XML 48 R12.htm IDEA: XBRL DOCUMENT v2.4.0.8
Debt
3 Months Ended
Mar. 31, 2014
Debt Disclosure [Abstract]  
Debt

5. Debt

Credit Facility

As of March 31, 2014 and December 31, 2013, respectively, the Company had $70.0 million and $22.0 million drawn and letters of credit totaling $6.7 million outstanding under its credit facility with Capital One, National Association. The interest rate for borrowings under its credit facility is a variable rate which is a function of the prime rate (base rate) or London Interbank Offered Rate (“LIBOR”) as elected by the Company, plus the applicable margin based on the Leverage Ratio, as defined in the credit agreement. The base rate interest rate at March 31, 2014 was 4.25% and the LIBOR interest rate was 2.40%.

As of March 31, 2014, the Company had $23.3 million available under the Company’s credit agreement with Capital One, National Association.

Promissory Note

On January 7, 2014, the Company entered into a promissory note with American Bank & Trust Company in an aggregate principal amount of $1.2 million. The promissory note matures on January 6, 2019. Principal payments of $20,000 are due monthly over a period of 60 months. The interest rate on the promissory note is a fixed rate of 4.50%.