REVOLVING CREDIT FACILITIES AND BANK BORROWINGS

The Company’s borrowings consisted of:



	March 31, 2018		December 31, 2017
	(in thousands)
Notes payable	$	266	$	662
Capital lease obligations	43		44
Total borrowings and capital lease obligations	309		706
Less: Current portion of borrowings and capital lease obligations	281		676
Total long-term capital lease obligations	$	28	$	30

Senior Revolving Credit Facility

In December 2011, the Company entered into a revolving credit facility (“the Facility”), pursuant to an Amended and Restated Credit Agreement (as amended, the “Credit Agreement”), with the lenders named therein and PNC Bank, National Association (“PNC”), as a lender and administrative agent for the lenders. The Credit Agreement, as amended, contains certain covenants that restrict certain actions by the Company, including limitations on: (i) stock repurchases to $100.0 million per year, subject to certain restrictions; and (ii) capital expenditures and commitments to $50.0 million per year. The Credit Agreement also permits intercompany loans of up to $375.0 million and requires the Company to meet certain financial covenant ratios that become effective when average outstanding borrowings under the Credit Agreement, including letters of credit, exceed the lesser of $40.0 million or 40% of the total commitments during certain periods or if the outstanding borrowings exceed the borrowing base. If the financial covenant ratios are in effect, the Company must maintain a minimum fixed charge coverage ratio of 1.10 to 1.00, and a maximum leverage ratio of 2.00 to 1.00. As of March 31, 2018, the Company was in compliance with all financial covenants.

As of March 31, 2018, the total commitments available from the lenders under the Facility were $100.0 million. At March 31, 2018, the Company had no outstanding borrowings and $0.6 million in outstanding letters of credit under the Facility, which reduces amounts available for borrowing under the Facility. As of March 31, 2018 and December 31, 2017, the Company had $99.4 million of available borrowing capacity under the Facility.

Asia Revolving Credit Facilities

The Company’s revolving credit facility agreement with HSBC Bank (China) Company Limited, Shanghai Branch (“HSBC”), or the “HSBC Facility,” provides the Company uncommitted dual currency revolving loan facilities of up to 40.0 million Chinese Renminbi (“RMB”), or $6.4 million, with a combined facility limit of RMB 60.0 million, or $9.6 million. As of March 31, 2018 and December 31, 2017, borrowings under the HSBC Facility remained suspended at the discretion of HSBC.

The Company’s revolving credit facility agreement with China Merchants Bank Company Limited, Shanghai Branch (the “CMBC Facility”), provides the Company a revolving loan facility of up to 30.0 million RMB, or $4.8 million, subject to consent by the lender. The CMBC Facility will mature in January 2019. The CMBC Facility may be canceled or suspended at any time by either party. As of March 31, 2018, there were no borrowings outstanding on this credit facility.

Notes Payable

Notes payable incur interest at fixed rates ranging from 1.95% to 2.83%.

Maturities

The maturities of the Company’s debt and capital lease obligations were:



	As of March 31, 2018
	(in thousands)
2018 (remainder of year)	$	277
2019	14
2020	12
2021	6
Total principal debt maturities and capital lease obligations	309
Less: current portion	281
Non-current portion	$	28