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Note 7 - Long-term Debt - Summary of Long-term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Long-term debt $ 241,824 $ 221,223
Less current maturities (67,637) (63,908)
Long-term debt—net of current maturities 174,187 157,315
Line of Credit [Member]    
Long-term debt [1] 17,047 10,192
Secured Debt [Member]    
Long-term debt [2] $ 224,777 $ 211,031
[1] Line of credit agreement with a bank provides for maximum borrowings of $60.0 million and contains certain restrictive covenants that must be maintained by the Company on a consolidated basis. Borrowings on the line of credit are at an interest rate of LIBOR as of the first day of the month plus 1.25% (2.96% at December 31, 2019) and are secured by our trade accounts receivable. An “unused fee” of 0.25% is charged if average daily borrowings are less than $18.0 million in a given month. Monthly payments of interest are required under this agreement. Also, under the terms of the agreement the Company must maintain a debt to EBITDA (earnings before interest, taxes, depreciation, and amortization) ratio of less than 4.00:1. The Company was in compliance with all provisions under this agreement throughout 2019. At December 31, 2019, outstanding advances on the line were approximately $17.4 million, including letters of credit totaling $0.4 million, with availability to borrow $42.6 million. At December 31, 2018, outstanding advances on the line were approximately $10.9 million, including letters of credit totaling $0.7 million.
[2] Equipment financings consist of installment obligations for revenue equipment purchases, payable in various monthly installments with various maturity dates through September 2026, at a weighted average interest rate of 3.65% as of December 31, 2019 and collateralized by revenue equipment.