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Long-Term Debt and Financing Arrangements
 3 Months Ended
Mar. 31, 2014
Debt Disclosure [Abstract]  
Long-Term Debt and Financing Arrangements

NOTE 5. Long-Term Debt and Financing Arrangements

We have standby letters of credit that expire at various dates in 2014 and 2015. As of March 31, 2014, our letters of credit were $5.1 million.

Our unused and available borrowings under our bank revolving line of credit were $44.9 million as of March 31, 2014 and $44.8 million as of December 31, 2013. We were in compliance with our debt covenants as of March 31, 2014.

In January 2014 we entered into various Equipment Notes (“Notes”). The Notes are secured by the 200 Freightliner tractors financed in the agreement. The Notes have terms that expire between January 15, 2019 and February 28, 2019 and bear interest at rates between 1.87% and 1.93%. The Notes require monthly principal and interest payments of $0.4 million.

 

Our outstanding debt is as follows (in thousands):

 

     As of  
     March 31,
2014		     December 31,
2013		  

Equipment Notes due by February 28, 2019 with monthly principal and interest payments of $444,000 commencing on January 15, 2014; interest is paid monthly at a fixed rate between 1.87% and 1.93%

    $ 24,676      $ —     

Equipment Notes due by June 19, 2018 with quarterly principal and interest payments of $480,000 commencing on August 14, 2013; interest is paid quarterly at a fixed rate between 1.9% and 2.0%

      7,807        8,246   
  

 

 

    

 

 

  
     32,483        8,246   
  

 

 

    

 

 

  

Less current portion

      (5,974 )      (1,771 ) 
  

 

 

    

 

 

  

Total long-term debt

    $ 26,509      $ 6,475