XML 75 R15.htm IDEA: XBRL DOCUMENT
v2.4.1.9

7. Debt | 12 Months Ended
--- | ---
Dec. 31, 2014
Debt Disclosure [Abstract] |
Debt | The terms of our debt outstanding at December 31, 2014 and 2013 are summarized below:
|  |  |  |  |  | Amount Outstanding at |
|  |  |  |  |  | December 31, |  |  | December 31, |
|  |  |  |  |  | 2014 |  |  | 2013 |
|  |  |  |  |  | (In thousands) |
Description |  | Interest Rate |  | Maturity |  |  |  |  |  |
Warehouse lines of credit |  | 5.73% over one month Libor (Minimum 6.73%) |  | March 2017 |  | $ | 23,581 |  |  | $ | 9,452 |
|  | 5.50% over one month Libor (Minimum 6.25%) |  | August 2017 |  |  | 33,258 |  |  |  | – |
Residual interest financing |  | 11.75% over one month Libor |  | April 2018 |  |  | 12,327 |  |  |  | 19,096 |
Debt secured by receivables measured at fair value |  | n/a |  | Repayment is based on payments from underlying receivables. Final payment of the 8.00% loan was made in September 2013. Final residual payment was made in January 2015. |  |  | 1,250 |  |  |  | 13,117 |
Senior secured debt, related party |  | 13.00% |  | n/a |  |  | – |  |  |  | 37,128 |
|  | 5.00% |  | n/a |  |  | – |  |  |  | 1,431 |
Subordinated renewable notes |  | Weighted average rate of 10.7% and 12.5% at December 31, 2014 and 2013, respectively |  | Weighted average maturity of October 2016 and July 2015 at December 31, 2014 and 2013, respectively |  |  | 15,233 |  |  |  | 19,142 |
|  |  |  |  |  | $ | 85,649 |  |  | $ | 99,366 |
In March 2013 we renewed our $100 million warehouse credit line with affiliates of Goldman, Sachs & Co. and Fortress Investment Group. The facility is structured to allow us to fund a portion of the purchase price of automobile contracts by borrowing from a credit facility to our consolidated subsidiary Page Six Funding LLC. The facility provides for advances up to 88% of eligible finance receivables and the loans under it accrue interest at a rate of one-month LIBOR plus 5.73% per annum, with a minimum rate of 6.73% per annum. There was $23.6 million outstanding under this facility at December 31, 2014. This facility has a revolving period through March 2015 and an amortization period through March 2017 for any receivables pledged to the facility at the end of the revolving period. In August 2014, we renewed our $100 million warehouse credit line with Citibank, N.A. The facility is structured to allow us to fund a portion of the purchase price of automobile contracts by borrowing from a credit facility to our consolidated subsidiary Page Eight Funding, LLC. The facility provides for effective advances up to 88.0% of eligible finance receivables. The loans under the facility accrue interest at one-month LIBOR plus 5.50% per annum, with a minimum rate of 6.25% per annum. There was $33.3 million outstanding under this facility at December 31, 2014. This facility has a revolving period through August 2016 and an amortization period through August 2017 for any receivables pledged at the end of the revolving period. The total outstanding debt on our warehouse lines of credit was $56.8 million as of December 31, 2014, compared to $9.5 million outstanding as of December 31, 2013. The costs incurred in conjunction with the above debt are recorded as deferred financing costs on the accompanying Consolidated Balance Sheets and are more fully described in Note 1. We must comply with certain affirmative and negative covenants related to debt facilities, which require, among other things, that we maintain certain financial ratios related to liquidity, net worth and capitalization. Further covenants include matters relating to investments, acquisitions, restricted payments and certain dividend restrictions. See the discussion of financial covenants in Note 1. The following table summarizes the contractual and expected maturity amounts of long term debt as of December 31, 2014:
Contractual maturity date |  | Residual interest financing (1) |  |  | Subordinated renewable notes |  |  | Total |
|  | (In thousands) |
2015 |  | $ | 2,188 |  |  | $ | 8,171 |  |  | $ | 10,359 |
2016 |  |  | 1,473 |  |  |  | 3,833 |  |  |  | 5,306 |
2017 |  |  | 3,159 |  |  |  | 1,142 |  |  |  | 4,301 |
2018 |  |  | 5,507 |  |  |  | 610 |  |  |  | 6,117 |
2019 |  |  | – |  |  |  | 49 |  |  |  | 49 |
Thereafter |  |  | – |  |  |  | 1,428 |  |  |  | 1,428 |
Total |  | $ | 12,327 |  |  | $ | 15,233 |  |  | $ | 27,560 |
_________________________
| (1) | The residual interest financing debt has a contractual maturity date in April 2018. This debt is expected to become due and payable prior to that date, based on the decreasing valuation of the underlying collateral.
| (2) | Debt secured by receivables measured at fair value, in the amount of $1.3 million as of December 31, 2014, is omitted from this table because it becomes due as and when the related receivables balance is reduced by payments and charge-offs.

X
- Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration