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Debt | 12 Months Ended
--- | ---
Dec. 31, 2013
Debt [Abstract] |
Debt | 4. Debt
|  |  |  |  |  | Weighted |  |
|  | Principal Outstanding at |  | Average |  |
|  | December 31, |  | December 31, |  | Interest as of |  |
|  | 2013 |  | 2012 |  | December 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) | $ | 173,061 | $ | 173,916 |  | 9.50% |  | Oct - 2017
PST short-term notes |  | 4,822 |  | 16,161 |  | 1.70% - 16.56% |  | Various 2014
PST long-term notes |  | 16,896 |  | 8,155 |  | 4.00% - 5.50% |  | 2014 - 2019
Suzhou note |  | 1,487 |  | 1,445 |  | 7.00% |  | Feb - 2014
Other |  | 966 |  | 559 |  |  |  |
Total debt |  | 197,232 |  | 200,236 |  |  |  |
Less: current portion |  | (12,187) |  | (18,925) |  |  |  |
Total long-term debt, net | $ | 185,045 | $ | 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 availa ble borrowing capacity on the Credit F acility is based on eligible current assets, as defined. At December 31, 2013 and 2012, the Company had undrawn borrowing capacity of approximately $71,072 and $74,060, respectively, based on eligible current assets. The Credit F acil ity contains financial performance covenants which would only constrain the Company’s borrowing capacity if our undrawn availability falls below $20,000. H owever, restrictions include limits on capital ex penditures, 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 December 31, 2013 and 2012. On October 13, 2009, 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. At December 31, 2012, the Company had outstanding borrowings under this facility of $1,160 and did not have any remaining borrowing capacity based on an advance formula, as defined. The BCS Revolver was paid off and the agreement was terminated in February 2013. 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, 2013 and 2012 was $2,732 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 Company was in compliance with all covenants at December 31, 2013 and 2012. 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. Our consolidated subsidiary, 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 real which had a U.S. dollar equivalent outstanding balance of $10,697 at December 31, 2013. The PST note matures on February 15, 2016 with interest payable monthly at a fixed interest rate of 5.5%. PST's 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 December 31, 2013 is $11,909 and mature as follows: $6,616 in 2015, $2,122 in 2016 and $1,057 annually in 2017 through 2019. As of December 31, 2013 and 2012, PST was in compliance with all note covenants. On August 29, 2012, the Company's wholly-owned subsidiary located in Suzhou, China entered into a term loan for 9,000 Chinese yuan which matured in August 2013. On August 21, 2013, the subsidiary entered into a new term loan for 9,000 Chinese yuan (the "Suzhou note"). The U.S. dollar equivalent outstanding loan balance was $1,487 and $1,445 at December 31, 2013 and 2012, respectively, under these term loan agreements. The Suzhou note is included on the 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 $3,107 and $3,075, at December 31, 2013 and 2012, respectively. At December 31, 2013 and 2012, there were no overdrafts on this bank account. At December 31, 2013, the future maturities of long-term debt were as follows:
Year ended December 31 |  |
2014 | $ | 12,187
2015 |  | 6,691
2016 |  | 177,122
2017 |  | 1,057
2018 |  | 1,057
Thereafter |  | 1,057
Total | $ | 199,171

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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 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: 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 3: 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 + Details
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