XML 45 R34.htm IDEA: XBRL DOCUMENT v3.19.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]  
Debt
Debt consisted of the following at March 31, 2019 and December 31, 2018:
 
 
 
 
 
March 31, 2019
 
December 31, 2018
 
Interest Rate
 
Maturity Date
 
Unamortized Debt Issuance Costs
 
Fair Value of Debt (e)
 
Carrying Value of Debt
 
Carrying Value of Debt
Revolving Facility (a)
7.74%
 
Feb. 2021
 
$
—

 
$
—

 
$
—

 
$
—

First Lien Term Loan (b)
9.74%
 
Feb. 2021
 
216

 
20,803

 
20,803

 
21,905

Second Lien Term Loan (b)
11.00%
 
Oct. 2021
 
—

 
10,066

 
10,066

 
10,066

Bridge Term Loan (c)
11.00%
 
Apr. 2019
 
—

 
—

 
—

 
32,500

Finance leases (d)
6.89%
 
Various
 
—

 
5,453

 
5,453

 
1,885

Total debt
 
 
 
 
$
216

 
$
36,322

 
36,322

 
66,356

Debt issuance costs presented with debt (f)
 
 
 
 
 
(216
)
 
(423
)
Total debt, net
 
 
 
 
 
 
 
 
36,106

 
65,933

Less: current portion of long-term debt
 
 
 
(6,450
)
 
(38,305
)
Long-term debt
 
 
 
 
 
 
 
 
$
29,656

 
$
27,628

_____________________
(a)
The interest rate presented represents the interest rate as of March 31, 2019 on the $30.0 million revolving facility extended to the Company pursuant to the Credit Agreement (the “Revolving Facility”).
(b)
Interest on the First Lien Term Loan accrues at an annual rate equal to the LIBOR Rate plus 7.25%. Interest on the Second Lien Term Loan (as defined below) accrues at an annual rate equal to 11.0%, payable in cash, in arrears, on the first day of each month.
(c)
The Bridge Term Loan Credit Agreement has an interest rate of 11.0% per annum, payable in cash, in arrears, on the first day of each month. The obligations under the Bridge Term Loan Credit Agreement were repaid in full on January 2, 2019.
(d)
Our finance leases include finance lease arrangements related to fleet purchases and real property with a weighted-average annual interest rate of approximately 6.89%, which mature in varying installments between 2019 and 2029.
(e)
Our Revolving Facility, First Lien Term Loan, Second Lien Term Loan, and finance leases bear interest at rates commensurate with market rates and therefore their respective carrying values approximate fair value.
(f)
The debt issuance costs resulted from an amendment to the First Lien Term Loan during the three months ended December 31, 2018, done in connection with the Acquisition.