Note 7 - Long-term Obligations

6 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Long-term Debt [Text Block]

7 . LONG-TERM OBLIGATIONS

Long-term obligations consist of the following at

June 30, 2018

and

December 31, 2017:

	2018			2017
2017 senior secured credit facility due 2023	$	175,050		$	178,350
Debt discount		(2,345	)		(2,668	)
Debt issuance costs		(2,525	)		(2,869	)
6.25% convertible notes due 2018		-			10,044
Debt discount		-			(18	)
Debt issuance costs		-			(4	)
Revolving credit facility loan		7,000			-
Capital leases and other long-term obligations		2,992			3,154
		180,172			185,989
Less current portion		(6,841	)		(17,030	)
Long-term obligations, net of current portion	$	173,331		$	168,959

As of

June 30, 2018,

the aggregate maturities of long-term obligations were as follows:

2018 (July 1 - December 31)	$	3,524
2019 (January 1 - December 31)		6,639
2020 (January 1 - December 31)		8,902
2021 (January 1 - December 31)		16,267
2022 (January 1 - December 31)		93,483
2023 (January 1 - December 31)		53,801
Thereafter		2,426
Total maturities of long-term obligations	$	185,042

2017

Senior Credit Facility

The Company’s

2017

Senior Credit Facility includes a Term A-

1

Facility, a Term A-

2

Facility and a revolving facility of

$15,000.

The Term A-

1

Facility in the initial principal amount of

$120,000

bears interest at LIBOR plus

5.0%

per annum, with a LIBOR minimum of

1.0%.

Quarterly principal payments are

$1,500

in the

fourth

quarter of

2017

through the

first

quarter of

2020;

$2,250

in the

second

quarter of

2020

through the

first

quarter of

2021;

and

$4,000

in the

second

quarter of

2021

through the

fourth

quarter of

2021.

The remaining outstanding principal balance is due on

March 13, 2022

.

The Term A-

2

Facility in the initial principal amount of

$60,000

bears interest at LIBOR plus

7.0%

per annum, with a LIBOR minimum of

1.0%.

Quarterly principal payments are

$150

in the

fourth

quarter of

2017

through the

first

quarter of

2021;

and

$600

in the

second

quarter of

2021

through the

fourth

quarter of

2022.

The remaining outstanding principal balance is due on

March 13, 2023

.

The revolving facility provides for borrowings in an aggregate amount outstanding at any

one

time

not

to exceed

$15,000,

including a letter of credit subfacility and swingline subfacility with commitment limitations based on amounts drawn under the revolving facility (collectively the “Revolving Facility”). The Revolving Facility bears interest at LIBOR plus

5.0%

per annum, with a LIBOR minimum of

1.0%.

As required under the terms of the

2017

Senior Credit Facility, the Company has entered into an interest rate hedge sufficient to effectively fix or limit the interest rate on borrowings under the agreement of a minimum of

$90,000

with a weighted average life of at least

two

years. See Note

4

“

Fair

Value Measurements and

Derivative

Financial Instruments

” for additional information.

6.25%

Convertible Notes Due

2018

On

May 1, 2018,

the Company repurchased the outstanding balance of its

6.25%

Notes. The cash settlement totaled

$10,358,

including principal of

$10,044

and accrued interest of

$314.

Settlement was funded utilizing restricted cash of

$10,044

and cash on hand of

$314.

There was

no

gain or loss associated with the repurchase.