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Borrowings (Tables)

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Schedule of Debt [Table Text Block]

Borrowings consist of the following:



(dollars in thousands)		Interest Rate		Maturity Date		June 30, 2019				December 31, 2018
Borrowings under ABL Facility		floating	⁽²⁾	December 7, 2022 ⁽¹⁾		$	47,680			$	19,868
Term Loan B		floating	⁽³⁾	April 9, 2021		378,000				380,200
Total borrowings						425,680				400,068
Less — unamortized discount and finance fees						1,867				2,368
Total borrowings — net						423,813				397,700
Less — long term debt due within one year						4,400				4,400
Total long-term portion of borrowings — net						$	419,413			$	393,300

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⁽¹⁾	Maturity date will be January 9, 2021, if Term Loan B is not refinanced by this date.


⁽²⁾	The interest rate for the ABL Facility is comprised of several different borrowings at various rates. The weighted average rate of all ABL Facility borrowings was 2.93 percent at June 30, 2019.


⁽³⁾	We have entered into interest rate swaps that effectively fix a series of our future interest payments on a portion of the Term Loan B debt. See interest rate swaps in note 8 for additional details. The Term Loan B floating interest rate was 5.41 percent at June 30, 2019.