Long-Term Debt

Long-Term Debt

Long-term debt consisted of $36.5 million and $20.5 million as of June 30, 2011 and December 31, 2010, respectively. In connection with the Company’s initial public offering (“IPO”), the Company entered into a credit agreement on May 18, 2010 with U.S. Bank National Association. The credit agreement included a $55 million revolving credit facility. On May 31, 2011, in connection with the Company’s acquisition of Bruenger, the Company entered into an amended and restated credit agreement with U.S. Bank and the other lenders, which maintained the $55 million revolving credit facility and also includes a $30.0 million term loan. The credit facility matures in 2015. Principal on the term loan is due in quarterly installments of $1.8 million per quarter until 2015. The amended and restated credit agreement is collateralized by all assets of the Company and the revolving credit facility is subject to a borrowing base equal to 85% of the Company’s eligible receivables. The amended and restated credit agreement contains certain financial covenants, including a minimum fixed charge coverage ratio and a maximum cash flow leverage ratio. As of June 30, 2011, the Company was in compliance with all covenants contained in the credit agreement. Borrowings under the amended and restated credit agreement bear interest at either (a) the Eurocurrency Rate (as defined in the credit agreement), plus an applicable margin in the range of 2.5% to 3.0%, or (b) the Base Rate (as defined in the credit agreement), plus an applicable margin in the range of 1.5% to 2.0%. The revolving credit facility also provides for the issuance of up to $10.0 million in letters of credit. As of June 30, 2011, the Company had outstanding letters of credit totaling $6.3 million. Total availability under the revolving credit facility was $34.7 million as of June 30, 2011. At June 30, 2011, the average interest rate on the revolving credit facility was 2.9%.