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6 - DEBT
On April 16, 2010, the Company entered into a $100,000 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 to $150,000. As of September 30, 2012, total available working capital borrowings were $23,500, as $1,500 was drawn down during 2010 for working capital purposes. As of September 30, 2012, $33,750 remained available under the 2010 Credit Facility, as the total commitment under this facility was reduced to $135,000 on May 31, 2012. The total commitment will reduce in 11 consecutive semi-annual reductions of $5,000 which commenced on May 31, 2011. On the maturity date, November 30, 2016, the total commitment will reduce to zero and all borrowings must be repaid in full.
As of September 30, 2012, 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 at September 30, 2012 under the 2010 Credit Facility:
|
Period Ending December 31, |
|
Total |
|
|
|
|
|
|
|
2012 (October 1, 2012 — December 31, 2012) |
|
$ |
— |
|
|
2013 |
|
— |
|
|
2014 |
|
— |
|
|
2015 |
|
1,250 |
|
|
2016 |
|
100,000 |
|
|
|
|
|
|
|
Total debt |
|
$ |
101,250 |
|
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 September 30, |
|
Nine Months Ended September 30, |
|
|
|
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
|
Effective Interest Rate (excluding impact of unused commitment fees) |
|
3.24 |
% |
3.28 |
% |
3.25 |
% |
3.29 |
% |
|
Range of Interest Rates (excluding impact of unused commitment fees) |
|
3.22% to 3.25 |
% |
3.25% to 3.33 |
% |
3.22% to 3.30 |
% |
3.25% to 3.33 |
% |
|