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9. SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2016
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

2016 Amendment to the Original Credit Agreement:

 

On July 1, 2016, we entered into an amendment to the Refinance Agreement.  Pursuant to this amendment, we refinanced our current senior secured term loans and borrowed an additional $46.0 million and extended the term of the loan out to July 2023. Pursuant to the amendment to the Refinance Agreement, the interest rate spread over LIBOR for the senior secured term loans has been increased from 3.25% to 3.75% and the interest rate spread over the alternative base rate for the senior secured term loans has been increased from 2.25% to 2.75%. The minimum LIBOR rate underlying the senior secured term loans remains at 1.0%. Proceeds from the refinance agreement were used to repay the first lien term loans, a portion of the second lien term loan, and pay cost and expenses related to the transaction.

 

As part of the 2016 amendment, we entered into a new five year revolving credit agreement in the amount of $117.5 million. Per the new agreement, the interest rate for Eurodollar loans is 3.75%. Base rate loans will bear an interest rate of 2.75%. Letter of credit, fronting, and commitment fees will also apply.