XML 41 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 21 - Subsequent Events
12 Months Ended
Dec. 31, 2018
Notes to Financial Statements  
Subsequent Events [Text Block]
21.
SUBSEQUENT EVENTS
 
New Senior Credit Facility
 
On
January 15, 2019,
the Company entered into an amended and restated credit facility consisting of an Initial Term A Facility in the amount of
$180,000,
a Revolving Facility in an amount
not
to exceed
$20,000
and a Delayed-Draw Term A Facility in an amount
not
to exceed
$25,000
(together the
“2019
Senior Credit Facility” or “Agreement”). The Agreement also provides for Incremental Term A Loans up to an aggregate principal amount of the greater of
$60,000
and trailing
twelve
month EBITDA, as defined in the Agreement. On
January 15, 2019,
proceeds from the Initial Term A Facility of
$180,000
were used to repay in full the outstanding principal balance of the Term A-
1
Facility and Term A-
2
Facility under the Company’s
2017
Senior Credit Facility of
$112,500
and
$59,250,
respectively, plus accrued and unpaid interest, pay fees and expenses associated with the Agreement and for general corporate purposes. The
2017
Senior Credit Facility was terminated on
January 15, 2019.
 
Amounts outstanding under the Initial Term A Facility, Revolving Facility, Delayed-Draw Facility and Incremental Term A Loans bear interest at LIBOR plus
4.5%
per annum. The Company
may,
at its discretion and subject to certain limitations as defined in the Agreement, select an alternate base rate at a margin that is
1.0%
lower than the counterpart LIBOR margin.
 
Principal payments on the Initial Term A Facility, Delayed-Draw A Facility and any amounts outstanding under the Incremental Term A Loans are due commencing in the
third
quarter of
2019
as follows: the
third
quarter of
2019
through the
second
quarter of
2020
0.625%
per quarter; the
third
quarter of
2020
through the
second
quarter of
2022
1.25%
per quarter; the
third
quarter of
2022
through the
second
quarter of
2023
1.875%
per quarter; and the
third
quarter of
2023
through the
fourth
quarter of
2023
2.5%
per quarter. The remaining outstanding principal balance, including any amounts outstanding under the Revolving Facility, is due on
January 15, 2024.
 
The obligations under the
2019
Senior Credit Facility are secured by substantially all of the personal property and real property of the Company, subject to certain agreed exceptions.
 
The
2019
Senior Credit Facility contains customary representations, warranties and covenants, including covenants limiting the incurrence of debt, the payment of dividends and repurchase of the Company’s common stock.
 
The
2019
Senior Credit Facility provides for events of default customary for credit facilities of this type, including non-payment defaults on other debt, misrepresentation, breach of covenants, representations and warranties, change of control, and insolvency and bankruptcy.