Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2014

Long-term debt of the Company at December 31, 2014 and 2013 is summarized as follows:


	2014			2013
Revolving line of credit(a)	$	99,400		$	51,550
Notes payable		126			195

		99,526			51,745
Less current installments		(71	)		(69	)

	$	99,455		$	51,676

On July 11, 2014, AMVAC Chemical Corporation (“AMVAC”), our principal operating subsidiary, as borrower, and affiliates (including the Company), as guarantors and/or borrowers, entered into a First Amendment to Second Amended and Restated Credit Agreement (the “First Amendment”) with a group of commercial lenders led by Bank of the West (AMVAC’s primary bank) as agent, swing line lender and L/C issuer. The First Amendment amends the Second Amended and Restated Credit Agreement (“2013 Credit Agreement”) dated as of June 17, 2013. Under the terms of the First Amendment, the Consolidated Funded Debt Ratio was increased for the third and fourth quarters of 2014 and the first quarter of 2015, and, further, borrowers are permitted to pay cash dividends to shareholders during the first and second quarters of 2015, notwithstanding prior levels of net income. The 2013 Credit Agreement, as amended by the First Amendment (the “Credit Agreement”) is a senior secured lending facility with a five year term and consisting of a revolving line of credit of $200 million and an accordion feature for up to $100 million. The Credit Agreement includes both AMVAC CV and AMVAC BV as borrowers. Under the Credit Agreement, revolving loans bear interest at a variable rate based, at borrower’s election with proper notice, on either (i) LIBOR plus the “Applicable Rate” which is based upon the Consolidated Funded Debt Ratio (“Eurocurrency Rate Loan”) or (ii) the greater of (x) the Prime Rate, (y) the Federal Funds Rate plus 0.5%, and (z) the Daily One-Month LIBOR Rate plus 1.00%, plus, in the case of (x), (y) or (z) the Applicable Rate (“Alternate Base Rate Loan”). Interest payments for Eurocurrency Rate Loans are payable on the last day of each interest period (either one, two, three or six months, as selected by the borrower) and the maturity date, while interest payments for Alternate Base Rate Loans are payable on the last business day of each month and the maturity date. The senior secured revolving line of credit matures on June 17, 2018.

Payments on Long-term Debt Details

Approximate principal payments on long-term debt at December 31, 2014 are as follows:


2015	$	71
2016		55
2017		—
2018		99,400

	$	99,526

Amount of Outstanding Debt and Notional Amount on Interest Rate Swap Contract

The table below shows the amount of outstanding debt and the related notional amount on the interest rate swap contract at each of the balance sheet dates:


	Outstanding Variable Rate Debt		Notional Amount on Interest Rate Swap
At December 31, 2012	$	46,000	$	44,250
At December 31, 2013		51,550		36,750
At December 31, 2014		99,400		—

Summary of Short-Term and Long-Term Loan Balances in the Consolidated Balance Sheets

The Company has various loans in place that together constitute the short-term and long-term loan balances shown in the consolidated balance sheets at December 31, 2014 and December 31, 2013. These are summarized in the following table:


Indebtedness	December 31, 2014						December 31, 2013
$000’s	Long-term		Short-term		Total		Long-term		Short-term		Total
Revolving line of credit	$	99,400	$	—	$	99,400	$	51,550	$	—	$	51,550
Notes payable		55		71		126		126		69		195

Total indebtedness	$	99,455	$	71	$	99,526	$	51,676	$	69	$	51,745