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Debt

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Debt

Note 7. Debt

The Company’s debt is comprised of the following:

		September 30, 2019				December 31, 2018
Revolving lines of credit		$	13,559			$	19,146
Finance lease			559				380
Unsecured senior note			210,000				210,000
Other loans			15,758				17,804
Syndicated loan			28,000				-
Less: Deferred cost of financing			(3,932	)			(5,015	)
Total obligations under borrowing arrangements			263,944				242,315
Less: Current portion of long-term debt and other current borrowings			16,168				21,606
Long-term debt		$	247,776			$	220,709

As of September 30, 2019 and December 31, 2018, the Company had $263,495 and $242,106 of debt denominated in US Dollars with the remaining amounts denominated in Colombian Pesos.

The Company had $7,140 and $5,037 of property, plant and equipment pledged as collateral for various lines of credit as of September 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 measured biannually at December and June, with which the Company is in compliance.

As of September 30, 2019, the Company was obligated under various finance leases under which the aggregate present value of the minimum lease payments amounted to $559. Differences between finance lease obligations and the value of property, plant and equipment under finance lease arises from differences between the maturities of finance lease obligations and the useful lives of the underlying assets.

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

2020		$	16,359
2021			5,378
2022			220,340
2023			11,760
2024			10,245
Thereafter			3,793
Total		$	267,875

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 7.35%.

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- 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

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