XML 15 R12.htm IDEA: XBRL DOCUMENT v2.3.0.15
Credit Facility
9 Months Ended
Sep. 30, 2011
Credit Facility [Abstract] 
Credit Facility5. Credit Facility

As of September 30, 2011 the Company had $54 million drawn and a letter of credit valued at $3.4 million outstanding under the Credit Agreement. The interest rate for borrowings under the Credit Agreement is a function of the prime rate (base rate) or Eurodollar rate, as elected by the Company, plus the applicable margin based on the Leverage Ratio, as defined in the agreement. The interest rate at September 30, 2011 was 4.25%.

On September 26, 2011, the Company entered into a Second Amendment To Second Amended and Restated Credit Agreement (the "Second Amendment"). The Second Amendment permits the Company to borrow up to $1,500,000.00 pursuant to a real estate construction loan extended by American First Bank in Opelousas, Louisiana. The loan proceeds are to be used by Borrower to construct a building for Borrower's business in Opelousas, Louisiana.

On September 26, 2011, the Company entered into a Third Amendment To Second Amended and Restated Credit Agreement (the "Third Amendment. The Third Amendment permits the Company to fund the settlement with the United States of America entered into on September 27, 2011, and more fully described in Footnote 8. Commitments and Contingencies, below. The Third Amendment revises the Minimum Fixed Charge Coverage and Leverage Ratio covenant requirements in order to remove the settlement amount from the calculation of such covenants.