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Debt
9 Months Ended
Sep. 30, 2013
Debt Disclosure [Abstract]  
Debt

10. Debt

On June 22, 2011, the Company and certain foreign subsidiary borrowers of the Company entered into a Credit Agreement with certain Lenders and on January 31, 2013 the parties entered into an Amendment and Restatement Agreement, pursuant to which the Borrowers, the Lenders and the Administrative Agent amended and restated the Credit Agreement. Pursuant to the Amendment, the Credit Agreement was amended to add a committed term loan facility in an aggregate amount of up to $40 million (the “Term Facility”). On January 31, 2013, the Company borrowed $40 million under the Amended Credit Agreement. The Term Facility will be amortized over a five-year period pursuant to which the Company will make fifteen quarterly payments of $1.5 million. The first payment was made on June 28, 2013 and payments will continue on the last calendar day of every fiscal quarter, up to and including December 31, 2016. Additionally, the Company will make four payments of $2.0 million on March 31, 2017, June 30, 2017, September 30, 2017, and December 31, 2017 and a final payment of the remaining outstanding balance of the Term Facility on January 31, 2018. The interest rate on the debt is LIBOR plus a spread which is dependent on the Company’s leverage ratio. The Company entered into an interest rate swap to address the risk related to the fluctuation in LIBOR (See Note 11, Derivative Financial Instruments). As of September 30, 2013 the Company’s interest rate, including the impact of the interest rate swap, was 2.54%. The other material terms of the Credit Agreement (as in effect prior to the Amendment) were not amended by the Amendment. The Company is in compliance with its debt covenants as of September 30, 2013.