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Bank Debt | 12 Months Ended
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Dec. 31, 2016
Bank Debt [Abstract] |
Bank Debt | (4) Bank Debt ﻿ To finance the August 2014 Vectren Fuels acquisition we entered into a credit agreement with PNC Bank as administrative agent for a group of several other banks. On March 18, 2016, we executed an amendment to our credit agreement. The primary purpose of the amendment was to increase liquidity and maintain compliance through the maturity of the agreement in August 2019. The revolver was reduced from $250 million to $200 million and the term loan remains the same. Our debt at December 31, 2016 was $239 million (term-$102 million, revolver-$137 million). In addition, a maximum annual capex of $30 million was included. ﻿ Bank fees and other costs incurred in connection with the initial facility and the amendment were $9.1 million, which were deferred and are being amortized over five years. The credit facility is collateralized by substantially all of Sunrise’s assets and we are the guarantor. ﻿ The amended credit facility increased the maximum leverage ratio (total funded debt/ trailing 12 months EBITDA) from 2.75X to those listed below: ﻿
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Fiscal Periods Ended/Ending |  | Ratio
﻿September 30, 2016 through March 31, 2017 |  | 4.50X
﻿June 30, 2017 through March 31, 2018 |  | 4.25X
﻿June 30, 2018 and September 30, 2018 |  | 4.00X
﻿December 31, 2018 |  | 3.75X
﻿March 31, 2019 and June 30, 2019 |  | 3.50X
﻿ The credit agreement matures on August 29, 2019, but we have the right to prepay the loan at any time without penalty. ﻿ The amended credit facility also changed the fixed charge coverage ratio to the debt service coverage ratio and requires a minimum of 1.25X through the maturity of the credit facility. The amendment defines the debt service coverage as trailing 12 months EBITDA/annual debt service. As of December 31, 2016, we had additional borrowing capacity of $63 million and total liquidity of $82 million. ﻿ At December 31, 2016, our maximum leverage ratio was 2.95 and our debt service coverage ratio was 2.11. Therefore, we were in compliance with those two r atios. ﻿ The credit agreement also imposes certain other customary restrictions and covenants as well as certain milestones we must meet in order to draw down the full amount. Any non-tax cash distributions from Savoy are required to be applied toward the debt. ﻿ The interest rate on the facility ranges from LIBOR plus 2.25% to LIBOR plus 4%, depending on our leverage ratio. We entered into swap agreements to fix the LIBOR component of the interest rate to achieve an effective fixed rate of no greater than 5% on the original term loan balance and on $100 million of the revolver. The revolver swaps step down 10% each quarter commencing March 31, 2016. At December 31, 2016, these two interest rate swaps had an estimated net fair value liability of $.2 million consisting of a long-term asset of $.3 million and a current liability of $.5 million. Such amounts are included in other long-term assets and accounts payable and accrued liabilities, respectively. ﻿ At December 31, 2016, we were paying LIBOR at .78% plus 4% for a total interest rate of 4.78%. ﻿ New accounting rules for 2016 required that our debt issuance costs be presented as a direct reduction from the related debt rather than as an asset. Our December 31, 2015, our balance sheet was changed to reflect the new rule. Debt less debt issuance cost at December 31, are presented below (in thousands):
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﻿ |  | 2016 |  |  |  | 2015 |
﻿Current debt | $ | 30,625 |  |  | $ | 26,250 |
﻿Less debt issuance cost |  | (1,829 | ) |  |  | (1,394 | )
﻿Net current portion | $ | 28,796 |  |  | $ | 24,856 |
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﻿Long-term debt | $ | 207,992 |  |  | $ | 223,220 |
﻿Less debt issuance cost |  | (3,048 | ) |  |  | (3,718 | )
﻿Net long-term portion | $ | 204,944 |  |  | $ | 219,502 |
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﻿ ﻿
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Future Maturities (in thousands): |  |
﻿2017 | $ | 30,625
﻿2018 |  | 35,000
﻿2019 |  | 172,992
﻿Total | $ | 238,617
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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 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: 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 + Details
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