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Note 5 - Bank Debt | 6 Months Ended
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Jun. 30, 2024
Notes to Financial Statements |
Debt Disclosure [Text Block] |
(5) | BANK DEBT
At June 30, 2024, the Company had term debt of $45.5 million. The term debt required quarterly payments of $6.5 million starting in April 2024 through maturity. Our debt is recorded at amortized cost, which approximates fair value due to the variable interest rates in the agreement and is collateralized primarily by our assets. Bank debt was reduced by $46.0 million during the six months ended June 30, 2024. Liquidity As of June 30, 2024, we had additional borrowing capacity of $54.4 million and total liquidity of $60.7 million. Our additional borrowing capacity utilizes our $75.0 million revolver availability and reduces it by $20.6 million for outstanding letters of credit that we were required to maintain for surety bonds. Liquidity consists of our additional borrowing capacity and cash and cash equivalents. Fees Unamortized bank fees related to our term debt as of June 30, 2024, and December 31, 2023, were $2.8 million and $3.6 million, respectively. These unamortized bank fees were deferred and are being amortized over the term of the loan. Bank debt, less debt issuance costs, is presented below (in thousands):
|  | June 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Current bank debt |  | $ | 19,500 |  |  | $ | 26,000 |
Less unamortized debt issuance cost |  |  | (1,562 | ) |  |  | (1,562 | )
Net current portion |  | $ | 17,938 |  |  | $ | 24,438 |
Long-term bank debt |  | $ | 26,000 |  |  | $ | 65,500 |
Less unamortized debt issuance cost |  |  | (1,266 | ) |  |  | (2,047 | )
Net long-term portion |  | $ | 24,734 |  |  | $ | 63,453 |
Total bank debt |  | $ | 45,500 |  |  | $ | 91,500 |
Less total unamortized debt issuance cost |  |  | (2,828 | ) |  |  | (3,609 | )
Net bank debt |  | $ | 42,672 |  |  | $ | 87,891 |
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 2.25 to 1.00. As of June 30, 2024, our Leverage Ratio of 2.12 was in compliance with the requirements of the credit agreement. 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 1.00 through the credit facility's maturity. As of June 30, 2024, our Debt Service Coverage Ratio of 1.56 was in compliance with the requirements of the credit agreement. As of June 30, 2024, we were in compliance with all other covenants defined in the credit agreement. Interest Rate The interest rate on the facility ranges from SOFR plus 4.00% to SOFR plus 5.00%, depending on our Leverage Ratio. As of June 30, 2024, we were paying SOFR plus 5.00% on the outstanding bank debt which equates to an all-in rate of 10.49%.
Future Maturities (in thousands): |  |  |  |
2024 |  | $ | 6,500 |
2025 |  |  | 26,000 |
2026 |  |  | 13,000 |
Total |  | $ | 45,500 |

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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/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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