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SUBSEQUENT EVENT | 3 Months Ended
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Mar. 31, 2015
SUBSEQUENT EVENT [Abstract] |
SUBSEQUENT EVENT [Text Block] |
(12) | SUBSEQUENT EVENT
On April 30, 2015, the Company entered into an unsecured credit agreement with a group of commercial banks that increases the borrowing limit under the Company’s previous revolving credit facility from $325,000,000 to $550,000,000. The credit agreement, which has a maturity date of April 30, 2020, provides for a variable interest rate based on the London Interbank Offered Rate (“LIBOR”) or an alternate base rate calculated with reference to the agent bank’s prime rate, among other factors ("Alternate Base Rate”). The interest rate spread varies with the Company’s credit rating and is currently 1.125% over LIBOR or 0.125% over the Alternate Base Rate. In addition, the credit agreement allows for a $300,000,000 increase in the aggregate commitments of the banks in the form of revolving credit loans or term loans, subject to the consent of each bank that elects to participate in the increased commitment. Borrowings under the facility were used to refinance the outstanding indebtedness under the Company’s previous revolving credit agreement and the $100,000,000 outstanding under its term loan agreement and may also be used for general corporate purposes, purchases of existing or new equipment, purchases of the Company’s common stock or for business acquisitions. The Company will recognize a loss on debt retirement of $283,000 in the 2015 second quarter related to the new credit agreement.

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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 No definition available. + Details
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