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Notes Payable and Other Noncurrent Liabilities | 3 Months Ended
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Mar. 31, 2019
Notes Payable and Other Noncurrent Liabilities |
Notes Payable and Other Noncurrent Liabilities | 11. Notes Payable and Other Noncurrent Liabilities On January 22, 2019, we entered into an amended and restated credit agreement dated January 22, 2019 and two related amendments dated January 31, 2019 and dated February 1, 2019, that together provide a credit facility of $325,000 comprised of a term loan facility of $243,750 and a revolving credit facility of $81,250, both with a five year maturity date. The term facility is subject to quarterly amortization of principal, commencing with the fiscal quarter ended June 30, 2019, in equal installments of 5% of the principal amount of the term facility per quarter. Both the term loan and revolver have monthly interest payments currently at 30 Day LIBOR plus an applicable margin of 2%. The proceeds of the term loan, together with $6,250 drawn under the revolver and operating cash on hand were used to complete the Acquisition. Concurrent with the amendment of the credit agreement and Acquisition, we repaid our existing term loan of $59,850 and our cash collateral of $61,667 was released. The amended and restated credit agreement contains standard covenants that, among other things, restrict the Company’s ability to incur additional debt or make certain investments, and require the Company to achieve certain financial ratios and maintain certain financial conditions. As of March 31, 2019, the Company is in compliance with its debt covenants. The Company concluded that the amended and restated credit agreement is considered a loan modification. Accordingly, the Company allocated the costs paid to the bank consortium based on the borrowing dollars and has recorded an asset of $596 and a contra liability of $1,639, which are related to our revolver and term loan, respectively, that is being amortized to interest expense over the five year maturity date. Additionally, the Company expensed $150 of third party costs in the first quarter related to this loan modification.
|  | As of March 31, |  | As of December 31,
|  | 2019 |  | 2018
Notes Payable |  |  |  |  |  |
Note payable, quarterly payment of $12,188 starting June 30, 2019; interest at 30 day LIBOR plus 2.00% (4.49% at March 31, 2019) through January 22, 2024 |  | $ | 242,166 |  | $ | 59,905
Revolving line of credit; interest at 30 day LIBOR plus 2.0% (4.49% at March 31, 2019) |  |  | 6,250 |  |  | 0
|  |  | 248,416 |  |  | 59,905
Less: Current portion |  |  | 48,422 |  |  | 36,468
|  | $ | 199,994 |  | $ | 23,437
Payments due under the notes payable obligations are as follows as of March 31, 2019:
2019 |  | $ | 36,317
2020 |  |  | 48,422
2021 |  |  | 48,422
2022 |  |  | 48,422
2023 |  |  | 48,422
Thereafter |  |  | 18,411
Total |  | $ | 248,416

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- Definition The entire disclosure for accounts payable, accrued expenses, and other liabilities that are classified as noncurrent at the end of the reporting period. + References No definition available. + Details
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