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Note 10 - Long-Term Debt (Details) - Debt (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2014
Dec. 31, 2013
Note 10 - Long-Term Debt (Details) - Debt [Line Items]    
$ 408,475 $ 333,288
Less current portion   318
408,475 332,970
Senior Unsecured Notes Payable [Member]
   
Note 10 - Long-Term Debt (Details) - Debt [Line Items]    
Unsecured notes payable 250,000 [1] 250,000 [1]
Senior Secured Revolving Credit Facility [Member]
   
Note 10 - Long-Term Debt (Details) - Debt [Line Items]    
Revolving credit facilities 116,039 [2] 45,027 [2]
Working Capital Facilities [Member]
   
Note 10 - Long-Term Debt (Details) - Debt [Line Items]    
Revolving credit facilities 42,436 [3] 37,943 [3]
Various Unsecured Notes Payable [Member]
   
Note 10 - Long-Term Debt (Details) - Debt [Line Items]    
Unsecured notes payable    [4] $ 318 [4]
[1] On July 19, 2011, the Company closed a private offering of $250.0 million in aggregate principal amount of 9.0% senior notes due 2019 (the "InitialNotes"). The Initial Notes were issued at a price of 100% of their principal amount. A portion of the gross proceeds of $250.0 million were used to repayborrowings outstanding under the Company's Senior Secured Revolving Credit Facility and pay related fees and expenses, and the remainder was used forgeneral corporate purposes, including acquisitions. In June 2012, in accordance with the registration rights granted to the original purchasers of the Initial Notes, the Company completed an exchange offer of the privately placed Initial Notes for new 9.0% senior notes due 2019 (the "Exchange Notes," andtogether with the Initial Notes, the "Senior Unsecured Notes") registered with the SEC with substantially identical terms to the Initial Notes. The SeniorUnsecured Notes are senior obligations of ExamWorks and are guaranteed by ExamWorks' existing and future U.S. subsidiaries (the "Guarantors").The Senior Unsecured Notes were issued under an Indenture, dated as of July 19, 2011 (the "Indenture"), among the Company, the Guarantors and U.S.Bank, National Association, as trustee (the "Trustee"). The Senior Unsecured Notes are the Company's general senior unsecured obligations, and rankequally with the Company's existing and future senior unsecured obligations and senior to all of the Company's further subordinated indebtedness. TheSenior Unsecured Notes accrue interest at a rate of 9.0% per year, payable semiannually in cash in arrears on January 15 and July 15 of each year,commencing January 15, 2012. At any time on or after July 15, 2015, the Company may redeem some or all of the Senior Unsecured Notes at the redemption prices stated in the Indenture, plus accrued and unpaid interest to the date of redemption. Prior to July 15, 2014, the Company may redeem up to 35% of the aggregate principal amount of the Senior Unsecured Notes with net cash proceeds from certain equity offerings at a redemption price equal to 109% of the aggregate principal amount of the Senior Unsecured Notes, plus accrued and unpaid interest, if any, provided that at least 65% of the original aggregate principal amount of the Senior Unsecured Notes remains outstanding after redemption. Further, the Company may redeem some or all of the of the Senior Unsecured Notes at any time prior to July 15, 2015 at a redemption price equal to 100% of the principal amount of the Senior Unsecured Notes plus a make whole premium described in the Indenture, plus accrued and unpaid interest.The Indenture includes covenants which, subject to certain exceptions, limit the ability of the Company and its restricted subsidiaries (as defined in theIndenture) to, among other things, incur additional indebtedness, make certain types of restricted payments, incur liens on assets of the Company or therestricted subsidiaries, engage in asset sales and enter into transactions with affiliates. Upon a change of control (as defined in the Indenture), theCompany may be required to make an offer to repurchase the Senior Unsecured Notes at 101% of their principal amount, plus accrued and unpaid interest. The Indenture also contains customary events of default.
