XML 25 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 6 - Long-term Debt
 9 Months Ended
Dec. 31, 2018
Notes to Financial Statements  
Debt Disclosure [Text Block]
Note
6
.
Long-T
erm Debt
 
Long-term debt consists of the following:
 
   
December 31,
2018
   
March 31,
2018
 
Line of credit (3.813%, as of December 31, 2018)
   $
12,000
     $
28,000
  
Term loan (3.875% as of December 31, 2018)
    
17,500
      
18,625
  
Less: discount
    
(287
 )    
(365
 )
Less: current portion
    
(2,000
 )    
(1,625
 )
Long-term portion
   $
27,213
     $
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
December 31, 2018.
 
As of
December 31, 2018,
future contractual maturities of debt are as follows:
 
For the year ending March 31,
 
 
 
 
2019
   $
500
  
2020
    
2,125
  
2021
    
2,625
  
2022
    
24,250
  
Total
   $
29,500
  
 
Subsequent to
December 2018,
we made a
$3,000
payment under our line of credit.