NOTE

: LONG-TERM DEBT

Long-term debt as of

September 30, 2018

and

December 31, 2017:

	September 30, 2018			December 31, 2017
	(in thousands)
Line of credit with a bank (1)	$	18,122			-
Equipment Financing (2)		187,337			172,636
Total long-term debt		205,459			172,636
Less current maturities		(62,413	)		(73,641	)
Long-term debt – net of current maturities	$	143,046		$	98,995

(

) Line of credit agreement with a bank provides for maximum borrowings of

$40.0

million and contains certain restrictive covenants that must be maintained by the Company on a consolidated basis. Borrowings on the line of credit are at an interest rate of LIBOR as of the

first

day of the month plus

1.50%

(

3.60%

September 30, 2018),

are secured by our trade accounts receivable and mature on

July 1, 2020.

Monthly payments of interest are required under this agreement. Also, under the terms of the agreement the Company must maintain a debt to EBITDA (earnings before interest, taxes, depreciation, and amortization) ratio of less than

4.00:1.

The Company was in compliance with all provisions under this agreement throughout

2018.

(

) Equipment financings consist of installment obligations for revenue equipment purchases, payable in various monthly installments with various maturity dates through

July 2025,

at a weighted average interest rate of

3.30%

as of

September 30, 2018

and are collateralized by revenue equipment.