REVOLVING CREDIT FACILITIES AND BANK BORROWINGS

The Company’s borrowings consisted of:



	September 30, 2018		December 31, 2017
	(in thousands)
Notes payable	$	—	$	662
Capital lease obligations	26		44
Total borrowings and capital lease obligations	26		706
Less: Current portion of borrowings and capital lease obligations	11		676
Total long-term capital lease obligations	$	15	$	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, as a lender and administrative agent for the lenders. The Credit Agreement contains certain covenants that restrict certain actions by the Company, including limitations on: (i) stock repurchases to an aggregate of $100.0 million per fiscal 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 September 30, 2018, the Company was in compliance with all financial covenants under the Credit Agreement.

As of September 30, 2018, the total commitments available from the lenders under the Facility were $100.0 million. At September 30, 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 both September 30, 2018 and December 31, 2017, the Company had $99.4 million, respectively, of available borrowing capacity under the Facility. The Facility matures in February 2021.

On November 5, 2018, the Company entered into the Sixteenth Amendment to the Amended and Restated Credit Agreement which, among other things: (i) increased the total commitments under the Credit Agreement to $150.0 million from $100.0 million; (ii) increased permitted stock repurchases to $200.0 million from $100.0 million per year; (iii) increased total permitted stock repurchases to $800.0 million from $600.0 million cumulatively; and (iv) added an additional lender under the Credit Agreement.

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 $5.8 million, with a combined facility limit of RMB 60.0 million, or $8.7 million. The HSBC Facility may be canceled at any time by either party. As of September 30, 2018 and December 31, 2017, there were no borrowings outstanding and borrowings under the HSBC Facility remained suspended at the discretion of HSBC.

The Company’s one year 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 $4.4 million, subject to consent by the lender. The CMBC Facility matures in January 2019. The CMBC Facility may be canceled or suspended at any time by either party. As of September 30, 2018, there were no borrowings outstanding on this credit facility.

Maturities

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



	As of September 30, 2018
	(in thousands)
2018 (remainder of year)	$	2
2019	9
2020	9
2021	6
Total capital lease obligations	26
Less: current portion	11
Non-current portion	$	15