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NOTES PAYABLE TO BANKS (Detail Textuals) $ in Millions | 6 Months Ended
--- | ---
Jun. 30, 2018 USD ($)
Revolving credit facility |
Line of Credit Facility [Line Items] |
Amount of credit facility | $ 125
Percentage of ownership | 100.00%
Borrowing capacity description | Company amended the revolving credit facility to (1) establish a borrowing base to be the lesser of (a) $125 million or (b) the difference between (i) a specified percentage (ranging from 70% to 80%) of eligible accounts receivable less (ii) the amount of any outstanding letters of credit, (2) secure payment obligations under the credit facility with a security interest in the consolidated accounts receivable, and (3) replace the financial covenants related to minimum leverage and debt service coverage ratios with a covenant to maintain a minimum tangible net worth of not less than $700 million. As of June 30, 2018, the Company was in compliance with this covenant.
Borrowing base of line of credit | $ 125
Minimum tangible net worth | $ 700
Description of variable rate basis of debt instrument | Revolving loans under the amended revolving credit facility bear interest at one of the following two rates at the Company’s election:
| · | the Base Rate, which is a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 0.50%, (b) Bank of America’s publicly announced “prime rate,” and (c) the Eurodollar Rate plus 1.00%; in each case plus a margin that ranges from 0.125% to 1.125% based on a quarterly consolidated leverage ratio calculation; or
| · | the Eurodollar Rate, which is the rate per annum equal to the London Interbank Offering Rate (“LIBOR”) plus, a margin ranging from 1.125% to 2.125%, based upon a quarterly debt covenant calculation.
Revolving credit facility | Minimum |
Line of Credit Facility [Line Items] |
Account receivable percentage for line of credit determination | 70.00%
Fees on unused portion of facility | 0.225%
Revolving credit facility | Maximum |
Line of Credit Facility [Line Items] |
Account receivable percentage for line of credit determination | 80.00%
Fees on unused portion of facility | 0.325%
Revolving credit facility | Option 1 |
Line of Credit Facility [Line Items] |
Basis spread on variable rate | 0.50%
Description of reference rate basis | Federal Funds Rate
Revolving credit facility | Option 1 | Minimum |
Line of Credit Facility [Line Items] |
Basis spread on variable rate | 0.125%
Revolving credit facility | Option 1 | Maximum |
Line of Credit Facility [Line Items] |
Basis spread on variable rate | 1.125%
Revolving credit facility | Option 1 B |
Line of Credit Facility [Line Items] |
Description of reference rate basis | prime rate
Revolving credit facility | Option 1 B | Minimum |
Line of Credit Facility [Line Items] |
Basis spread on variable rate | 0.125%
Revolving credit facility | Option 1 B | Maximum |
Line of Credit Facility [Line Items] |
Basis spread on variable rate | 1.125%
Revolving credit facility | Option 1 C |
Line of Credit Facility [Line Items] |
Basis spread on variable rate | 1.00%
Description of reference rate basis | Eurodollar Rate
Revolving credit facility | Option 1 C | Minimum |
Line of Credit Facility [Line Items] |
Basis spread on variable rate | 0.125%
Revolving credit facility | Option 1 C | Maximum |
Line of Credit Facility [Line Items] |
Basis spread on variable rate | 1.125%
Letter of credit subfacility |
Line of Credit Facility [Line Items] |
Amount of credit facility | $ 35
Swingline subfacility |
Line of Credit Facility [Line Items] |
Amount of credit facility | $ 35

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