XML 32 R47.htm IDEA: XBRL DOCUMENT v2.4.0.6
Summary of Different Loans in Place Constitute Short-Term and Long-Term Loan Balances Together (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Dec. 31, 2011
Extinguishment of Debt [Line Items]    
Long Term debt $ 36,196 $ 51,917
Short-term 16,247 14,460
Total indebtedness 52,443 66,377
Term Loan
    
Extinguishment of Debt [Line Items]    
Long Term debt 36,000 46,000
Short-term 10,000 8,000
Total indebtedness 46,000 [1] 54,000 [1]
Notes payable on product acquisitions and asset purchase
    
Extinguishment of Debt [Line Items]    
Long Term debt 196 5,917
Short-term 6,247 6,460
Total indebtedness $ 6,443 [2] $ 12,377 [2]
[1] On January 10, 2011, the Company's main operating subsidiary, AMVAC, as borrower, and affiliates (including the Company), as guarantors, entered into an Amended and Restated Credit Agreement (the "Credit Agreement") with a group of commercial lenders led by Bank of the West (AMVAC's primary bank) as agent, swing line lender and letter of credit issuer. The Credit Agreement superseded the First Amendment to Credit Agreement ("First Amendment") dated as of March 5, 2010, and more fully described in the Company's Form 8-K filed on March 8, 2010. The Credit Agreement is a $137,000 senior secured lending facility consisting of a revolving line of credit of $75,000 and term loan commitments of $62,000. Also included in the facility is an additional accordion feature for up to $50,000. In connection with retiring the entire outstanding balance of the term loans and revolving credit facility (plus accrued interest) of the First Amendment upon termination thereof, on January 10, 2011, AMVAC borrowed $62,000 under the Credit Facility . These loans bear interest at a variable rate of interest based on LIBOR and the Eurodollar Reserve of the Federal Reserve ("Eurodollar Rate Loan"), or, at AMVAC's option, a variable rate of interest based upon the prime rate, the Federal Funds rate, and LIBOR ("Alternative Base Rate Loan"). The principal payments of the term loans are payable (a) in equal quarterly installments on or before the last business day of each March, June, September and December (i) through 2012 in the amount of $2,000, and (ii) thereafter through December 2015 in the amount of $2,500, and (b) the remainder, if any, not later than January 10, 2016. Interest accruing on the Eurodollar Rate Loans is payable on the last day of the interest period, which may be one, three or six months, as per borrower's election. Interest accruing on the Alternate Base Rate Loans is payable monthly, in arrears, on the last day of the month and on the maturity date of any such loan in the amount of interest then accrued but unpaid. Both the senior secured revolving line of credit and the term loans mature on January 10, 2016.
[2] Notes payable on product acquisitions and asset purchases, with one payment of $6,154 due on January 1, 2013; a single remaining term payment on an asset purchase in the amount of $26; a new asset purchase agreement with short term liabilities in the amount of $67.