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6 - DEBT
On April 16, 2010, the Company entered into a $100,000,000 senior secured revolving credit facility with Nordea Bank Finland plc, acting through its New York branch (as amended, the “2010 Credit Facility”). The Company entered into an amendment to this facility effective November 30, 2010 which, among other things, increased the commitment amount from $100,000,000 to $150,000,000. As of June 30, 2011, total available working capital borrowings were $23,500,000 as $1,500,000 was drawn down during 2010 for working capital purposes. As of June 30, 2011, $43,750,000 remained available under the 2010 Credit Facility as the total commitment under this facility decreased by $5,000,000 from $150,000,000 to $145,000,000 on May 31, 2011.
As of June 30, 2011, the Company believes it is in compliance with all of the financial covenants under the 2010 Credit Facility.
The following table sets forth the repayment of the outstanding debt of $101,250,000 at June 30, 2011 under the 2010 Credit Facility:
|
Period Ending December 31, |
|
Total |
|
|
|
|
|
|
|
2011 (July 1, 2011 — December 31, 2011) |
|
$ |
— |
|
|
2012 |
|
— |
|
|
2013 |
|
— |
|
|
2014 |
|
— |
|
|
2015 |
|
1,250,000 |
|
|
Thereafter |
|
100,000,000 |
|
|
|
|
|
|
|
Total debt |
|
$ |
101,250,000 |
|
Interest rates
The following table sets forth the effective interest rate associated with the interest expense for the 2010 Credit Facility, excluding the cost associated with unused commitment fees. Additionally, it includes the range of interest rates on the debt, excluding the impact of unused commitment fees:
|
|
|
Three months ended June 30, |
|
Six Months Ended June 30, |
|
|
|
|
2011 |
|
2010 |
|
2011 |
|
2010 |
|
|
Effective Interest Rate (excluding impact of unused commitment fees) |
|
3.29 |
% |
3.60 |
% |
3.30 |
% |
3.60 |
% |
|
Range of Interest Rates (excluding impact of unused commitment fees) |
|
3.25% to 3.31 |
% |
3.60% to 3.60 |
% |
3.25% to 3.31 |
% |
3.60% to 3.60 |
% |
|