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Notes Payable | 12 Months Ended
--- | ---
Dec. 31, 2013
Notes Payable |
(8) | Notes Payable
The components of notes payable at December 31, 2013 and 2012 are as follows:
| 2013 |  |  | 2012 |
| (In thousands) |
Revolving credit agreement | $ | 500 |  |  | $ | 500 |
Capital lease obligation (Note 9) |  | — |  |  |  | 54 |
Total notes payable |  | 500 |  |  |  | 554 |
Less current portion of capital lease obligation |  | — |  |  |  | (54 | )
Non-current notes payable | $ | 500 |  |  | $ | 500 |
Revolving Credit Agreement On November 30, 2013, the Company entered into a $10.0 million Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A. The agreement replaced in its entirety the company’s prior credit agreement, as amended, originally entered into with JPMorgan Chase Bank, N.A. in October of 2007. The 2013 agreement has a maturity date of October 1, 2015. Under the agreement, the credit facility’s interest rate is LIBOR plus 3.25% per annum and a commitment fee of 0.3% per annum on the unused portion of the credit limit each quarter. The 2013 agreement provides for usual and customary covenants and restrictions including that the borrower must maintain a fixed charge coverage ratio of no less than 1.25 to 1.00, and will not permit the ratio of consolidated total liabilities to consolidated net worth to exceed 1.00. Additionally, the borrower will not permit, at the end of each calendar quarter, for its net income for the most recently ended six month period to be less than $1.00. The agreement is collateralized by the Company’s real estate in Beaumont, Texas, trade accounts receivable, equipment, inventories, and work-in-process, and the Company’s U.S. subsidiaries are guarantors of the borrowing. The Company had $0.5 million of borrowings outstanding under the JPMorgan Chase N.A. credit agreement at both December 31, 2013 and December 31, 2012. The company had additional borrowing capacity of $7.9 million and $6.9 million at December 31, 2013 and December 31, 2012 respectively. Prior to July 27, 2012, the interest rate on the Company’s borrowings was 30 day LIBOR rate plus 2.75% per year. On May 1, 2012 the Company and Chase executed consent and amendment to the credit agreement to allow for the $5 million convertible preferred stock transaction as discussed in Note 11.

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- Definition Notes payable. + References No definition available. + Details
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