XML 30 R12.htm IDEA: XBRL DOCUMENT v3.25.0.1
LONG-TERM DEBT
 12 Months Ended
Dec. 31, 2024
LONG-TERM DEBT  
LONG-TERM DEBT

NOTE 6. LONG-TERM DEBT

​

On December 31, 2024, the Company entered into the Sixth Amended and Restated Credit Agreement (the “Sixth Amended Credit Facility”) with Wells Fargo Bank, N.A., as administrative agent. The Sixth Amended Credit Facility amends and restates the Company’s $100.0 million credit facility, dated as of February 1, 2023 (the “Prior Facility”).

​

The Sixth Amended Credit Facility extends the maturity date to January 1, 2028 and removes the lien on real property under the Prior Facility. Additionally, the interest rate under the Sixth Amended Credit Facility is either SOFR (the Secured Overnight Financing Rate) plus a margin of 1.25% or the Base Rate (as defined in the Sixth Amended Credit Facility) plus a margin of 0.25%. The Commitment Fee Percentage (as defined in the Sixth Amended Credit Facility) was revised to be 0.25% per annum.

​

In addition to other customary covenants for a facility of this nature, as of December 31, 2024, the Company is required to maintain a Total Leverage Ratio (as defined in the Sixth Amended Credit Facility) of no more than 1.5:1.0 and Fixed Charge Coverage Ratio (as defined in the Sixth Amended Credit Facility) of at least 1.1:1.0. As of December 31, 2024, the Company’s Total Leverage Ratio and Fixed Charge Coverage Ratio associated with the Prior Facility was 0.0:1.0 and 84.4:1.0.

​

On February 24, 2025, Wells Fargo Bank agreed to waive its right to declaring an event of default under the Sixth Amended Credit Facility arising out of the Judgment (as defined below), so long as we strictly comply with each and every other provision of the Credit Facility. We believe that we are in full compliance.

​

As of December 31, 2024, the Company had no outstanding principal balance under the Amended Credit Facility, a $0.6 million standby letter of credit and $99.4 million remained available for borrowing.

​