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Credit Agreement
9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Credit Agreement Credit Agreement
At September 30, 2022, we had a $60.0 million revolving credit facility (the “Credit Agreement”) secured primarily by our inventory and maturing on September 27, 2024. Availability fluctuates based on a borrowing base calculation reduced by outstanding letters of credit.
At September 30, 2022 and December 31, 2021, there were no outstanding borrowings under the Credit Agreement. The borrowing base and net availability was $55.7 million at September 30, 2022.
In October 2022 we amended the Credit Agreement to, among other things, increase the revolving credit facility to $80.0 million, extend the maturity date to October 24, 2027, and replace the LIBOR Rate with the SOFR Rate as the interest rate benchmark.