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DEBT OBLIGATIONS | 3 Months Ended
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Mar. 31, 2014
DEBT OBLIGATIONS |
DEBT OBLIGATIONS | 8. DEBT OBLIGATIONS Debt obligations consisted of the following (in thousands):
|  | March 31, 2014 |  | December 31, 2013 |
Current Borrowings |  |  |  |  |
Revolving Credit Facility (2.7% at March 31, 2014) |  | $ | 7,725 |  | $ | 7,725 |
China Credit Facility (6.3% at March 31, 2014) |  | 1,322 |  | 1,170 |
Term Loan, current portion, (2.7% at March 31, 2014) (1) |  | 5,500 |  | 5,250 |
Current borrowings |  | $ | 14,547 |  | $ | 14,145 |
Long-term Debt |  |  |  |  |
Term Loan, noncurrent (2.7% at March 31, 2014) (1) |  | $ | 42,000 |  | $ | 43,500 |
Subordinated Notes (14.5%, 13% Cash, 1.5% PIK) |  | 30,000 |  | 30,000 |
Long-term debt |  | $ | 72,000 |  | $ | 73,500 |
(1) The effective rate of the Term Loan including the impact of the related hedges is 3.14%. Credit Agreement The Company’s Credit Agreement provides for a $15,000 five-year revolving credit facility and a $50,000 five-year term loan (collectively the “Senior Credit Facilities”). Borrowings under the Senior Credit Facilities are subject to terms defined in the Credit Agreement. Borrowings bear interest at either the Base Rate plus a margin of 0.25% to 2.00% (currently 1.50%) or the Eurocurrency Rate plus a margin of 1.25% to 3.00% (currently 2.50%), in each case depending on the Company’s ratio of total funded indebtedness to Consolidated EBITDA (the “Total Leverage Ratio”). Principal installments are payable on the Term Loan in varying percentages quarterly through September 30, 2018 with a balloon payment at maturity. The Senior Credit Facilities are secured by substantially all of the Company’s assets. The average outstanding borrowings for 2014 for the Senior Credit Facilities were $56,100. At March 31, 2014, there was approximately $7,300 available under the Senior Credit Facilities. The Credit Agreement contains certain financial covenants related to maximum leverage and minimum fixed charge coverage. The Credit Agreement also includes other covenants and restrictions, including limits on the amount of certain types of capital expenditures. The Company was in compliance with all covenants at March 31, 2014. Senior Subordinated Notes Under the Company’s Note Agreement, the Company sold $30,000 of 14.50% Senior Subordinated Notes due October 18, 2019 (the “Notes”) to Prudential Capital Partners IV, L.P. and its affiliates in a private placement. The interest rate on the Notes is 14.50% with 13.00% payable in cash and 1.50% payable in-kind, quarterly in arrears and the outstanding principal amount of the Notes, together with any accrued and unpaid interest is due on October 18, 2019. The Company may prepay the Notes at any time after October 18, 2016, in whole or in part, at 100% of the principal amount. The Notes are unsecured obligations of the Company and are fully and unconditionally guaranteed by certain of the Company’s subsidiaries. Other The Company also has a Credit Facility in China providing credit of approximately $1,540 (Chinese Renminbi (“RMB”) 9,500). This facility is used for working capital and capital equipment needs at the Company’s China operations, and will mature in October 2014. The average balance for 2014 was $1,330 (RMB 8,100). At March 31, 2014, there was approximately $200 (RMB 1,400) available under the facility.

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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 SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: 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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