XML 63 R15.htm IDEA: XBRL DOCUMENT v2.4.0.8
Long-Term Debt
6 Months Ended
Jun. 30, 2013
Debt Disclosure [Abstract]  
Long-Term Debt

7. Long-Term Debt

During the six months ended June 30, 2013, the Company entered into additional 15 year real estate term credit facilities with a real estate mortgage lender for $14.1 million. The real estate term credit facilities are secured by 10 transportation facilities throughout the United States. The real estate term agreements bear interest at 4.625% to 4.875% with an interest rate adjustment period of every three to five years.

On March 4, 2013, in conjunction with the sale of SCO, the Company amended its asset based revolving credit facility. The amended credit facility provides up to $50.0 million, compared to $85.0 million previously. The amended credit facility matures on November 30, 2014, which may be accelerated to May 31, 2014 if certain financial conditions are not met. The Company may access the revolving credit facility for letters of credit, however such access is subject to certain financial measures and the Company must initially use cash-on-hand to fund operations to be able to draw on additional funds. As a result of the amendment, the Company wrote off $0.4 million of previously capitalized financing fees. This non-cash expense was recorded in interest expense on the consolidated statements of income (loss).