DEBT

Lines of credit consisted of the following at December 31, 2013 and 2012:



	2013			2012
Syndicated credit agreement:
U.S. Dollar revolving loan	$	26,400		$	31,900
Euro revolving loan	—			4,625
Canadian Dollar revolving loan	—			1,254
Commerzbank line of credit	2,856			981
	29,256			38,760
Less current portion	(2,856		)	(981		)

Long-term lines of credit	$	26,400		$	37,779

Long-term debt consisted of the following at December 31, 2013 and 2012:



	2013			2012
Loans with former owners of LRI	$	51		$	120
Less current maturities	(51		)	(65		)

Long-term debt	$	—		$	55

Syndicated Credit Agreement

On December 21, 2011, we entered into a five-year syndicated credit agreement (“credit facility”) which amended and restated in its entirety our prior syndicated credit facility entered into on November 16, 2007. The new credit facility, which provides revolving loan availability of $36,000, 16,000 Euros and 1,500 Canadian dollars, is through a syndicate of four banks, with JP Morgan Chase Bank, N.A. acting as administrative agent for the U.S. and Canadian dollar loans and JP Morgan Europe Ltd. acting as administrative agent for the Euro loans. The credit facility expires on December 21, 2016. Based upon our expected 2014 operating results, planned 2014 capital expenditures and expected changes in working capital levels during 2014, we expect our average 2014 borrowings to be equal to or exceed the amount of outstanding borrowings at December 31, 2013. Thus, we have classified all borrowings outstanding as of December 31, 2013 under our syndicated credit agreement as long-term lines of credit.

U.S. Dollar Revolving Loans: At our option, borrowings under the $36,000 revolving loan can be in the form of Alternate Base Rate loans (“ABR” borrowings are based on the greater of adjusted Prime rates, adjusted CD rates, or adjusted Federal Funds rates) or one, two, three, or six month London Interbank Offered Rate (“LIBOR”) loans. ABR loans bear interest at the defined ABR rate plus 0.00% (at our current leverage ratio) and LIBOR loans bear interest at the applicable LIBOR rate plus 1.25% (at our current leverage ratio). As of December 31, 2013, outstanding revolving loans totaled $26,400 and had an all-in interest rate of 1.42% based on the LIBOR rate. Our rates are subject to change based upon changes in our current leverage ratio.

Euro Revolving Loans: At our option, borrowings under the 16,000 Euro revolving loan can be based on one, two, three, or six month Euro Interbank Offered Rate (“EURIBOR”) rates and bear interest at the applicable EURIBOR rate plus 1.25% (at our current leverage ratio). As of December 31, 2013, there were no borrowings outstanding under our 16,000 Euro revolving loan.

Canadian Dollar Revolving Loans: At our option, borrowings under the $1,500 Canadian dollar revolving loan can be based on one, two, three or six month Canadian Dealer Offered Rate (“CDOR”) rates and bear interest at the applicable CDOR rate plus 1.5% (at our current leverage ratio). As of December 31, 2013, there were no borrowings outstanding under our $1,500 Canadian dollar revolving loan.

The syndicated credit facility is secured by the assets of DMC including accounts receivable, inventory, and fixed assets, as well as guarantees and share pledges by DMC.

Line of Credit with German Bank

We maintain a line of credit with a German bank for certain DYNAenergetics operations. This line of credit provides a borrowing capacity of 4,000 Euros and is also used by DYNAenergetics to issue bank guarantees to its customers to secure advance payments made by them. As of December 31, 2013, we had outstanding borrowings of 2,075 Euros ($2,856 based on the December 31, 2013 exchange rate). As of December 31, 2013, we had bank guarantees secured by the line of credit of $1,722. The line of credit bears interest at a EURIBOR-based variable rate which at December 31, 2013 was 3.85%. The line of credit has open-ended terms and can be canceled by the bank at any time.

Loans with Former Owners of LRI

In connection with our October 1, 2009 acquisition of LRI, we assumed loans with the former owners of LRI totaling $2,634 Canadian dollars. Following the acquisition, we immediately repaid $1,302 Canadian dollars of the loans, leaving a principal balance of $1,332 Canadian dollars, which was due in 35 equal installments beginning on December 1, 2011 with the final payment being due on October 1, 2014. Under the terms of our amended and restated credit facility, we were required to prepay the outstanding principal balance on certain of these loans in January 2012 in the amount of $1,080 Canadian dollars. As of December 31, 2013, the outstanding balance on these loans was $55 Canadian dollars ($51 based on the December 31, 2013 exchange rate). These loans bear interest at the prime rate plus 1.25% (4.25% at December 31, 2013).

Loan Covenants and Restrictions

Our existing loan agreements include various covenants and restrictions, certain of which relate to the payment of dividends or other distributions to stockholders; redemption of capital stock; incurrence of additional indebtedness; mortgaging, pledging or disposition of major assets; and maintenance of specified financial ratios. As of December 31, 2013, we were in compliance with all financial covenants and other provisions of our debt agreements.

Scheduled Debt Maturity

Our long-term debt, other than lines of credit, all matures by December 31, 2014.