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Bank Debt | 12 Months Ended
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Dec. 31, 2018
Bank Debt [Abstract] |
Bank Debt | (3)Bank Debt ﻿ On May 21, 2018, we executed the Third Amended and Restated Credit Agreement with PNC, as administrative agent for our lenders. The $267 million credit facility is a combination of a $147 million term loan and $120 million revolver. The credit facility extends the term through May 21, 2022, reduces the debt service requirements, changes the borrower from Sunrise Coal to Hallador, and allows for investments in Hourglass Sands. The credit facility is collateralized primarily by Hallador’s assets. Our borrowing capacity increased by $6 million as of the effective date of the amended agreement. Liquidity Our bank debt at December 31, 2018, was $188 million (term - $130 million, revolver - $58 million). Our debt is recorded at cost which approximates fair value due to the variable interest rates in the agreement. As of December 31, 2018, we had additional borrowing capacity of $62 million and total liquidity of $80 million. Fees We incurred $5.7 million in debt issuance costs at the closing of the new credit facility that were added to our bank debt. Bank fees and other costs incurred in connection with the amended credit agreement and unamortized costs incurred in connection with the initial facility and a subsequent amendment totaled $8.8 million. These costs were deferred and are being amortized over the term of the loan. Unamortized costs as of December 31, 2018 and 2017, were $7.4 million and $3.0 million, respectively. Covenants The credit facility includes a Maximum Leverage Ratio (consolidated funded debt / trailing twelve months adjusted EBITDA), calculated as of the end of each fiscal quarter for the trailing twelve months, not to exceed the amounts below: ﻿
﻿ |  |
Fiscal Periods Ending |  | Ratio
﻿September 30, 2018 through March 31, 2019 |  | 3.75 to 1.00
﻿June 30, 2019 and September 30, 2019 |  | 3.50 to 1.00
﻿December 31, 2019 through September 30, 2020 |  | 3.25 to 1.00
﻿December 31, 2020 through September 30, 2021 |  | 3.00 to 1.00
﻿December 31, 2021 and each fiscal quarter thereafter |  | 2.75 to 1.00
﻿ The credit facility also requires a Minimum Debt Service Coverage Ratio (consolidated adjusted EBITDA / annual debt service) calculated as of the end of each fiscal quarter for the trailing twelve months of 1.25 to 1 through the maturity of the credit facility. At December 31, 2018, our Leverage Ratio was 2.55, and our Debt Service Coverage Ratio was 2.12. Therefore, we were in compliance with those two ratios. ﻿ Rate The interest rate on the facility ranges from LIBOR plus 3.00% to LIBOR plus 4.50%, 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 ~6% on the original term loan balance and on $53 million of the revolver. At December 31, 2018, we are paying LIBOR of 2.52% plus 4.00% for a total interest rate of 6.52%. Bank debt, less debt issuance costs, is presented below (in thousands): ﻿ ﻿
﻿ |  |  |  |  |  |  |
﻿ | 2018 |  |  | 2017 |
﻿Current debt | $ | 27,563 |  |  | $ | 35,000 |
﻿Less debt issuance cost |  | (2,171 | ) |  |  | (1,829 | )
﻿Net current portion | $ | 25,392 |  |  | $ | 33,171 |
﻿ |  |  |  |  |  |  |
﻿Long-term debt | $ | 160,900 |  |  | $ | 166,992 |
﻿Less debt issuance cost |  | (5,245 | ) |  |  | (1,219 | )
﻿Net long-term portion | $ | 155,655 |  |  | $ | 165,773 |
﻿ ﻿
﻿ |  |
﻿ |  |
﻿Future Maturities (in thousands): |  |
﻿2019 | $ | 27,563
﻿2020 |  | 34,913
﻿2021 |  | 36,750
﻿2022 |  | 89,237
﻿Total | $ | 188,463
﻿ ﻿ ﻿ ﻿

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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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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