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Debt | 9 Months Ended
--- | ---
Sep. 30, 2014
Debt [Abstract] |
Debt | (8) Debt Debt consisted of the following at September 30, 2014 and December 31, 2013:
|  |  |  | Interest rates at |  |
|  | September 30, |  | December 31, |  | September 30, |  |
|  | 2014 |  | 2013 |  | 2014 |  | Maturity
Revolving Credit Facility |  |  |  |  |  |  |  |
Credit facility | $ | - | $ | - |  | N/A |  | Sept - 2019
Debt |  |  |  |  |  |  |  |
Senior secured notes, net of discount |  |  |  |  |  |  |  |
and swap fair value adjustment (A) | $ | 155,809 | $ | 173,061 |  | 9.50% |  | Oct - 2017
PST short-term notes |  | 9,471 |  | 4,822 |  | 10.44% - 12.84% |  | Various 2014
PST long-term notes |  | 16,997 |  | 16,896 |  | 4.00% - 8.00% |  | 2016 - 2019
Suzhou note |  | - |  | 1,487 |  | - |  | Aug - 2014
Other |  | 962 |  | 966 |  |  |  |
Total debt |  | 183,239 |  | 197,232 |  |  |  |
Less: current portion |  | (73,887) |  | (12,187) |  |  |  |
Total long-term debt, net | $ | 109,352 | $ | 185,045 |  |  |  |
(A) | Interest rate excludes the effect of the Company's interest rate swap and the accretion of debt discount.
Revolving Credit Facility On November 2, 2007, the Company entered into an asset-based 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 on September 20, 2010 and December 1, 2011, respectively. On September 12, 2014, the Company entered into a Third Amended and Restated Credit Agreement (the “Amended Agreement”). The Amended Agreement provides for a $300,000 revolving credit facility, which replaces the Company’s existing $100,000 asset-based credit facility and includes a letter of credit subfacility, swing line subfacility and multicurrency subfacility. The amended revolving credit facility (the “Credit Facility”) also has an accordion feature which allows the Company to increase the availability by up to $80,000 upon the satisfaction of certain conditions. The Amended Agreement extends the termination date of the Company’s Credit Facility to September 12, 2019 from December 1, 2016. In the third quarter of 2014, the Company capitalized $1,499 of deferred financing costs and recognized a $100 loss on extinguishment of previously recorded deferred financing costs associated with the Amended Agreement. Borrowings under the Amended Agreement will bear interest at either the Base Rate, as defined, or the LIBOR Rate, at the Company’s option, plus the applicable margin as set forth in the Amended Agreement. The Amended Agreement contains certain financial covenants that require the Company to maintain less than a maximum leverage ratio and more than a minimum interest coverage ratio. The Amended Agreement also contains affirmative and negative covenants and events of default that are customary for credit arrangements of this type including covenants which place restrictions and/or limitations on the Company’s ability to borrow money, make capital expenditures and pay dividends. There were no borrowings outstanding on the credit facilities at September 30, 2014 and December 31, 2013. The Company was in compliance with all credit facility covenants at September 30, 2014 and December 31, 2013. Debt On October 4, 2010, the Company issued $175,000 of senior secured notes which 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 September 30, 2014 and December 31, 2013 was $2,043 and $2,732, respectively. Interest payments are payable on April 15 and October 15 of each year. On September 2, 2014, the Company redeemed $17,500, or 10.0%, of its senior secured notes at a price of 103.0% of the principal amount. As a result of the redemption, the Company recognized a loss on extinguishment of debt of $820 in the third quarter of 2014, which includes a premium of $525 and the acceleration of both the remaining deferred financing costs and original issue discount. On October 15, 2014, the Company redeemed the remaining $157,500 of its 9.5% senior secured notes at a price of 104.75% of the principal amount discharging the corresponding senior notes indenture. As a result of the redemption, the Company will recognize a loss on extinguishment of debt of approximately $9,700 in the fourth quarter of 2014, which includes a premium of $7,481 and the acceleration of the remaining deferred financing costs, original issue discount and de-designation date unrecognized gain on the interest rate swap. The senior secured notes were redeemed using funds from borrowing $100,000 under the Credit Facility as well as restricted cash. The senior secured notes indenture limited the amount of the Company and its restricted subsidiaries' indebtedness, restricted certain payments and included various other non-financial restrictive covenants. The senior secured notes were 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 also guaranteed the senior secured notes. PST maintains several short-term and long-term notes used for working capital purposes including a new term loan (the “PST note”) entered into on July 1, 2014 for 11,203 Brazilian real which had a U.S. dollar equivalent outstanding balance of $4,637 at September 30, 2014. The PST note matures on July 15, 2017 with interest payable quarterly at a fixed annual interest rate of 8.0%. PST’s other short-term and long-term notes also have fixed interest rates. The weighted-average interest rates of short-term and long-term debt of PST at September 30, 2014 were 11.7% and 5.7%, respectively. Depending on the specific note, interest is payable either monthly or annually. The PST notes at September 30, 2014 mature as follows: $15,474 in 2014, $2,186 in 2015, $4,405 in 2016, $2,383 in 2017 and approximately $1,010 annually in 2018 and 2019. On February 25, 2014, the Company's wholly-owned subsidiary located in Suzhou, China entered into a term loan for 9,000 Chinese yuan (the “Suzhou note”) which matured in August 2014. The U.S. dollar equivalent outstanding loan balance was $1,487 at December 31, 2013, with interest payable quarterly at 125.0% of the one-year lending rate published by The People's Bank of China, which was 7.0%. The Company was in compliance with all note covenants at September 30, 2014 and December 31, 2013. 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 $2,773 and $3,107, at September 30, 2014 and December 31, 2013, respectively. At September 30, 2014 and December 31, 2013, there was no balance outstanding 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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