On the Company entered into the Fourth Amendment (the “Amendment”) to its Credit Agreement, entered into on the “Credit Agreement”). The Amendment allows for, among other things, a loan to the Company for the repurchase of up to approximately million shares of capital stock from an individual shareholder, his affiliates, and a shareholder, in an aggregate amount to exceed million (“Term Loan C”); and allows for capital expenditure financing to the Company for the sole purpose of purchasing medical equipment in an aggregate amount to exceed million (the “Equipment Line”). There are principal payments due on the Equipment Line until at which time it will convert to an additional term loan. The Amendment also made changes to certain covenants, specifically, to exclude borrowings used to fund the stock repurchases referenced above from the definition of fixed charges, as defined by the Credit Agreement, and to reduce the ratio of earnings before depreciation, income taxes and amortization to fixed charges from to In addition, the Amendment eliminates the Net Worth covenant and the excess cash flow provisions while modifying the quarterly principal payment amounts. Term Loan C matures on and the Equipment Line matures on

 

As of the Company’s term loans and equipment line under its credit facility had a balance of million and million, respectively. The net availability under the revolving credit line under the credit facility is based upon our eligible accounts receivable and inventory and is computed as follows (in thousands):

 

		September 30,				December 31,
		2018				2017
Revolver:
Gross availability		$	9,909			$	10,000
Outstanding draws			-				-
Letter of credit			(750	)			(750	)
Landlord reserves			(69	)			(45	)
Net availability		$	9,090			$	9,205

 

The Company had future maturities of its term loans and equipment line as of as follows (in thousands):

 

		2018				2019				2020				2021				2022 and thereafter				Total
Term Loans		$	1,203			$	4,813			$	4,813			$	21,671			$	-			$	32,500
Equipment Line			-				53				212				212				583				1,060
Unamortized value of the debt issuance costs			(10	)			(38	)			(38	)			(38	)			-				(124	)
Total		$	1,193			$	4,828			$	4,987			$	21,845			$	583			$	33,436

 

 

The following is a breakdown of the Company’s current and long-term debt as follows (in thousands):

 

September 30, 2018													December 31, 2017
		Current Portion of Long-Term Debt				Long-Term Debt				Total					Current Portion of Long-Term Debt				Long-Term Debt				Total
Term Loans		$	4,813			$	27,687			$	32,500		Term Loans		$	3,067			$	25,444			$	28,511
Equipment Line			-				1,060				1,060		Equipment Line			-				-				-
Unamortized value of the debt issuance costs			(38	)			(86	)			(124	)	Unamortized value of the debt issuance costs			(28	)			(92	)			(120	)
Total		$	4,775			$	28,661			$	33,436		Total		$	3,039			$	25,352			$	28,391

 

 

As of interest on the credit facility is payable at our option as a (i) Eurodollar Loan, which bears interest at a per annum rate equal to the applicable -day London Interbank Offered Rate (“LIBOR”) plus an applicable margin ranging from to or (ii) CB Floating Rate (“CBFR”) Loan, which bears interest at a per annum rate equal to the greater of (a) the lender’s prime rate or (b) LIBOR plus in each case, plus a margin ranging from - to The actual Eurodollar Loan rate at was (LIBOR of plus ). The actual CBFR Loan rate at was (lender’s prime rate of minus ).

 

As of the Company was in compliance with all debt-related covenants under the credit facility.