[2] The Company entered into a Senior Secured Revolving Credit Facility agreement dated November 2, 2010 (the "Senior Secured Revolving CreditFacility") with Bank of America, N.A. The facility initially consisted of a $180.0 million revolving credit facility. The facility is available to finance theCompany's acquisition program and working capital needs. On February 9, 2011, the Company exercised the accordion feature of the Senior SecuredRevolving Credit Facility, increasing the facility from $180.0 million to $245.0 million.On May 6, 2011, the Company increased and fully exercised the accordion features of the Senior Secured Revolving Credit Facility. The increase andexercise of the accordion feature increased the committed capacity of the credit facility by $55.0 million, from a total of $245.0 million to a total of $300.0million.On July 7, 2011, the Company entered into a second amendment to its Senior Secured Revolving Credit Facility (the "Second Amendment") which becameeffective simultaneously with the consummation of the Company's private offering of the Senior Unsecured Notes. The Second Amendment amended theSenior Secured Revolving Credit Facility to, among other things, (i) extend the maturity date of the Senior Secured Revolving Credit Facility from November2013 to July 2016 (ii) permit the issuance and sale of the Senior Unsecured Notes (iii) replace the consolidated senior leverage ratio with a consolidatedsenior secured leverage ratio while permitting the maximum consolidated senior secured leverage ratio to be 3.00 to 1 (iv) permit the Company's maximum consolidated leverage ratio to increase from 3.5 to 1 to 4.75 to 1 (v) reduce the borrowing cost and (vi) allow the Company to complete acquisitions with a purchase price of up to $75.0 million (previously $50.0 million) without prior lender consent. The Second Amendment also reduced the aggregate revolving commitments under the Senior Secured Revolving Credit Facility by $37.5 million for a maximum commitment of $262.5 million, subject to the Company's right to increase the aggregate revolving commitments by $37.5 million for a maximum commitment of $300.0 million, so long as the Company is not in default and the Company satisfies certain other customary conditions.On February 27, 2012, the Company entered into a third amendment to its Senior Secured Revolving Credit Facility (the "Third Amendment"). The ThirdAmendment amended the Senior Secured Revolving Credit Facility as to the definitions of consolidated fixed charges and consolidated fixed chargecoverage ratio and does not permit the consolidated fixed charge coverage ratio as of the end of any fiscal quarter to be less than (i) for any fiscal quarterending during the period from December 31, 2011 to and including September 30, 2012, 1.75 to 1.00 and (ii) for any fiscal quarter ending thereafter, 2.00 to1.00. On August 27, 2012, the Company entered into a fourth amendment to its Senior Secured Revolving Credit Facility (the "Fourth Amendment"). The FourthAmendment amended the Senior Secured Revolving Credit Facility to add the Australian dollar as an alternative currency and increased the alternativecurrency sublimit from USD $60.0 million to USD $100.0 million.On June 27, 2013, the Company entered into a fifth amendment to its Senior Secured Revolving Credit Facility (the "Fifth Amendment"). Among otherchanges, the Fifth Amendment modifies the Credit Agreement to permit an implementation of an autoborrow agreement between the swing line lender andthe Company to facilitate cash management, incorporates new provisions related to swap regulations and updates various provisions related to the LIBORrate, Foreign Account Tax Compliance Act and the International Financial Reporting Standards.On February 3, 2014, the Company entered into a sixth amendment to its Senior Secured Revolving Credit Facility (the "Sixth Amendment"). The SixthAmendment (i) allowed the Company to consummate the acquisition of Gould & Lamb, and (ii) allows the Company to acquire a target (a) with negativetrailing twelve month adjusted EBITDA (as defined in the senior secured revolving credit facility) if the purchase price of such acquisition is less than $5.0 million, (b) with trailing twelve month adjusted EBITDA (as defined in the senior secured revolving credit facility) of less than or equal to $3,000,000 without delivering to the lenders a quality of earnings report regarding such target and (c) without delivering pro forma projections of the Company to the lenders if the purchase price of such acquisition is less than $75.0 million, in each case, without prior lender consent.Borrowings under the Senior Secured Revolving Credit Facility, as amended, bear interest, at either (i) LIBOR plus the applicable margin or (ii) a base rate(equal to the highest of (a) the federal funds rate plus 0.5%, (b) the Bank of America prime rate and (c) LIBOR (using a one-month period) plus 1.0%), plusthe applicable margin, as the Company elects. The applicable margin means a percentage per annum determined in accordance with the following table:PricingTierConsolidated SeniorSecured Leverage RatioCommitmentFee/UnusedLine FeeLetter ofCredit FeeEurocurrencyRate LoansBase RateLoans1 2.50 to 1.0 0.50% 3.75% 3.75% 2.75%2 2.00 to 1.0 but < 2.50 to 1.0 0.45% 3.50% 3.50% 2.50%3 1.50 to 1.0 but < 2.00 to 1.0 0.40% 3.25% 3.25% 2.25%4 1.00 to 1.0 but < 1.50 to 1.0 0.35% 3.00% 3.00% 2.00%5 < 1.00 to 1.0 0.30% 2.75% 2.75% 1.75%In the event of default, the outstanding indebtedness under the facility will bear interest at an additional 2%.The Senior Secured Revolving Credit Facility contains restrictive covenants, including among other things financial covenants requiring the Company tonot exceed a maximum consolidated senior secured leverage coverage ratio, a maximum total consolidated leverage ratio and to maintain a minimumconsolidated fixed charge coverage ratio. The Senior Secured Revolving Credit Facility also restricts the Company's ability (subject to certain exceptions)to incur indebtedness, prepay or amend other indebtedness, create liens, make certain fundamental changes including mergers or dissolutions, paydividends and make other payments in respect of capital stock, make certain investments, sell assets, change its lines of business, enter into transactionswith affiliates and other corporate actions.As of March 31, 2014, the Company had $116.0 million outstanding under the Senior Secured Revolving Credit Facility, bearing interest at a rate of LIBORplus 3.00%, resulting in $146.5 million of undrawn commitments.
[3] On September 29, 2010, the Company's indirect 100% owned subsidiary UKIM entered into a Sales Finance Agreement (the "UKIM SFA") with Barclays Bank PLC ("Barclays"), pursuant to which Barclays provides UKIM a working capital facility of up to 5,000,000, subject to the terms and conditions of the UKIM SFA. The working capital facility bore a discount margin of 2.5% over Base Rate and served to finance UKIM's unpaid account receivables. The working capital facility had a minimum term of 36 months. On June 28, 2013, UKIM entered into an amendment to extend the term of the existing UKIM SFA by 24 months from June 28, 2013, to amend the discount margin to 2.4% over Base Rate (0.5% rate on March 31, 2014) and to provide that payments by UKIM for certain non-working capital purposes are permitted under the UKIM SFA. The working capital facility operates on a co-terminus and cross-default basis with other facilities provided by Barclays and with the Senior Secured Revolving Credit Facility. As of March 31, 2014, UKIM had $7.9 million outstanding under the working capital facility, resulting in approximately $412,000 in availability. On May 12, 2011, the Company's indirect 100% owned subsidiary Premex entered into a Sales Finance Agreement (the "Premex SFA") with Barclays, pursuant to which Barclays provides Premex a working capital facility of up to 26,500,000, subject to the terms and conditions of the Premex SFA. The working capital facility bears a discount margin of 2.4% over Base Rate (0.5% rate on March 31, 2014) and serves to finance Premex's unpaid account receivables. The working capital facility had a minimum term of 36 months. On June 28, 2013, Premex entered into an amendment to extend the term of the existing Premex SFA by 24 months from June 28, 2013, and to provide that payments by Premex for certain non-working capital purposes are permitted under the Premex SFA. The working capital facility operates on a co-terminus and cross-default basis with other facilities provided by Barclays and with the Senior Secured Revolving Credit Facility. As of March 31, 2014, Premex had $34.5 million outstanding under the working capital facility, resulting in approximately $9.6 million in availability.
[4] During 2009 and 2010, the Company issued seller debt in the form of subordinated unsecured notes payable with an estimated fair value of approximately $6.9 million relating to certain acquisitions. These notes were unsecured and subordinated to the Senior Secured Revolving Credit Facility and the Senior Unsecured Notes issued in July 2011. The remaining balance of the notes payable, $2.5 million, were noninterest bearing and were payable annually with amounts ranging between $250,000 and $750,000, maturing in 2014. The Company made principal payments totaling $333,000 during the three months ended March 31, 2014, fully settling its unsecured notes payable.