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Debt

9 Months Ended

Sep. 30, 2021

Debt

Debt

Note 14. Debt

​

Debt consists of the following:

​

​	​	​	​	​	​	​	​
​	​	September 30,		​	December 31,
​	​	2021		​	2020
​	​	(in thousands)
Line of Credit Facilities		​			​		​
​	​	​	​	​	​	​	​
Line of credit facility with China Everbright Bank - closed June 2021	​	$	—	​	$	764	​
Line of credit facility with China Merchant Bank	​	​	—	​	​	382	​
Line of credit facility with Bank of Nanjing - deconsolidated (see Note 3)	​	​	—	​	​	153	​
Line of credit facility with Cathay Bank - closed in August 2021	​		—	​		—	​
Line of credit facility with East West Bank - closed in August 2021	​	​	—	​	​	—	​
Equipment line of credit facility with East West Bank - closed in August 2021	​	​	—	​	​	3,216	​
Revolving line of credit facility with Capital One N.A. due August 2026	​	​	—	​	​	—	​
​	​	​	​	​	​	​	​
Term Loan	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
Term loan with Capital One N.A. due August 2026	​	​	70,000	​	​	—	​
​	​	​	​	​	​	​	​
Mortgage Loans	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
Mortgage payable with East West Bank paid off May 2021	​	​	—	​	​	3,306	​
Mortgage payable with East West Bank paid off August 2021	​	​	—	​	​	3,334	​
Mortgage payable with Cathay Bank paid off August 2021	​		—	​		7,268	​
Mortgage payable with East West Bank due June 2027	​	​	8,393	​	​	8,510	​
​	​	​	​	​	​	​	​
Equipment Loans	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
Equipment loan with East West Bank paid off June 2021	​	​	—	​	​	612	​
Equipment loan with East West Bank paid off August 2021	​	​	—	​	​	4,000	​
Equipment loan with East West Bank paid off August 2021	​	​	—	​	​	5,254	​
​	​	​	​	​	​	​	​
Other Loans and Payment Obligations	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
Acquisition loan with Cathay Bank paid off August 2021	​		—	​		8,710	​
French government loan paid off July 2021	​	​	—	​	​	64	​
French government loans due December 2026	​	​	339	​	​	350	​
​	​	​	​	​	​	​	​
Equipment under Finance Leases	​		471	​		526	​
Total debt	​		79,203	​		46,449	​
Less current portion of long-term debt	​		2,256	​		12,263	​
Less: Loan issuance costs	​	​	1,395	​	​	84	​
Long-term debt, net of current portion and unamortized debt issuance costs	​	$	75,552	​	$	34,186	​

​

As of September 30, 2021, the fair value of the loans listed above approximated their carrying amount. The interest rate used in the fair value estimation was determined to be a Level 2 input. For the mortgage loan with East West Bank, the Company has entered into fixed interest rate swap contracts to exchange the variable interest rate for a fixed interest rate over the life of the debt instrument without the exchange of the underlying notional debt amount.

​

Credit Agreement with Capital One N.A. - Due August 2026

​

In August 2021, the Company entered into a $140.0 million credit agreement with Capital One N.A. acting as a lender and as agent for other lenders. Under the terms of the credit agreement, the Company borrowed $70.0 million in the form of a term loan. Proceeds from the loan were used to pay down certain of the Company’s outstanding loans and revolving lines of credit with Cathay Bank and East West Bank. The interest rate on the term loan is based on a variable interest rate, plus an applicable margin rate ranging between 0.5% and 2.5%, determined based on the Company’s net leverage ratio as defined by the terms of the agreement. The loan matures in August 2026.

​

At September 30, 2021, the interest rate on this loan was 1.84%.

​

The loan requires principal payments of $1.8 million per year for the first two years, which increases to $3.5 million during the third and fourth year and to $3.9 million in the fifth year, with the remaining balance due at maturity. The loan is secured by substantially all of the Company’s assets, excluding the assets of ANP.

​

The credit agreement provides for a $70.0 million revolving credit facility, which bears a variable interest rate, plus a fixed margin.

​

In conjunction with the new credit agreement, the Company entered into an interest rate swap agreement with Capital One N.A., with a notional amount of $55.0 million to exchange the variable interest rate on the new term loan for a fixed rate of 0.93%.

​

The Company incurred approximately $1.4 million in issuance costs in connection with this credit agreement, which is being amortized over the term of the loan.

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- References

No definition available.

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- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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