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Long-Term Debt
 3 Months Ended
Mar. 31, 2013
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]

(5) Long-Term Debt

 

    Principal Outstanding at     Weighted Average      
    March 31,     December 31,     Interest at      
    2013     2012     March 31, 2013     Maturity
                       
Revolving Credit Facilities:                            
Asset-based credit facility   $ -     $ -       N/A     Dec - 2016
BCS revolver     -       1,160       N/A     Feb - 2013
Total revolving credit facilities   $ -     $ 1,160              
                             
Debt:                            
Senior secured notes, net of discount and swap fair value adjustment (A)   $ 173,948     $ 173,916       9.50 %   Oct - 2017
PST short-term notes     14,518       16,161       2.32% - 3.62 %   Various 2013
PST long-term notes     20,701       8,155       4.00% - 5.50 %   2016 - 2019
Suzhou note     1,449       1,445       7.50 %   Aug - 2013
Other     536       559              
Total     211,152       200,236              
Less: current portion     (17,621 )     (18,925 )            
Total long-term debt, net   $ 193,531     $ 181,311              

 

(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 March 31, 2013 and December 31, 2012, the Company had undrawn borrowing capacity of approximately $85,097 and $74,060, 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.

 

The Company was in compliance with all Credit Facility covenants at March 31, 2013 and December 31, 2012.

 

On October 13, 2009, the Company’s consolidated subsidiary, BCS, entered into a master revolving note (the “BCS Revolver”), subject to an annual renewal, which permitted borrowing up to a maximum level of $3,000. The BCS Revolver was paid off and agreement terminated in February 2013.

 

Debt

 

On October 4, 2010, the Company issued $175,000 of senior secured notes which are included as a component of long-term debt, net on the condensed consolidated balance sheets. These senior secured notes bear interest at an annual rate of 9.5% and mature on October 15, 2017. The senior secured notes were issued to the original purchasers at a 2.5% discount for which the remaining balance at March 31, 2013 and December 31, 2012 was $3,161 and $3,296, 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 may guarantee any indebtedness of the Company or the guarantors will also guarantee the senior secured notes.

 

Our consolidated subsidiary PST Eletrônica Ltda. (“PST”) maintains several term notes used for working capital purposes including a new term loan (the “PST note”) entered into on March 19, 2013 for 25,000 Brazilian reais whose U.S. dollar equivalent outstanding balance was $12,420 at March 31, 2013. The PST note matures on February 2, 2016 with interest payable monthly at a fixed interest rate of 5.5%. The other short-term and long-term notes also have fixed interest rates.  Depending on the specific note, interest is payable either monthly or annually. The noncurrent portion of the PST long-term notes at March 31, 2013 is $19,515 and is comprised of the following maturities; $6,114 in 2014, $7,449 in 2015, $2,265 in 2016 and $1,229 annually in 2017 through 2019.  As of March 31, 2013 and December 31, 2012, 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”) whose U.S. dollar equivalent outstanding balance was $1,449 and $1,445 at March 31, 2013 and December 31, 2012, respectively. The Suzhou note is included on the condensed consolidated balance sheets as a component of current portion of long-term debt. Interest is payable quarterly at 125.0% of the one-year lending rate published by The People’s Bank of China.

 

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 $3,064 and $3,075, at March 31, 2013 and December 31, 2012, respectively. At March 31, 2013 and December 31, 2012, there were no overdrafts on the bank account.