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Debt | 12 Months Ended
--- | ---
Dec. 31, 2014
Debt [Abstract] |
Debt | 4. Debt
|  |  |  | Interest rates at |  |
|  | December 31, |  | December 31, |  | December 31, |  |
|  | 2014 |  | 2013 |  | 2014 |  | Maturity
Revolving Credit Facility |  |  |  |  |  |  |  |
Credit facility | $ | 100,000 | $ | - |  | 1.82% |  | September - 2019
Debt |  |  |  |  |  |  |  |
Senior secured notes, net of discount |  |  |  |  |  |  |  |
and swap fair value adjustment | $ | - | $ | 173,061 |  | N/A |  | Redeemed
PST short-term obligations |  | 11,249 |  | 4,822 |  | 12.72% - 14.94% |  | Various 2015
PST long-term notes |  | 16,770 |  | 16,896 |  | 4.00% - 8.00% |  | 2016 - 2021
Suzhou note |  | 1,450 |  | 1,487 |  | 6.72% |  | April - 2015
Other |  | 837 |  | 966 |  |  |  |
Total debt |  | 30,306 |  | 197,232 |  |  |  |
Less: current portion |  | (19,655) |  | (12,187) |  |  |  |
Total long-term debt, net | $ | 10,651 | $ | 185,045 |  |  |  |
Revolving Credit Facility On November 2, 2007, the Company entered into an asset-based credit facility which permitted 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 2014, the Company capitalized $1,666 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 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 Company is also subject to a commitment fee ranging from 0.20% to 0.35% based on the Company’s leverage ratio. The agreement governing our Credit Facility requires the Company to maintain a maximum leverage ratio of 3.00 to 1.00, and a minimum interest coverage ratio of 3.50 to 1.00 and places a maximum annual limit on capital expenditures. The Amended Agreement also contains other 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. Borrowings outstanding on the Credit Facility at December 31, 2014 and 2013 were $100,000 and $0, respectively. The Company was in compliance with all Credit Facility covenants at December 31, 2014 and 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 at a 2.5% discount to the initial purchasers for which the remaining balance at December 31, 2014 and 2013 was $0 and $2,732, respectively. Interest payments were 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 associated deferred financing costs and original issue discount totaling $295. On October 15, 2014, the Company redeemed the remaining $157,500 of its 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 recognized a loss on extinguishment of debt of $9,687 in the fourth quarter of 2014, which includes a premium of $7,481 and the acceleration of the remaining deferred financing costs of $535, original issue discount of $2,019 and de-designation date unrecognized gain on the interest rate swap of $348. The senior secured notes were redeemed using funds from borrowing $100,000 under the Credit Facility as well as proceeds from the sale of the Wiring business. PST maintains several short-term obligations and long-term notes used for working capital purposes including new long-term loans (the “PST notes”) entered into in 2014 for 17,770 Brazilian real which had a U.S. dollar equivalent outstanding balance of $6,690 at December 31, 2014. These PST notes mature on July 15, 2017 and November 15, 2021 with interest payable quarterly at a fixed annual interest rate of 8.0% and 4.0%, respectively. 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 December 31, 2014 were 13.2% and 5.5%, respectively. Depending on the specific note, interest is payable either monthly or annually. The PST notes at December 31, 2014 mature as follows: $17,368 in 2015, $4,171 in 2016, $2,711 in 2017, $1,418 annually in 2018 and 2019, $486 in 202 0 and $447 in 2021. On February 25, 2014, the Company's wholly-owned subsidiary located in Suzhou, China entered into a term loan for 9,000 Chinese yuan which matured in August 2014. On October 17, 2014, the subsidiary entered into a new term loan for 9,000 Chinese yuan (the "Suzhou note") which matures in April 2015. The U.S. dollar equivalent outstanding loan balance was $1,450 and $1,487 at December 31, 2014 and 2013, 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 120.0% 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 $2,562 and $3,107, at December 31, 2014 and 2013, respectively. At December 31, 2014 and 2013, there was no balance outstanding on this bank account. At December 31, 2014, the future maturities of debt were as follows:
Year ended December 31 |  |
2015 | $ | 19,655
2016 |  | 4,171
2017 |  | 2,711
2018 |  | 1,418
2019 |  | 101,418
Thereafter |  | 933
Total | $ | 130,306

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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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