASU 2015-03