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Debt
3 Months Ended
Mar. 31, 2019
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 is scheduled to mature in September 2020 and borrowings thereunder accrue 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 varies 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 $10.0 million for the three months ended March 31, 2019, which also represented the debt outstanding under the Credit Facilities. There was no debt outstanding as of March 31, 2018.

Interest expense and fees totaled $0.1 million for the three months ended March 31, 2019 and less than $0.1 million for the three months ended March 31, 2018. There was less than $0.1 million of accrued interest on the Credit Facilities as of March 31, 2019.