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Notes Payable-Banks
6 Months Ended
Jun. 30, 2013
Debt Disclosure [Abstract]  
Long-term Debt [Text Block]
9. Notes Payable—Banks
 
On April 28, 2011, the Company entered into a working capital credit agreement with Rabobank International, for itself and as Lead Arranger and Agent, JPMorgan Chase, for itself and as Syndication Agent, and ABN AMRO, BNP Paribas, RBS Citizens, Société Générale, and Brown Brothers Harriman. The $200,000 secured, asset-based credit facility matures on June 30, 2014 and refinanced the Company’s previous $175,000 credit agreement which would have matured on June 30, 2011. This credit agreement also allows additional increases in the line of credit of up to $50,000, subject to certain restrictions. Amounts borrowed bear interest (0.21% at June 30, 2013) at Eurodollar, money market or base rates, at our option, plus an applicable margin.   Our borrowings under this line of credit are secured by substantially all of our assets. The credit agreement contains financial and other covenants, including but not limited to, covenants requiring maintenance of minimum tangible net worth and compliance with leverage ratios, as well as an ownership minimum and limitations on other indebtedness, liens, and investments and dispositions of assets.   As of June 30, 2013, the Company was in compliance with the covenants.
 
The credit agreement provides that amounts under the facility may be borrowed and repaid, and re-borrowed, subject to a borrowing base test, until the maturity date of June 30, 2014.  As of June 30, 2013 and December 31, 2012, the credit utilized amounted to, respectively, $168,111 and $151,784 (including approximately $59,111 and $33,534 of outstanding letters of credit).
 
Our wholly owned Belgian subsidiary, Imbali, maintains a line of credit with ING Belgium S.A./N.V., for a EUR 8,000 commitment for loans and documentary letters of credit. Loan advances are limited to a percentage of Imbali’s pledged accounts receivables and inventory. This secured credit arrangement is unconditionally guaranteed by the Company. As of June 30, 2013, the outstanding loan amounted to EUR 3,730 (US $4,853), as compared to EUR 4,430 (US $5,845) on December 31, 2012 bearing interest at EURIBOR plus 1.75% and Imbali was in compliance with all financial covenants.