7. Short and Long-Term Debt

Short and long-term debt is summarized as follows:



	June 30,		December 31,
	2017		2016

Domestic Asset-Based Revolving Credit Facility	$	3,318	$	3,218
Note Payable		2,000		2,000
Foreign Overdraft and Letter of Credit Facility		1,251		1,243
Domestic Term-Loan		4,750		5,250
Unamortized Finance Costs		(107)		(81)
Total Debt		11,212		11,630
Less: Current maturities		(2,389)		(2,346)
Total Long-Term Debt	$	8,823	$	9,284

Domestic Credit Facilities

The Company and its domestic subsidiaries are parties to a credit facility with The PrivateBank and Trust Company. The credit facility, as amended through June 30, 2017, provides for:

a $9,000 revolving credit facility, with a $200 sub facility for letters of credit. Under the revolving credit facility, the availability of funds depends on a borrowing base composed of stated percentages of the Company’s eligible trade receivables and eligible inventory, and eligible equipment less a reserve; and

a term loan in the original amount of $6,000.

On March 9, 2017, the Company and its domestic subsidiary, IntriCon, Inc., entered into a Tenth Amendment to the Loan and Security Agreement and Waiver (the “Tenth Amendment”) with The PrivateBank and Trust Company. The Tenth Amendment, among other things:

amended the minimum EBITDA (as defined in the Loan and Security Agreement), funded debt to EBITDA ratio and fixed charge coverage ratio covenants; and

waived defaults in the funded debt to EBITDA ratio and fixed charge coverage ratio covenants as of December 31, 2016.;

All of the borrowings under this agreement have been characterized as either a current or long-term liability on our balance sheet in accordance with the repayment terms described more fully below.

Weighted average interest on the revolving credit facility was 6.61% for the six months ended June 30, 2017 and 4.82% for the year ended December 31, 2016. The outstanding balance of the revolving credit facility was $3,318 and $3,218 at June 30, 2017 and December 31, 2016, respectively. The total availability on the revolving credit facility was approximately $5,185 and $5,121 at June 30, 2017 and December 31, 2016, respectively.

The outstanding principal balance of the term loan, as amended, is payable in quarterly installments of $250. Any remaining principal and accrued interest is payable on February 28, 2019. IntriCon is also required to use 100% of the net cash proceeds of certain asset sales (excluding inventory and certain other dispositions), sale of capital securities or issuance of debt to pay down the term loan.

The Company was in compliance with the financial covenants under the facility as of June 30, 2017.

Foreign Credit Facility

In addition to its domestic credit facilities, the Company’s wholly-owned subsidiary, IntriCon, PTE LTD., entered into an international senior secured credit agreement with Oversea-Chinese Banking Corporation Ltd. that provides for an asset based line of credit. Borrowings bear interest at a rate of .75% to 2.5% over the lender’s prevailing prime lending rate. Weighted average interest on the international credit facilities was 3.93% and 3.50% for the six months ended June 30, 2017 and the year ended December 31, 2016. The outstanding balance was $1,251 and $1,243 at June 30, 2017 and December 31, 2016, respectively. The total remaining availability on the international senior secured credit agreement was approximately $496 and $455 at June 30, 2017 and December 31, 2016, respectively.

Note Payable

HHE has a $2,000 note payable to the party holding 80% of its equity interest. The note is secured by substantially all of the assets of HHE. The note is payable over 48 months in quarterly installments with interest at 5% per year, except that interest only will be paid in the first twelve months, with the deferred payments to be made at maturity.