XML 23 R48.htm IDEA: XBRL DOCUMENT v2.4.0.8
Debt - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified
1 Months Ended 12 Months Ended
Jul. 27, 2012
Dec. 31, 2013
Revolving Credit Facility
   
Debt Instrument [Line Items]    
Revolving credit facility commitment   $ 175.0
Maturity date   Jul. 27, 2017
Revolving credit facility borrowing base calculation description   Borrowings under the Revolving Credit Facility are secured by a first lien priority security interest in all of the assets of the Company and its domestic subsidiaries, including a pledge of the Company’s outstanding shares of stock in its subsidiaries (limited, in the case of its foreign subsidiaries, to 65.0% of the Company’s equity interests), except regarding the Company’s shares in its wholly-owned subsidiary LTB de Mexico, S.A. de C.V. (“LTB de Mexico”), which in turn holds the Company’s interest in Vasconia. Availability under the Revolving Credit Facility is subject to a borrowing base calculation equal to the sum of (i) 85.0% of eligible domestic accounts receivable, (ii) 85.0% of the net orderly liquidation value of eligible domestic inventory and (iii) the lesser of 50.0% of the orderly liquidation value of eligible trademarks and $25.0 million less reserves. The borrowing base is also subject to reserves that may be established by the administrative agent in its permitted discretion.
Percentage of foreign subsidiaries interests pledged borrowing under revolving credit   65.00%
Percentage of eligible domestic receivable used in borrowing base calculation   85.00%
Percentage of eligible domestic inventory used in borrowing base calculation   85.00%
Percentage of liquidation value of eligible trademarks used in borrowing base calculation   50.00%
Line of credit facility, Borrowing Base calculation   25.0
Line of credit facility interest rate description   Borrowings under the Revolving Credit Facility bear interest, at the Company's option, at one of the following rates (i) the Alternate Base Rate, defined as the greater of the Prime Rate, Federal Funds Rate plus 0.5% or the Adjusted LIBO Rate plus 1.0%, plus a margin of 1.0% to 1.75%, or (ii) the Eurodollar Rate, defined as the Adjusted LIBO Rate plus a margin of 2.0% to 2.75%. The respective margins are based upon availability.
Open letters of credit   1.3
Outstanding borrowing under revolving credit facility   49.2
Availability under revolving credit facility   87.8
Availability under revolving credit facility, percentage of the total loan commitment   50.00%
Revolving Credit Facility | Minimum
   
Debt Instrument [Line Items]    
Interest rates on outstanding borrowings   2.125%
Percentage of line of credit facility unused capacity commitment fee   0.375%
Revolving Credit Facility | Maximum
   
Debt Instrument [Line Items]    
Interest rates on outstanding borrowings   4.25%
Percentage of line of credit facility unused capacity commitment fee   0.50%
Revolving Credit Facility | Alternate Base Rate
   
Debt Instrument [Line Items]    
Interest rate above federal funds rate   0.50%
Interest rate above adjusted LIBOR rate   1.00%
Revolving Credit Facility | Alternate Base Rate | Minimum
   
Debt Instrument [Line Items]    
Interest rate margin   1.00%
Revolving Credit Facility | Alternate Base Rate | Maximum
   
Debt Instrument [Line Items]    
Interest rate margin   1.75%
Revolving Credit Facility | Euro Dollar Rate | Minimum
   
Debt Instrument [Line Items]    
Interest rate margin   2.00%
Revolving Credit Facility | Euro Dollar Rate | Maximum
   
Debt Instrument [Line Items]    
Interest rate margin   2.75%
Revolving Credit Facility | Covenant Requirement
   
Debt Instrument [Line Items]    
Credit facility terms   The Revolving Credit Facility provides for customary restrictions and events of default. Restrictions include limitations on additional indebtedness, acquisitions, investments and payment of dividends, among others. Furthermore, if availability under the Revolving Credit Facility is less than $20.0 million, the Company will be required to maintain a minimum fixed charge coverage ratio of 1.10 to 1.00, which covenant would remain effective until availability is at least $23.5 million for a period of three consecutive months.
Minimum availability under revolving credit for three consecutive months to avoid debt covenant   23.5
Revolving Credit Facility | Covenant Requirement | If availability under the Revolving Credit Facility is less than $20.0 million and until availability is at least $23.5 million for a period of three consecutive months.
   
Debt Instrument [Line Items]    
Fixed charge coverage ratio minimum   110.00%
Senior Secured Term Loans
   
Debt Instrument [Line Items]    
Maturity date   Jul. 27, 2018
Senior secured term loan   20.6
Senior Secured Term Loans | Alternate Base Rate
   
Debt Instrument [Line Items]    
Interest rate margin   4.00%
Senior Secured Term Loans | Adjusted LIBOR Rate
   
Debt Instrument [Line Items]    
Interest rate margin   5.00%
Senior Secured Term Loans | Covenant Requirement | If at any time EBITDA (as defined) is less than $34.0 million but equal to or greater than $30.0 million
   
Debt Instrument [Line Items]    
Maximum Indebtedness to EBITDA ratio 3.0  
Senior Secured Term Loans | Covenant Requirement | Minimum
   
Debt Instrument [Line Items]    
Earnings before interest taxes depreciation and amortization required under term loan agreement 30.0  
Senior Secured Term Loans | Covenant Requirement | Maximum
   
Debt Instrument [Line Items]    
Earnings before interest taxes depreciation and amortization required under term loan agreement 34.0  
Maximum capital expenditures   $ 9.0