Note 4 - Long-term Debt

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Long-term Debt [Text Block]

NOTE

4

- LONG-TERM DEBT

The Company entered into a Fourth Amended and Restated Business Loan and Security Agreement with a syndication of

11

commercial banks on

May

16,

2014

(the “Credit Facility”). The Company further modified the Credit Facility on

November

5,

2014.

The Credit Facility matures on

May

16,

2019

and allows for borrowings of up to

$500.0

million without a borrowing base requirement, taking into account financial, performance-based limitations, and provides for an “accordion,” which permits additional revolving credit commitments of up to

$100.0

million, subject to lenders’ approval.

The Company has the option to borrow funds under the Credit Facility at interest rates based on both LIBOR

(1,

3,

or

6

month rates) and prime rates,

at its discretion, plus their applicable margins. The interest is payable monthly. The Credit Facility provides for stand-by letters of credit aggregating up to

$30.0

million which reduce the funds available under the Credit Facility when issued. The Credit Facility is collateralized by substantially all of the assets of the Company and requires that the Company remain in compliance with certain financial and non-financial covenants. The financial covenants, as defined in the Credit Facility, require, among other things, that the Company maintain, a fixed charge coverage ratio of not less than

1.25

to

1.00

and a leverage ratio of not more than

3.75

to

1.00

on a consolidated basis for each quarter. As of

March

31,

2017,

the Company was in compliance with its covenants under the Credit Facility.

As of

March

31,

2017,

the Company had

$275.8

million in long-term debt outstanding,

$3.6

million in outstanding letters of credit, and unused borrowing capacity of

$220.6

million under the Credit Facility (excluding the accordion). Taking into account the financial, performance-based limitations, available borrowing capacity (excluding the accordion) was

$173.8

million as of

March

31,

2017.

The weighted-average interest rates on debt outstanding was

2.6%

for the

first

three

months of

2017.