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Subsequent Events
6 Months Ended
Jun. 30, 2020
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events

Amendment to First Lien Credit Agreement

On July 13, 2020, the Company entered into the Third Amendment to First Lien Credit Agreement with the First Lien Credit Agreement Lenders and Credit Agreement Agent, which further amends the First Lien Credit Agreement. The Third Amendment to First Lien Credit Agreement amends the First Lien Credit Agreement to extend the maturity date from February 7, 2021 to May 15, 2022. In connection with the Third Amendment to First Lien Credit Amendment, the Company repaid $2.5 million of the outstanding principal amount of the term loans under the First Lien Credit Agreement on July 13, 2020.

In addition, among other terms and conditions, the Third Amendment to First Lien Credit Agreement amends the First Lien Credit Agreement to: (i) defer measurement of the FCCR covenant until the second quarter of 2021 at 0.70 to 1.00 for such quarter and at 1.00 to 1.00 thereafter, (ii) add a monthly minimum liquidity covenant that requires the Company to maintain minimum liquidity amounts as follows: $8.0 million through July 31, 2020, $5.5 million through August 31, 2020, $5.0 million through November 30, 2020 and $4.0 million on and after December 1, 2020, (iii) set the maximum capital expenditures covenant for 2020 and 2021 at $6.0 million and $7.5 million, respectively, (iv) prohibit draws on the Revolving Facility until the FCCR is 1.00 to 1.00, and (v) require the Company to engage a financial advisor on or prior to December 31, 2020.

In connection with the Third Amendment to First Lien Credit Agreement, the Company agreed to pay the First Lien Credit Agreement Lenders an amendment fee of $375 thousand on close of the Third Amendment to First Lien Credit Agreement, $50 thousand per quarter for the next five quarters thereafter and $125 thousand on the maturity date of the First Lien Credit Agreement. The amendment fee is subject to reduction by $200 thousand if the First Lien Credit Agreement is repaid in full within 75 days following July 6, 2020.

Amendment to Second Lien Credit Agreement

On July 13, 2020, the Company entered into a Second Amendment to Credit Agreement (the “Second Amendment to Second Lien Credit Agreement”) with the lenders party thereto and Wilmington, as administrative agent, which further amends the Second Lien Term Loan Credit Agreement. The Second Amendment to Second Lien Credit Agreement amends the Second Lien Term Loan Credit Agreement to extend the maturity date from October 7, 2021 to November 15, 2022.

In addition, among other terms and conditions, the Second Amendment to Second Lien Credit Agreement amends the Second Lien Credit Agreement to: (i) defer measurement of the FCCR covenant until the second quarter of 2021 and set the minimum FCCR at 0.60 to 1.00 for such quarter and at 0.85 to 1.00 thereafter, (ii) add a monthly minimum liquidity covenant that requires the Company to maintain minimum liquidity amounts as follows: $6.8 million through July 31, 2020, approximately $4.7 million through August 31, 2020, $4.25 million through November 30, 2020 and $3.4 million on and after December 1, 2020, (iii) set the maximum capital expenditures covenant for 2020 and 2021 at approximately $7.1 million and approximately $8.8 million, respectively, and (iv) require the Company to engage a financial advisor on or prior to December 31, 2020.