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Note 16 - Subsequent Events
12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Subsequent Events [Text Block]

NOTE 16  SUBSEQUENT EVENTS

 

On February 4, 2022, the Company issued $360.0 million of 6.75% senior secured notes, maturing 2027, and entered into a $45.0 million revolving credit facility. Proceeds from the senior secured note issuance were used primarily to pay the outstanding borrowings under the Company's Amended Credit Agreement, including the Term Facility, Main Street Loan and the Revolving Facility. The senior secured notes are guaranteed on a senior secured basis by the Company and certain of the Company’s subsidiaries

 

that also guarantee the obligations under the revolving credit facility, and collateralized by certain of the Company’s assets.

 

On February 4, 2022, we entered into a new revolving credit facility, which includes an aggregate principal amount of $45.0 million maturing February 2027, including a letter of credit sub-facility in an aggregate principal amount of up to $5.0 million. Borrowings under the facility will bear interest at a rate per annum equal to, at our option, an adjusted SOFR rate plus a spread or a base rate plus a spread. The Revolving Credit Agreement contains customary events of default provisions, affirmative and negative covenants as well as financial covenants.