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Note 5 - Long-term Debt

3 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Debt Disclosure [Text Block]

Note

5

.

Long-T

erm Debt

Long-term debt consists of the following:

		June 30, 2018				March 31, 201 8
Line of credit (4.00% as of June 30, 2018)		$	21,500			$	28,000
Term loan (4.13% as of June 30, 2018)			18,250				18,625
Less: discount			(338	)			(365	)
Less: current portion			(1,750	)			(1,625	)
Long-term portion		$	37,662			$	44,635

On

March 1, 2017,

we entered into a

five

-year agreement (the “Credit Facility”) for an

$80,000

revolving line of credit (“Line of Credit”), a

$20,000

term loan (“Term Loan”) and up to

$2,500

of letters of credit with a banking syndicate of

four

banks. In addition, the Credit Facility provides a post-closing accordion feature which allows for the Company to request to increase the Line of Credit or Term Loan up to an additional

$100,000.

Line of Credit and Term Loan indebtedness bears interest at either: (

1

) LIBOR, as defined in the agreement, plus an applicable margin ranging from

1.50%

to

2.50%;

or (

2

) the alternate base rate (“ABR”), which is the greater of JPMorgan’s prime rate or the federal funds effective rate or the overnight bank funding rate plus

0.5%.

We elect the interest rate with each borrowing under the line of credit. In addition, there is an unused line fee of

0.15%

to

0.35%.

Letter of credit fees are based on the applicable LIBOR rate.

The Credit Facility is secured by all of our assets and requires us to maintain a ratio of funded debt to our trailing

four

quarters of EBIDTA (the “Leverage Ratio”), as defined in the agreement, of less than

3.0

to

1.0,

provided that, we

may

once during the term of the Credit Facility, in connection with a Permitted Acquisition for which the aggregate consideration paid or to be paid in respect thereof equals or exceeds

$20,000,

elect to increase the maximum Leverage Ratio permitted hereunder to (i) 

3.50

to

1.00

for a period of

four

consecutive fiscal quarters commencing with the fiscal quarter in which such Permitted Acquisition occurs (the “Initial Holiday Period”) and (ii) 

3.25

to

1.00

for the period of

four

consecutive fiscal quarters immediately following the Initial Holiday Period. The Credit Facility also requires us to maintain a minimum fixed charge coverage ratio of less than

1.25

to

1.0.

We were in compliance with all debt covenants as of

June 30, 2018.

As of

June 30, 2018,

future contractual maturities of debt are as follows:

Year E nding March 31,
2019		$	1,250
2020			2,125
2021			2,625
2022			33,750
Total		$	39,750

In

July 2018,

we made a

$1,000

payment under our Line of Credit.

X

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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X

- References

No definition available.

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