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Debt
3 Months Ended
Mar. 31, 2017
Debt Disclosure [Abstract]  
Debt

Note 6—Debt

Revolving Credit Facility

On March 30, 2016, the Company entered into a credit agreement (the “Revolving Credit Agreement”) with a syndicate of banks, led by Citibank, N.A. The Revolving Credit Agreement provides for a senior secured asset-based revolving credit facility (the “Credit Facility”), which the Company may draw upon as needed. Under the Credit Facility, the Company had an outstanding debt balance of $25.8 million that bore interest at a weighted average rate of 2.44% as of March 31, 2017. The Company was in compliance with all covenants as of March 31, 2017.

On May 9, 2017, the Company entered into an amended and restated loan and security agreement (the “Amended Revolving Credit Agreement”), with a syndicate of banks, led by Citibank, N.A., and Citibank, N.A., as agent. The Amended Revolving Credit Agreement, among other things, provides for an increase of $75.0 million in the aggregate principal amount of commitments available under the Company’s senior secured asset-based revolving credit facility and provides the Company with greater flexibility with respect to working capital, acquisitions and general corporate purposes under such credit facility. See Note 11—Subsequent Event.