Debt (Tables)

6 Months Ended

Jun. 30, 2015

The following table summarizes our outstanding debt (in thousands):



	June 30, 2015			December 31, 2014
Term Loan	$	93,521		$	87,360
HIE Retail Credit Agreement	28,928			22,750
Texadian Uncommitted Credit Agreement	—			26,500
Mid Pac Credit Agreement	48,958			—
Total debt, net of unamortized debt discount	171,407			136,610
Less current maturities	(43,373		)	(29,100		)
Long-term debt, net of current maturities and unamortized discount	$	128,034		$	107,510

Contractual Obligation, Fiscal Year Maturity Schedule

Annual maturities of our long-term debt for the next five years and thereafter are as follows (in thousands):



Year	Amount Due
2015	$	4,226
2016	47,540
2017	8,452
2018	62,886
2019	8,452
Thereafter	39,851
	$	171,407

Schedule Of Leverage Ratio

In addition, the Second Amendment modifies the financial covenant relating to HIE Retail’s maximum Leverage Ratio (as defined in the Retail Credit Agreement), which is measured on a quarterly basis commencing with the fiscal quarter ending June 30, 2015 and building up to a rolling four-quarter basis, as follows for the last day of each fiscal year:



Period (during and as of the last day of)		Maximum Leverage Ratio
2015 Fiscal Year		5.00 to 1.00
2016 Fiscal Year		4.75 to 1.00
2017 Fiscal Year		4.50 to 1.00
2018 Fiscal Year		4.25 to 1.00
2019 Fiscal Year, and at all times thereafter		4.00 to 1.00

Pursuant to the Mid Pac Credit Agreement, Mid Pac is required to comply with various affirmative and negative covenants affecting its business and operations, including compliance with a minimum fixed charge coverage ratio of not less than 1.15 to 1.00, a minimum tangible net worth of $12.0 million, and a maximum leverage ratio determined as follows:



Period (during and as of last day of)		Maximum Leverage Ratio
June 30, 2015		5.50 to 1.00
September 30, 2015		5.25 to 1.00
December 31, 2015		5.00 to 1.00
2016 fiscal year		4.75 to 1.00
2017 fiscal year		4.25 to 1.00
2018 fiscal year		4.00 to 1.00
2019 fiscal year		3.50 to 1.00
2020 fiscal year, and at all times thereafter		3.25 to 1.00

Schedule Of Revolver Applicable Margin for Debt Instrument

The Mid Pac Term Loan applicable margin is as specified below:



Leverage Ratio	Applicable Margin for LIBOR Loans	Applicable Margin for Basis Rate Loans
	(basis points)	(basis points)
< 3.00x	200	—
3.00x - 3.50x	225	25
> 3.50x	250	50

The Mid Pac Revolving Credit Facility applicable margin is as specified below:



Leverage Ratio	Applicable Margin for LIBOR Loans	Applicable Margin for Basis Rate Loans
	(basis points)	(basis points)
< 3.00x	175	(25)
3.00x - 3.50x	200	—
> 3.50x	225	25