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Long-term Debt | 3 Months Ended
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Mar. 31, 2020
Debt Disclosure [Abstract] |
Long-term Debt | Long-term Debt Long-term debt consists of the following:
(in thousands) | March 31, 2020 |  | December 31, 2019
$100 million Revolving line of credit, due December 20, 2021 | $ | 62,422 |  |  | $ | 59,221 |
$20 million Term loan, due January 1, 2024 | $ | 15,333 |  |  | $ | 16,333 |
| $ | 77,755 |  |  | $ | 75,554 |
On December 20, 2018, the Company amended its Credit Agreement with its bank to refinance and increase its Line of Credit (the "Line") from $80,000,000 to $100,000,000 and to create a new 5-year term loan in the principal amount of $20,000,000 (the “Term Loan”). The Term Loan was used to finance the purchase of substantially all of the assets of American Stainless (see Note 13). The Term Loan’s maturity date is January 1, 2024 and shall be repaid in 60 consecutive monthly installments. Interest on the Term Loan is calculated using the One Month LIBOR Rate (as defined in the Credit Agreement), plus 1.90 percent. The Line will be used for working capital needs and as a source for funding future acquisitions. The maturity date of the Line has been extended to December 20, 2021. Interest on the Line remains unchanged and is calculated using the One Month LIBOR Rate, plus 1.65%. Borrowings under the Line are limited to an amount equal to a Borrowing Base calculation that includes eligible accounts receivable and inventory. As of March 31, 2020, the Company had $18.8 million of remaining available capacity under its line of credit. Pursuant to the Credit Agreement, the Company is subject to certain covenants including maintaining a minimum fixed charge coverage ratio, maintaining a minimum tangible net worth, and a limitation on the Company’s maximum amount of capital expenditures per year, which is in line with currently projected needs. At March 31, 2020, the Company was in compliance with all debt covenants.

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- Definition The entire disclosure for long-term debt. + 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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