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Debt | 3 Months Ended
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Mar. 31, 2014
Debt [Abstract] |
Debt | (5) Debt Debt consisted of the following at March 31, 2014 and December 31, 2013:
|  | March 31, |  | December 31, |  | Interest rates at |  |
|  | 2014 |  | 2013 |  | March 31, 2014 |  | Maturity
Revolving Credit Facility |  |  |  |  |  |  |  |
Asset-based credit facility | $ | - | $ | - |  | N/A |  | Dec - 2016
Debt |  |  |  |  |  |  |  |
Senior secured notes, net of discount |  |  |  |  |  |  |  |
and swap fair value adjustment (A) | $ | 173,356 | $ | 173,061 |  | 9.50% |  | Oct - 2017
PST short-term notes |  | 13,049 |  | 4,822 |  | 1.90% - 11.76% |  | Various 2014
PST long-term notes |  | 16,753 |  | 16,896 |  | 4.00% - 5.50% |  | 2014 - 2019
Suzhou note |  | 1,448 |  | 1,487 |  | 7.39% |  | Aug - 2014
Other |  | 1,030 |  | 966 |  |  |  |
Total debt |  | 205,636 |  | 197,232 |  |  |  |
Less: current portion |  | (21,559) |  | (12,187) |  |  |  |
Total long-term debt, net | $ | 184,077 | $ | 185,045 |  |  |  |
(A) | I nterest rate excludes the effect of the Company's interest rate swap and the accretion of debt discount.
Revolving Cred it Facility 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, 201 4 and December 31, 201 3, the Company had undrawn borrowing capacity of approximately $87,034 and $71,072, respectively. The Credit Facility contains financial performance covenants which would only constrain the Company’s borrowing capacity if our undrawn availability falls below $20,000. Other restrictions include limits on capital expenditures, operating leases, dividends and investment activities in negative covenants which limit investment activities to $15,000 minus certain guarantees and obligations. The Company was in compliance with all Credit Facility covenants at March 31, 2014 and December 31, 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, 201 4 and December 31, 2013 was $2,582 and $2,732, 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 short-term and long-term notes used for working capital purposes that have fixed interest rates. The weighted-average interest rates of short-term and long-term debt of PST at March 31, 2014 were 9.1% and 4.9%, respectively. Depending on the specific note, interest is payable either monthly or annually. The PST notes at March 31, 201 4 mature as follows: $19,130 in 2014, $5,184 in 201 5, $2,207 in 2016 and approximately $1,094 annually in 2017, 201 8 and 2019. On August 2 1, 201 3, the Company's wholly-owned subsidiary located in Suzhou, China entered into a term loan for 9,000 Chinese yuan which matured in February 2014. On February 25, 2014, 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 $1,448 and $1,487 at March 31, 201 4 and December 31, 201 3, respectively. The Suzhou note is included on the condensed consolidated balance sheets as a component of current portion of long-term debt. The term loan matures in August 2014 with i nterest payable quarterly at 132.0% of the one-year lending rate published by The People's Bank of China, which was 7.39% at March 31, 2014. The Company was in compliance with all note covenants at March 31, 201 4 and December 31, 201 3. 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 $3,090 and $3,107, at March 31, 2014 and December 31, 201 3, respectively. At March 31, 201 4 and December 31, 201 3, there was no balance outstandi ng on this bank account.

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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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