SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

The Company has evaluated whether any subsequent events occurred since September 30, 2020, and noted the following subsequent event:

In October 2020, the Company increased the borrowing capacity of its ABL facility from $150.0 million to $175.0 million, with net borrowings available of $165.4 million due to the Company’s $9.6 million of undrawn letters of credit issued and outstanding. In conjunction with the increase in borrowing capacity, the terms of the ABL facility were amended to call for monthly interest payments to be charged at the greater of 0.25% or LIBOR, plus 1.25% to 1.75%, depending on the historical excess availability as a percentage of the line cap, as defined in the ABL facility agreement. No other terms of the ABL facility were amended. The Company incurred bank and legal fees of approximately $0.1 million, which will be capitalized and amortized over the remaining term of the ABL facility.