XML 24 R14.htm IDEA: XBRL DOCUMENT v3.19.2

Debt

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Debt

Note 7. Debt

The Company’s debt is comprised of the following:

		June 30, 2019				December 31, 2018
Revolving lines of credit		$	9,788			$	19,146
Finance lease			650				380
Unsecured senior note			210,000				210,000
Other loans			16,641				17,804
Syndicated loan			30,000				-
Less: Deferred cost of financing			(4,622	)			(5,015	)
Total obligations under borrowing arrangements			262,457				242,315
Less: Current portion of long-term debt and other current borrowings			12,223				21,606
Long-term debt		$	250,234			$	220,709

As of June 30, 2019, and December 31, 2018, the Company had $261,730 and $242,106 of debt denominated in US Dollars with the remaining amounts denominated in Colombian Pesos.

The Company had $5,070 and $5,037 of property, plant and equipment pledged as collateral for various lines of credit as of June 30, 2019 and December 31, 2018, respectively.

On May 2, 2019, the Company closed a $30 million five-year term debt facility with Banco de Crédito del Perú and Banco Sabadell which bears interest at Libor +2.95%. Proceeds from this long-term debt facility were used towards refinancing short-term debt and partially supporting expected capital expenditure needs for capacity expansion and the automatization of some of our processes. This facility also contains a covenant requiring that the company maintain certain leverage and fixed charge coverage ratios with which the Company is in compliance as of June 30, 2019.

As of June 30, 2019, the Company was obligated under various leases under which the aggregate present value of the minimum lease payments amounted to $650. Differences between lease obligations and the value of property, plant and equipment under capital lease arises from differences between the maturities of capital lease obligations and the useful lives of the underlying assets.

Maturities of long-term debt and other current borrowings are as follows as of June 30, 2019:

2020			$	12,411
2021				5,508
2022				219,988
2023				11,400
2024				12,868
Thereafter				4,901
Total			$	267,077

The Company’s loans have maturities ranging from a few weeks to 10 years. Our credit facilities bear interest at a weighted average of rate 7.5%.

X

- References

No definition available.

+ Details

Name:	us-gaap_DebtDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

+ Details

Name:	us-gaap_DebtDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration