XML 92 R26.htm IDEA: XBRL DOCUMENT v2.4.0.6
Subsequent Event-Amendment to Credit Facility
12 Months Ended
Dec. 31, 2012
Subsequent Event-Amendment to Credit Facility  
Subsequent Event - Amendment to Credit Facility

18. Subsequent Event—Amendment to Credit Facility

        Effective March 8, 2013, we and our lenders amended our credit facility. The credit facility as amended is referred to herein as the "Amended Credit Facility." The Amended Credit Facility provides that the maximum consolidated total leverage ratio (as defined in the Amended Credit Facility) and the minimum fixed charge coverage ratio (as defined in the Amended Credit Facility) shall be modified as follows:

Period
  Maximum
Allowable
Consolidated
Leverage Ratio
  Minimum
Consolidated
Fixed Charge
Coverage Ratio
 

March 8, 2013 to June 29, 2014

    4.00 to 1.00     1.05 to 1.00  

June 30, 2014 to June 29, 2015

    3.50 to 1.00     1.10 to 1.00  

June 30, 2015 and thereafter

    3.25 to 1.00     1.10 to 1.00  

        We reduced the maximum amount that may be borrowed under the Revolving Loans from $120 million to $50 million, and increased the pricing for borrowings under the Revolving Loans by 1.0% over the previous pricing based on LIBOR. Pricing for the Term Loans was increased from 4.50% to 6.00% over a LIBOR floor of 1.25%. The Amended Credit Facility provides for (i) scheduled quarterly principal payments and (ii) excess cash flow ("ECF") (as defined in the Amended Credit Facility) principal payments. The scheduled quarterly principal payments are as follows:

Fiscal Quarter Ending
  Minimum
Quarterly
Principal Payment
(in thousands)
 

March 31, 2013

  $ 1,225  

June 30, 2013

    8,575  

September 30, 2013

    8,575  

December 31, 2013

    8,575  

Each quarter thereafter

    6,125  

        The ECF principal payments are reduced by scheduled and voluntary principal payments and fluctuate based on our consolidated leverage ratio as follows:

Consolidated Leverage Ratio
  ECF Prepayment as a
Percentage of
Consolidated
EBITDA (as defined)
 

Greater than 3.00

    75 %

2.25 to 3.00

    50 %

1.25 to 2.25

    25 %

Less than 1.25

    0 %

        Other terms of the amendment included reductions in the permitted acquisition basket and the permitted corporate basket (a general basket for investments and restricted payments), and limits our annual capital expenditures to $30 million per year. In connection with the amendment, we made a $50 million principal payment (which shall not be considered an optional prepayment or reduce our ECF principal payments), and paid consent and arrangement fees of approximately $2.6 million.