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Debt
6 Months Ended
Jun. 30, 2018
Debt Disclosure [Abstract]  
Debt

Note 6 – Debt:

 

During the third quarter of 2017, we amended our Credit Facilities to replace our Term Facility and Capex Commitments of $30.0 million and $10.0 million Revolving Facility with a straight $30.0 million revolver (the “New Revolving Facility”) and the ability to increase the New Revolving Facility by an additional $10.0 million. The New Revolving Facility will mature in September 2020 and borrowings thereunder will bear interest at variable rates depending on the Company’s election, either at a base rate or at the London Interbank Offered Rate (“LIBOR”), in each case, plus an applicable margin. Subject to the Company’s leverage ratio, the applicable margin will vary between 0.75% and 1.25% for base rate loans and 1.75% and 2.25% for LIBOR loans. The amendment resulted in a reduction in the unused rate of between 25 and 75 basis points and a reduction in the total rate of between 200 and 250 basis points.

Borrowings under our Revolving Credit Facilities totaled $6.0 million, offset by repayments of $2.0 million, for the six months ended June 30, 2018. There was $4.0 million of debt outstanding under the Credit Facilities as of June 30, 2018.

Interest expense and fees totaled $0.1 million and $0.2 million for the three and six months ended June 30, 2018, respectively, and $0.2 million and $0.4 million for the three and six months ended June 30, 2017, respectively. There was less than $0.1 million of accrued interest on the Credit Facilities as of June 30, 2018 and December 31, 2017.