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Credit Facilities and Long-Term Debt | 12 Months Ended
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Dec. 31, 2011
Credit Facilities and Long-Term Debt [Abstract] |
Credit Facilities and Long-Term Debt |
10. | Credit Facilities and Long-Term Debt
Total debt outstanding is summarized as follows:
|  | December 31, |
|  | 2011 |  |  | 2010 |
|  | (In thousands) |
Revolving credit facilities |  | $ | 73,000 |  |  | $ | 52,887 |
15% convertible subordinated debentures (1) |  |  | - |  |  |  | 12,300 |
Other |  |  | 299 |  |  |  | 409 |
Total debt |  | $ | 73,299 |  |  | $ | 65,596 |
Current maturities of long-term debt |  | $ | 73,109 |  |  | $ | 65,289 |
Long-term debt |  |  | 190 |  |  |  | 307 |
Total debt |  | $ | 73,299 |  |  | $ | 65,596 |
| (1) | On April 15, 2011, we settled at maturity the $12.3 million principal amount of our 15% convertible subordinated debentures with funds from our revolving credit facility.
Maturities of long-term debt are $0.1 million for the year ended December 31, 2012 and $0.2 million for the period December 31, 2013 through 2015. Deferred Financing Costs We had deferred financing cost of $3.8 million and $4.9 million as of December 31, 2011 and 2010, respectively. Deferred financing costs as of December 31, 2011 are related to our revolving credit facility. In connection with the amendment to our revolving credit facility in September 2011, we incurred and capitalized $0.3 million of costs related to bank fees, legal and other professional fees which are being amortized through March 2015, the remaining term of the amended revolving credit facility. Scheduled amortization for future years, assuming no further prepayments of principal is as follows:
(In thousands) |  |  |
2012 |  | $ | 1,161 |
2013 |  |  | 1,161 |
2014 |  |  | 1,160 |
2015 |  |  | 290 |
2016 and beyond |  |  | - |
Total amortization |  | $ | 3,772 |
Revolving Credit Facility In November 2010, we entered into a Third Amended and Restated Credit Agreement with General Electric Capital Corporation, as agent, and a syndicate of lenders for a secured revolving credit facility. This restated credit agreement replaces our prior credit facility with General Electric Capital Corporation. The restated credit agreement (as amended in September 2011) provides for a line of credit of up to $200 million (inclusive of the Canadian revolving credit facility described below) and expires in March 2015. Direct borrowings under the restated credit agreement bear interest at the LIBOR rate plus the applicable margin (as defined), or floating at the index rate plus the applicable margin, at our option. The interest rate may vary depending upon our borrowing availability. The restated credit agreement is guaranteed by certain of our subsidiaries and secured by certain of our assets. In September 2011, we amended our restated credit agreement (1) to extend the maturity date of our credit facility to March 2015; (2) to reduce the margin added to the LIBOR rate to 1.75% - 2.25%; (3) to reduce the margin added to the index rate to 0.75% - 1.25%; and (4) to provide us with greater flexibility regarding permitted acquisitions and stock repurchases. Borrowings under the restated credit agreement are collateralized by substantially all of our assets, including accounts receivable, inventory and fixed assets, and those of certain of our subsidiaries. After taking into account outstanding borrowings under the restated credit agreement, there was an additional $83 million available for us to borrow pursuant to the formula at December 31, 2011. Outstanding borrowings under the restated credit agreement (inclusive of the Canadian revolving credit facility described below), which are classified as current liabilities, were $73 million and $52.9 million at December 31, 2011 and December 31, 2010, respectively. At December 31, 2011, the weighted average interest rate on our restated credit agreement was 2%, which consisted of $73 million in direct borrowings. There were no index loans outstanding at December 31, 2011. At December 31, 2010, the weighted average interest rate on our restated credit agreement was 3.1%, which consisted of $52 million in direct borrowings at 3.1% and an index loan of $0.9 million at 4.5%. During 2011 and 2010, our average daily index loan balance was $5.7 million and $7.1 million, respectively. At any time that our average borrowing availability over the previous thirty days is less than $30 million or if our borrowing availability is $20 million or less, and until such time that we have maintained an average borrowing availability of $30 million or greater for a continuous period of ninety days, the terms of our restated credit agreement provide for, among other provisions, financial covenants requiring us, on a consolidated basis, (1) to maintain specified levels of fixed charge coverage at the end of each fiscal quarter (rolling twelve months), and (2) to limit capital expenditure levels. As of December 31, 2011, we were not subject to these covenants. Availability under our restated credit agreement is based on a formula of eligible accounts receivable, eligible inventory and eligible fixed assets. Our restated credit agreement also permits dividends and distributions by us provided specific conditions are met. Canadian Revolving Credit Facility In May 2010, we amended our Canadian Credit Agreement with GE Canada Finance Holding Company, for itself and as agent for the lenders. The amended Canadian Credit Agreement provided for the conversion of the then existing $10 million line of credit into a revolving credit facility. The Canadian $10 million line of credit is part of the $200 million available for borrowing under our restated credit agreement with General Electric Capital Corporation. In November 2010 and September 2011, we further amended our Canadian Credit Agreement to extend the maturity date of the agreement to March 2015 and modify certain provisions, including interest rates, to parallel the revolving credit provisions of the restated credit agreement (described above). The amended credit agreement is guaranteed and secured by us and certain of our wholly-owned subsidiaries. Direct borrowings under the amended credit agreement bear interest at the same rate as our restated credit agreement with General Electric Capital Corporation. As of December 31, 2011, we have no outstanding borrowings under the Canadian Credit Agreement. Subordinated Debentures In May 2009, we exchanged $12.3 million aggregate principal amount of our outstanding 6.75% convertible subordinated debentures due 2009 for a like principal amount of newly issued 15% convertible subordinated debentures due 2011. The convertible subordinated debentures were subordinated in right of payment to all of our existing and future senior indebtedness. On April 15, 2011, we settled at maturity the $12.3 million outstanding principal amount of the 15% convertible subordinated debentures with funds from our revolving credit facility. Capital Leases As of December 31, 2011, our capital lease obligations related to certain equipment for use in our operations totaled $0.3 million. Assets held under capitalized leases are included in property, plant and equipment and depreciated over the lives of the respective leases or over their economic useful lives, whichever is less.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 + Details
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