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Senior Debt | 9 Months Ended
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Sep. 30, 2018
Debt Disclosure [Abstract] |
Senior Debt |
8. | Senior debt
Debt consisted of the following at September 30, 2018 and December 31, 2017:
(Table only in thousands) |  | September 30, 2018 |  |  | December 31, 2017 |
Outstanding borrowings under Credit Facility (defined below). Term loan balance due upon maturity in September 2020. |  |  |  |  |  |  |  |
- Term loan |  | $ | 81,147 |  |  | $ | 113,903 |
- U.S. Dollar revolving loans |  |  | — |  |  |  | 1,000 |
- Unamortized debt discount |  |  | (1,972 | ) |  |  | (2,834 | )
Total outstanding borrowings under Credit Facility |  |  | 79,175 |  |  |  | 112,069 |
Outstanding borrowings (U.S. dollar equivalent) under Foreign facility |  |  | — |  |  |  | 2,764 |
Total outstanding borrowings |  |  | 79,175 |  |  |  | 114,833 |
Less: current portion |  |  | — |  |  |  | 11,296 |
Total debt, less current portion |  | $ | 79,175 |  |  | $ | 103,537 |
During the nine-month period ended September 30, 2018, the Company made prepayments of $31.2 million on the outstanding balance of the term loan, in addition to the required payment of $1.6 million for a total repayment of $32.8 million on the outstanding balance of the term loan. Due to the additional prepayments made in 2018, there are no additional payments due on the term loan until the final scheduled principal payment of $81.1 million, in September 2020. United States Debt The Company has a senior secured term loan, senior secured U.S. dollar revolving loans with sub-facilities for letters of credit and swing-line loans and senior secured multi-currency revolving credit facility for U.S. dollar and specific foreign currency loans (collectively, the “Credit Facility”). On August 3, 2018, the Company amended its Credit Facility to allow for an additional $20 million in capacity for issuing letters of credit and bank guarantees in support of non-U.S. subsidiary customer contracts as well as letters of credit with maturity dates beyond the expiration date of the Credit Facility. As of September 30, 2018 and December 31, 2017, $29.5 million and $24.4 million of letters of credit were outstanding, respectively. Total unused credit availability under the Company’s Credit Facility was $50.5 million and $54.6 million at September 30, 2018 and December 31, 2017, respectively. Revolving loans may be borrowed, repaid and reborrowed until September 3, 2020, at which time all outstanding balances of the Credit Facility must be repaid. The weighted average stated interest rate on outstanding borrowings was 5.24% and 4.08% at September 30, 2018 and December 31, 2017, respectively. In accordance with the Credit Facility terms, the Company entered into an interest rate swap to hedge against interest rate exposure related to a portion of the outstanding debt indexed to LIBOR market rates. The fair value of the interest rate swap was an asset of $0.8 million and $0.3 million as of September 30, 2018 and December 31, 2017, respectively, and is classified within the “Deferred charges and other assets” on the Condensed Consolidated Balance Sheets. The Company designated the interest rate swap as an effective hedge; therefore, the changes to the fair value of the interest rate swap have been recorded in other comprehensive income as the hedge is deemed effective. Under the terms of the Credit Facility, the Company is required to maintain certain financial covenants, including the maintenance of a Consolidated Leverage Ratio as well as restricting the amount of capital expenditures the Company may make in 2018 and 2019. Through March 31, 2019, the maximum Consolidated Leverage Ratio is 3.75, after which time will decrease to 3.50 through September 30, 2019. The Consolidated Leverage Ratio will then decrease to 3.25 until the end of the term of the Credit Facility. As of September 30, 2018 and December 31, 2017, the Company was in compliance with all related financial and other restrictive covenants under the Credit Facility. Foreign Debt The Company has a number of facilities and bilateral agreements in various countries currently supported by letters of credit issued by the Credit Facility. As of September 30, 2018, the borrowers of these facilities and agreements were in compliance with all related financial and other restrictive covenants. A subsidiary of the Company located in the Netherlands has a Euro-denominated facilities agreement which as of September 30, 2018 had no outstanding borrowings. As of December 31, 2017, the borrowers were not in compliance with certain financial covenants under the facility and the Company settled the outstanding amount of the overdraft facility in the first quarter of 2018. The Company plans to exit this facility and consolidate it with the Credit Facility.

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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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