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CREDIT AGREEMENTS
 12 Months Ended
Dec. 31, 2013
Debt Disclosure [Abstract]  
CREDIT AGREEMENTS

12. CREDIT AGREEMENTS

On December 30, 2013, we entered into a $70.0 million Amended and Restated Credit Agreement (the “Credit Agreement”) with BMO Harris Bank N.A., in its capacities as the initial lender and letter of credit issuer thereunder and the administrative agent for the lenders which from time to time may be parties to the Credit Agreement. The revolving credit facility under the Credit Agreement is scheduled to mature on June 30, 2016 and replaced the original credit agreement entered into in December 2012, which was due to expire on January 31, 2014. The Credit Agreement requires that interest and fees are payable quarterly in arrears and principal is payable at maturity. Any borrowings bear interest at fluctuating interest rates under either the Base Rate Loan or as determined by the London Interbank Offered Rate (LIBOR) for the relevant currency, plus the applicable rate based on the type of loan.

We may prepay amounts outstanding, or terminate or reduce the commitments, under the Credit Agreement upon three or five business days’ prior notice, respectively, in each case without premium or penalty. The Credit Agreement contains customary affirmative, negative and financial maintenance covenants, including a requirement to maintain cash and cash equivalents in our accounts of at least $200.0 million at all times. The loans and letter of credit obligations under the Credit Agreement are secured by 100% cash collateral. The agreements also contain customary representations and warranties, events of default, and rights and remedies upon the occurrence of any event of default, including rights to accelerate the loans, terminate the commitments and rights to realize upon the collateral securing the obligations under the Credit Agreement.

 

Selected details of our credit agreements as of and for the years ended December 31, 2013 and 2012 were as follows (dollars in thousands):

 

     As of December 31,  
     2013(1)     2012(2)  

Credit Agreements:

     

Credit facility remaining availability(4)

    $ 70,000      $ —     

Credit facility borrowings

    $ —        $ 80,000   

Outstanding letters of credit(3)

    $ 12,318      $ 6,981   

Availability of additional letters of credit(4)

    $ 7,682      $ —     

Average daily revolving credit borrowings for the year ended

    $ 219      $ 219   

Weighted average annual interest rate

      5.25 %      5.25 % 

Commitment fee rate

      0.25 %      0.25 % 

Letter of credit fee rate

      0.75 %      0.50 % 

 

(1) Details reflect terms under our existing Credit Agreement which was entered into December 30, 2013, except for our outstanding letters of credit.
(2) Details reflect terms under the original credit agreement which was replaced with our existing Credit Agreement, except for our outstanding letters of credit.
(3) Represents letters of credit which are fully collateralized with $12.6 million and $7.4 million of restricted cash as of December 31, 2013 and 2012, respectively.
(4) The letters of credit sublimit of $20.0 million under our existing Credit Agreement is part of, not in addition to, the $70.0 million aggregate commitments.