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LONG-TERM DEBT | 12 Months Ended
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Dec. 31, 2019
LONG-TERM DEBT [Abstract] |
LONG-TERM DEBT | 7. LONG-TERM DEBT
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On February 13, 2019 we entered into a Revolving Credit, Guaranty, and Security Agreement (“Credit Agreement”) with the Huntington National Bank (“Huntington”) as administrative agent. The Credit Agreement provides for a new senior secured asset-based revolving credit facility up to a principal amount of $75 million, which includes a sublimit for the issuance of letters of credit up to $7.5 million (the “Credit Facility”). The Credit Facility may be increased up to an additional $25 million at the Borrowers’ request and the Lenders’ option, subject to customary conditions. The Credit Agreement matures on February 13, 2024. This new Credit Agreement replaced our previous financing agreement with PNC Bank (“PNC”). ﻿
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﻿Revolver Pricing Level |  | Average Excess Revolver Availability for Previous Quarter |  | Applicable Spread Rates for Eurodollar Rate Revolving Advances |  |  | Applicable Spread Rates for Domestic Rate Revolving Advances |
﻿I | $ | 25,000,000+ |  | 1.00 | % |  | (0.50) | %
﻿II | $ | 17,500,000 to < 25,000,000 |  | 1.25 | % |  | (0.50) | %
﻿III | $ | 10,000,000 to < 17,500,000 |  | 1.50 | % |  | (0.25) | %
﻿IV | $ | < 10,000,000 |  | 1.75 | % |  | 0.00 | %
﻿ The total amount available under our new Credit Facility is subject to a borrowing base calculation based on various percentages of accounts receivable and inventory. As of December 31, 2019, we had total capacity of $74.9 million. ﻿ In December 2014, we amended and restated our financing agreement with PNC Bank (“PNC”) to increase the credit facility to $75.0 million and extend the term of the facility an additional five years to November 2019. The credit facility’s base interest rate is the current prime rate less 0.25%, however the credit facility provides us the option to borrow on up to eight fixed loans at LIBOR plus 1.25% in accordance with the 2014 amended and restated credit agreement. The LIBOR rate is determined based on the fixed loan maturities, which vary from 30, 60, 90, or 180 days. ﻿ As of December 31, 2019 we had no outstanding borrowings against the new Credit Facility and as of December 31, 2018 we had no outstanding borrowings against our previously amended and restated credit facility. ﻿ ﻿ Credit Facility Covenants ﻿ Both our new Credit Facility and our previously amended and restated credit facility contain restrictive covenants which require us to maintain a fixed charge coverage ratio. These restrictive covenants are only in effect upon a triggering event taking place (as defined in both agreements). Both our new Credit Facility and the previously amended and restated credit facility contain restrictions on the amount of dividends that may be paid. During the twelve months ended December 31, 2019, there were no triggering events and the covenant was not in effect for the new Credit Facility.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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