(8) Debt

Debt consisted of the following at September 30, 2017 and December 31, 2016:



		September 30,		December 31,		Interest rates at
		2017		2016	September 30, 2017		Maturity
Revolving Credit Facility
Credit Facility	$	126,000	$	67,000		2.49%	September 2021

Debt
PST short-term obligations		-		5,097
PST long-term notes		9,475		11,452		10.0% - 13.4%	2019-2021
Other		48		137
Total debt		9,523		16,686
Less: current portion		(4,421)		(8,626)
Total long-term debt, net	$	5,102	$	8,060

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” or “Credit Facility”). The Amended Agreement provides for a $300,000 revolving credit facility, which replaced 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 Agreement 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 extended the termination date to September 12, 2019 from December 1, 2016. On March 26, 2015, the Company entered into Amendment No. 1 to the Amended Agreement which modified the definition of Consolidated EBITDA to allow for the add back of cash premiums and other non-cash charges related to the amendment and restatement of the Amended Agreement and the early extinguishment of the Company’s 9.5% Senior Secured Notes. Consolidated EBITDA is used in computing the Company’s leverage ratio and interest coverage ratio which are covenants within the Amended Agreement. On February 23, 2016, the Company entered into Amendment No. 2 to the Amended Agreement which amended and waived any default or potential defaults with respect to the pledging as collateral additional shares issued by a wholly owned subsidiary and newly issued shares associated with the formation of a new subsidiary. On August 12, 2016, the Company entered into Amendment No. 3 to the Amended Agreement which extended of the expiration date of the Agreement by two years to September 12, 2021, increased the borrowing sub-limit for the Company’s foreign subsidiaries by $30,000 to $80,000, increased the basket of permitted loans and investments in foreign subsidiaries by $5,000 to $30,000, and provided additional flexibility to the Company for certain permitted corporate transactions involving its foreign subsidiaries as defined in the Agreement. As a result of Amendment No. 3, the Company capitalized deferred financing costs of $339, which will be amortized over the remaining term of the Credit Facility. On January 30, 2017, the Company entered into Consent and Amendment No. 4 to the Amended Agreement which amended certain definitions, schedules and exhibits of the Credit Facility, consented to a Dutch Reorganization, and consented to the Orlaco acquisition. As a result of Amendment No. 4, the Company capitalized deferred financing costs of $61, which will be amortized over the remaining term of the Credit Facility.

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 Amended Agreement 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 were $126,000 and $67,000 at September 30, 2017 and December 31, 2016, respectively. Borrowings increased under the Credit Facility to fund the Orlaco acquisition described in Note 3 during the first quarter of 2017 which were partially offset by subsequent voluntary principal repayments.

The Company was in compliance with all Credit Facility covenants at September 30, 2017 and December 31, 2016.

The Company also has outstanding letters of credit of $3,367 and $3,399 at September 30, 2017 and December 31, 2016, respectively.

Debt

PST maintains several long-term notes used for working capital purposes which have fixed interest rates. As of September 30, 2017 PST did not have any short-term obligations. The weighted-average interest rates of long-term debt of PST at September 30, 2017 was 11.7%. Depending on the specific note, interest is payable either monthly or annually. Principal repayments on PST debt at September 30, 2017 are as follows: $4,373 from October 2017 through September 2018, $1,211 from October 2018 through December 2018, $2,685 in 2019, $629 in 2020, and $577 in 2021. PST was in compliance with all debt covenants at September 30, 2017 and December 31, 2016.

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 $2,455 and $2,196, at September 30, 2017 and December 31, 2016, respectively. At September 30, 2017 and December 31, 2016, there was no balance outstanding on this overdraft credit line.