Long-Term Debt

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Long-Term Debt

Long-Term Debt

On June 3, 2020, we executed a Fifth Amendment (the "Amendment") to our Amended and Restated Credit Agreement dated as of November 30, 2015 (the "Credit Agreement") with Bank of America, N.A. ("BofA"). The primary changes effected by the Amendment were to: (i) revise the definitions of Eurodollar Fixed Rate and Eurodollar Floating Rate contained in Section 1.01 of the Credit Agreement to provide that such rates may not be less than 0.75% at any time; and (ii) amend Section 2.05(d) to delay the loan commitment reductions of the revolving credit facility from March 31, 2020 to March 31, 2021.

The Credit Agreement provides for a $45.0 million reducing revolving facility, including a $2.5 million sublimit for the issuance of standby letters of credit, as well as a $10.8 million term loan. As amended, the maximum amount of the revolving facility is subject to loan commitment reductions in the amount of $750,000 each quarter beginning March 31, 2021. We may use the proceeds of the credit facility for general corporate purposes, including capital expenditures. The term of the credit facility expires on September 30, 2023.

As of June 30, 2020, $41.1 million was outstanding under the revolving facility and $8.2 million was outstanding under the term loan, both at an interest rate of 1.42%.

At June 30, 2020, we were in compliance with all applicable contractual financial covenants of the Credit Agreement.