XML 38 R18.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
CREDIT FACILITY
12 Months Ended
Dec. 31, 2019
CREDIT FACILITY [Abstract]  
CREDIT FACILITY
10. CREDIT FACILITY
On November 6, 2019, the Company entered into a five year $100 million senior secured revolving credit agreement (the “Credit Facility”) with PNC Bank, National Association. The Company may use borrowings to finance working capital needs and for general corporate purposes. Under certain circumstances, the Credit Facility allows the Company to increase the aggregate commitment up to $200 million.
The Credit Facility contains customary covenants, including, but not limited to, those relating to additional indebtedness, liens, asset divestitures, and affiliate transactions. The Company is also required to comply with financial covenants that consist of a maximum net consolidated leverage ratio of 3.5 (with a step-up in the event of certain acquisitions) and a minimum consolidated interest coverage ratio of 3.5. The commitments expire on November 4, 2024, and any outstanding loans will be payable on such date.
As of December 31, 2019, the Company had no borrowings under the credit facility.