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Debt | 12 Months Ended
--- | ---
Dec. 31, 2012
Debt Disclosure [Abstract] |
Debt Disclosure [Text Block] | 4. Debt
|  | Principal Outstanding at |  |  | Weighted Average |  |  |
|  | December 31, |  |  | December 31, |  |  | Interest at |  |  |
|  | 2012 |  |  | 2011 |  |  | December 31, 2012 |  |  | Maturity
Revolving Credit Facilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset-based credit facility |  | $ | - |  |  | $ | 38,000 |  |  |  | N/A |  |  | within 1 year
BCS revolver |  |  | 1,160 |  |  |  | 1,181 |  |  |  | 5.25 | % |  | Sept - 2013
Total revolving credit facilities |  | $ | 1,160 |  |  | $ | 39,181 |  |  |  |  |  |  |
Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior secured notes, net of discount and swap fair value adjustment (A) |  | $ | 173,916 |  |  | $ | 172,271 |  |  |  | 9.50 | % |  | Oct - 2017
PST short-term notes |  |  | 16,161 |  |  |  | 38,296 |  |  |  | 3.65% - 15.60 | % |  | Various 2013
PST long-term notes |  |  | 8,155 |  |  |  | 15,697 |  |  |  | 4.00 | % |  | 2013 - 2019
Suzhou note |  |  | 1,445 |  |  |  | 1,430 |  |  |  | 7.50 | % |  | Aug - 2013
Other |  |  | 559 |  |  |  | 263 |  |  |  |  |  |  |
Total |  |  | 200,236 |  |  |  | 227,957 |  |  |  |  |  |  |
Less: current portion |  |  | (18,925 | ) |  |  | (44,246 | ) |  |  |  |  |  |
Total long-term debt, net |  | $ | 181,311 |  |  | $ | 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 the Credit Facility is based on eligible current assets, as defined. At December 31, 2012 and 2011, the Company had undrawn borrowing capacity of approximately $74,060 and $29,540, respectively, based on eligible current assets. The Credit Facility contains financial performance covenants which would only constrain the Company’s borrowing capacity if our undrawn availability falls below $20,000. 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 Credit Facility covenants at December 31, 2012 and 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 “BCS Revolver”), subject to an annual renewal, which permits borrowing up to a maximum level of $3,000. In September 2012, the BCS Revolver was extended through September 2013. The available borrowing capacity on the BCS Revolver is based on an advance formula, as defined. At December 31, 2012 and 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 BCS Revolver. The revolving credit facilities are included as a component of current liabilities on the 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 were included as a component of long-term debt, net on the consolidated balance sheets. The senior secured notes were issued at a 2.5% discount to the initial purchasers for which the remaining balance at December 31, 2012 and 2011 was $3,296 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 Company was in compliance with all covenants at December 31, 2012 and 2011. 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. On September 20, 2010, the Company commenced a tender offer to purchase for cash any and all of its senior notes. The consent payment deadline was October 1, 2010, and the tender offer expired on October 18, 2010. For senior notes tendered before the consent payment deadline, the note holders received $1,002.50 for each $1,000.00 of principal amount of notes tendered. There was $109,733 of senior notes tendered prior to the consent payment deadline and an additional $154 tendered after the consent payment deadline but before the tender offer deadline. Holders tendering senior notes after the consent payment deadline were eligible to receive only the tender offer consideration of $1,000.00 per $1,000.00 principal amount of senior notes. On November 4, 2010, all senior notes which were not tendered were redeemed by the Company at par. In conjunction with the 2010 extinguishment, the Company recognized a loss of $1,346 for the year ended December 31, 2010. The 2010 loss was comprised of a non-cash charge of $1,022 related to the write-off of deferred finance costs and a cash charge of $324 which represents premiums that were paid to extinguish the senior notes and professional fees that were paid related to the tender offer. PST maintains several term notes used for working capital purposes. The short-term and long-term notes have fixed interest rates. The noncurrent portion of the PST long-term notes is $7,295 and is comprised of $1,234 that matures in 2014, with subsequent annual maturities ranging from $1,211 to $1,217 in 2015 through 2019. Depending on the specific note, interest is payable either monthly or annually. As of December 31, 2012 and 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 matured in August 2012. On August 29, 2012, the subsidiary entered into a new term loan for 9,000 Chinese yuan (the “Suzhou note”) which was $1,445 at December 31, 2012. The Suzhou note is included on the 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 125.0%. The Company’s wholly owned subsidiary located in Stockholm, Sweden, has an overdraft credit line which allows overdrafts on the subsidiary’s bank account up to a maximum level of 20,000 Swedish krona, or $3,075, at December 31, 2012. At December 31, 2012, there were no overdrafts on the bank account. At December 31, 2012, the future maturities of long-term debt were as follows:
Year ended December 31, |  | 2012 |
2013 |  | $ | 18,925 |
2014 |  |  | 1,334 |
2015 |  |  | 1,217 |
2016 |  |  | 1,211 |
2017 |  |  | 176,212 |
Thereafter |  |  | 2,422 |
Total |  | $ | 201,321

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- 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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