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LONG-TERM OBLIGATIONS | 12 Months Ended
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Dec. 31, 2023
LONG-TERM OBLIGATIONS |
LONG-TERM OBLIGATIONS | 7. LONG-TERM OBLIGATIONS Credit Facility On October 28, 2022, we entered into a first amendment to the loan agreement with First Horizon Bank to increase the credit facility from $50.0 million to $100.0 million, made certain technical and operational adjustments necessary to implement the one-month Term SOFR Rate (as defined in the loan agreement) as the primary interest rate index under the credit facility, and added a new asset coverage financial covenant test. All other material terms and conditions of the credit facility remained unchanged. All borrowings under the amended credit facility bear interest at the one-month Term SOFR Rate plus 1.00% or 1.25% per annum. The credit facility contains customary representations and warranties, events of default, and financial affirmative and negative covenants. Covenants under the credit facility restrict the payment of cash dividends if we would be in violation of the minimum tangible net worth test or the leverage ratio test as a result of the dividend, among other restrictions. Interest expense on the credit facility was $3.4 million, $1.1 million and $0.1 million for the years ended December 31, 2023, 2022, and 2021, respectively. We were in compliance with all covenants under the credit facility as of December 31, 2023. The Company had outstanding borrowings of $60.0 million under the credit facility at December 31, 2023. The Company had outstanding borrowings of $45.0 million under the credit facility at December 31, 2022.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent + Details
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