Subsequent Events

6 Months Ended

Jun. 30, 2018

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Subsequent to the end of the second quarter 2018, the Company initiated discussions with the lead bank regarding a Fourth Amendment to the Credit Agreement. The Fourth Amendment, which provides the Company with greater flexibility while reducing overall cost, was executed and effective as of July 31, 2018. The provisions of the Fourth Amendment will extend the maturity date of the Credit Facility to July 31, 2023 and will reduce the number of syndicate partners by one bank. The Fourth Amendment will also include changes to the amortization schedule of required payments on the term loan and will change the total commitment amounts of the Credit Facility to $60.0 million for the term loan and $100.0 million for the revolving line of credit and swingline loans. With the execution of the Fourth Amendment, the existing Credit Facility will be treated as an extinguishment of debt and accounted for under the guidelines of ASC 470-05, Debt, Modifications and Extinguishments, and all unamortized debt issuance costs of approximately $2.1 million will be recognized as interest expense as of July 31, 2018. The new debt issuance costs of approximately $0.9 million related to the execution of the Fourth Amendment will be amortized through the new maturity date.