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Subsequent Events | 3 Months Ended
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Mar. 31, 2020
Subsequent Events |
Subsequent Events | (12) Subsequent Event ​ As discussed in note 3, we are a party to a revolving credit facility under which we may borrow up to $200.0 million with the option to increase by an additional $200.0 million. The revolving credit facility requires us to maintain certain financial covenants. On May 11, 2020, as a precautionary measure and to further enhance our financial flexibility, we amended the revolving credit facility to provide for an incremental revolving credit facility of up to $82.5 million. This amount would be applied against the additional $200.0 million that was available under the revolving credit facility. The maturity date for the incremental revolving credit facility is May 10, 2021; however, the maturity date for the original revolving credit facility remains August 5, 2022. The amendment also modifies the financial covenants contained in the revolving credit facility through the end of our Q1 2021 fiscal quarter. We expect that we will be in compliance with the financial covenants, as amended, over the next 12 months. ​ The terms of the amendment require us to pay interest on outstanding borrowings of the original revolving credit facility at LIBOR plus a margin of 1.50% and to pay a commitment fee of 0.25% per year on any unused portion of the revolving credit facility through the end of our Q1 2021 fiscal quarter. The amendment also provides an Alternate Base Rate that may be substituted for LIBOR. As of May 11, 2020, we had $190.0 million outstanding under the original revolving credit facility at an interest rate of 2.27% based on the pricing per the amendment. ​ The terms of the amendment also require us to pay interest on outstanding borrowings of the incremental revolving credit facility at LIBOR plus a margin of 2.25% and to pay a commitment fee of 0.50% per year on any unused portion of the incremental revolving credit facility through the maturity date. The amendment also provides an Alternate Base Rate that may be substituted for LIBOR. ​ ​ ​

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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