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LONG-TERM DEBT | 12 Months Ended
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Dec. 31, 2019
LONG-TERM DEBT |
LONG-TERM DEBT | NOTE 7. LONG-TERM DEBT On July 20, 2016, we entered into the Amended Credit Facility, under which our former $100 million credit facility was increased to $250.0 million, and the maturity date was extended from November 15, 2016 to July 20, 2021. At December 31, 2019, the total revolving loan commitment under the Amended Credit Facility was automatically and permanently reduced to $50 million and all $200.0 million outstanding under the revolving loan was converted to a Term Loan. Prior to the conversion, we drew all available borrowings that up to $200 million, and deposited $27.5 million into an interest bearing money market fund to be used for the remaining construction spending and payment of retainage for the Monarch Black Hawk Expansion. Following the conversion to a Term Loan, on December 31, 2019, we made a $3.8 million mandatory principal payment. As of December 31, 2019, the Company had an outstanding principal balance of $196.3 million under the Amended Credit Facility, a $0.6 million Standby Letter of Credit and $50.0 million remaining in available borrowings under the Amended Credit Facility. As of December 31, 2019, there have been no withdrawals from the Standby Letter of Credit. Borrowings are secured by liens on substantially all of the Company’s real and personal property. In addition to other customary covenants for a facility of this nature, as of December 31, 2019, we are required to maintain a Total Leverage Ratio (Total Funded Debt divided by EBITDA, as defined in the Amended Credit Facility) of no more than 4.75:1 and a Fixed Charge Coverage Ratio (EBITDA divided by Fixed Charges, as defined in the Amended Credit Facility) of at least 1.15:1. As of December 31, 2019, the Company is in compliance with the financial covenants in the Amended Credit Facility, as our Total Leverage Ratio and fixed Charge Coverage Ratios were 3.2:1 and 3.9:1, respectively. The interest rate under the Amended Credit Facility is LIBOR plus a margin ranging from 1.00% to 2.50%, or a base rate (as defined in the Amended Credit Facility) plus a margin ranging from 0.00% to 1.50%, or the Prime Rate. The applicable margins will vary depending on our leverage ratio. Commitment fees are equal to the daily average unused revolving commitment multiplied by the commitment fee percentage, ranging from 0.175% to 0.45%, based on our leverage ratio. At December 31, 2019, our interest rate was based on LIBOR and our leverage ratio was such that pricing for borrowings under the Amended Credit Facility was LIBOR plus 1.50%. At December 31, 2019, the one-month LIBOR interest rate was 1.80%. The carrying value of the debt outstanding under the Amended Credit Facility approximates fair value because the interest fluctuates with the lender’s prime rate or other market rates of interest. We may prepay borrowings under the Amended Credit Facility revolving loan without penalty (subject to certain charges applicable to the prepayment of LIBOR borrowings prior to the end of the applicable interest period). Amounts prepaid may be re-borrowed so long as the total borrowings outstanding do not exceed the maximum principal available. On the terms and subject to some conditions, we may, at any time before the Maturity Date, request an increase of the total revolving loan commitment, provided that each such increase is equal to $15.0 million or an integral multiple of $1.0 million in excess and, after giving effect to the requested increase, the aggregate amount of the increases in the total revolving loan commitment shall not exceed $75.0 million. We are required to make principal payments on the amount of the Term Loans on each Term Loan Installment Date (last business day of each quarter, starting with the quarter ending December 31, 2019) in an amount equal to (x) the percentage set forth opposite the applicable year during which such Term Loan Installment Date occurs multiplied by (y) the Conversion Amount. The estimated amount of the mandatory principal payment due in next twelve months is $20.0 million. As of December 31, 2019, $175.4 million “Long-term debt, net” in the Company’s consolidated balance sheets represents the $196.3 million outstanding loan amount under the Amended Credit facility, net of $0.8 million unamortized debt issuance costs and $20.0 million mandatory principal payment that are due in next twelve months and are presented as “Current portion of long-term debt” in the Current liabilities section of the Company’s consolidated balance sheets. We believe that our existing cash balances, cash flow from operations and borrowings available under the Amended Credit Facility will provide us with sufficient resources to fund our operations, meet our debt obligations, and fulfill our capital expenditure plans over the next twelve months; however, our operations are subject to financial, economic, competitive, regulatory, and other factors, many of which are beyond our control. If we are unable to generate sufficient cash flow or if our cash needs exceed our borrowing capacity under the Amended Credit Facility, we could be required to adopt one or more alternatives, such as reducing, delaying or eliminating planned capital expenditures, selling assets, restructuring debt or obtaining additional equity capital.

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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 + Details
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