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Debt
 6 Months Ended
Jun. 30, 2012
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]

(6)   Debt

 

    Principal Outstanding at     Weighted Average        
    June 30,
2012		   December 31,
2011		     Interest as of
June 30, 2012		     Maturity  
                         
Revolving Credit Facilities                                
Asset-based credit facility   $ 25,000     $ 38,000       1.70 %     within  1 year  
BCS revolver     1,065       1,181       5.25 %     Sept - 2012  
Total revolving credit facilities   $ 26,065     $ 39,181                  
                                 
Debt                                
Senior secured notes, net of discount and swap fair value adjustment (A)   $ 173,274     $ 172,271       9.50 %     Oct - 2017  
PST short-term notes     29,570       38,296       9.6% - 15.6 %     Various 2012  
PST long-term notes     14,126       15,697       4.0% - 4.5 %     2013 - 2019  
Suzhou note     1,416       1,430       8.33 %     Sept - 2012  
BCS installment note     92       188       5.50 %     Sept - 2012  
Other     405       75                  
Total     218,883       227,957                  
Less: current portion     (37,076 )     (44,246 )                
Total long-term debt   $ 181,807     $ 183,711                  

 

(A) Weighted average interest rate excludes the impact of the Company’s interest rate swap and the accretion of debt discount.

 

Revolving Credit Facilities

 

On November 2, 2007, the Company entered into an asset-based credit facility (the “credit facility”), which permits borrowing up to a maximum level of $100,000. The Company entered into an Amended and Restated Credit and Security Agreement and a Second Amended and Restated Credit and Security Agreement (the “Second Amended and Restated Agreement”) on September 20, 2010 and December 1, 2011, respectively. The Second Amended and Restated Agreement extended the termination date of the credit facility to December 1, 2016, increased the borrowing base by increasing the sublimit on eligible inventory located at Mexican facilities and made changes to certain covenants relating to, among other things, guarantees, investments, capital expenditures and permitted indebtedness. The credit facility requires a commitment fee of 0.375% on the unused balance. Interest is payable quarterly at either (i) the higher of the prime rate or the Federal Funds rate plus 0.50%, plus a margin of 0.00% to 0.25% or (ii) LIBOR plus a margin of 1.00% to 1.75%, depending upon the Company’s undrawn availability, as defined. 

 

The available borrowing capacity on this credit facility is based on eligible current assets, as defined. At June 30, 2012 and December 31, 2011, the Company had undrawn borrowing capacity of approximately $63,297 and $29,540, respectively, based on eligible current assets. The credit facility does not contain financial performance covenants which would constrain the Company’s borrowing capacity. However, restrictions do include limits on capital expenditures, operating leases, dividends and investment activities in a negative covenant which limits investment activities to $15,000 minus certain guarantees and obligations.

 

On March 8, 2012, the Company received a waiver and amendment to extend the delivery date of certain documents required for the Company’s acquisition of an additional interest in PST. The Company was in compliance with all covenants at June 30, 2012 and December 31, 2011 other than the aforementioned matter which was subsequently waived.

  

On October 13, 2009, the Company’s majority owned consolidated subsidiary, Bolton Conductive Systems, LLC (“BCS”), entered into a master revolving note (the “Revolver”), which permits borrowing up to a maximum level of $3,000. The available borrowing capacity on the Revolver is based on an advance formula, as defined. At June 30, 2012 and December 31, 2011, BCS did not have any remaining borrowing capacity based on the advance formula. Interest is payable monthly at the prime referenced rate plus a 2.0% margin. The Company is a guarantor of BCS as it relates to the Revolver.

 

The revolving credit facilities are included as a component of current liabilities on the condensed consolidated balance sheets as they are expected to be repaid over the next twelve months.

 

Debt

 

On October 4, 2010, the Company issued $175,000 of senior secured notes which are included as a component of long-term debt on the condensed consolidated balance sheets. The senior secured notes were issued at a 2.5% discount to the initial purchasers for which the remaining balance at June 30, 2012 and December 31, 2011 was $3,558 and $3,807, respectively. The senior secured notes are redeemable in full, at the Company’s option, beginning October 15, 2014 at 104.75%. Interest payments are payable on April 15 and October 15 of each year. The senior secured notes indenture limits the amount of the Company and its restricted subsidiaries’ indebtedness, restricts certain payments and includes various other non-financial restrictive covenants. The senior secured notes are guaranteed by all of the Company’s existing domestic restricted subsidiaries. All other restricted subsidiaries that guarantee any indebtedness of the Company or the guarantors will also guarantee the senior secured notes.

 

PST maintains several term notes used for working capital purposes. The short-term and long-term notes have fixed interest rates.  The long-term portion of the PST debt is $8,319 and is comprised of $956 that matures in 2013, with subsequent annual maturities of approximately $1,225 through 2019.  Depending on the specific note, interest is payable either monthly or annually. As of June 30, 2012 and December 31, 2011, PST was in compliance with all loan covenants.

 

On September 2, 2011, the Company’s wholly-owned subsidiary located in Suzhou, China entered into a term loan for 9,000 Chinese yuan which is included on the condensed consolidated balance sheet as a component of current portion of long-term debt. Interest is payable quarterly at the one-year lending rate published by The People’s Bank of China multiplied by 127.0%.

 

BCS has an installment note. Interest on the installment note is the prime referenced rate plus a 2.25% margin. The installment note calls for monthly installment payments of principal and interest.