XML 44 R13.htm IDEA: XBRL DOCUMENT v2.4.1.9
Notes Payable
3 Months Ended
Mar. 31, 2015
Debt Disclosure [Abstract]  
Notes Payable

6. Notes Payable

Revolving Credit Agreement

 

In March 2015, the Company and JPMorgan Chase N.A. executed the Third Amendment to Credit Agreement, Amendment to Revolving Credit Note and Limited Waiver. The amendment established the Revolving Credit maturity date as December 31, 2015. It established an available amount of not less than $1,500, the lesser of the Borrowing Base, and the Commitment of $4,000. The $4,000 outstanding under the previous Revolving Credit was repaid from the new Term Loan, discussed below, upon the effective date of the Third Amendment. At March 31, 2015 the current balance of the Revolving Credit Agreement is $0.

Trade accounts receivable, equipment, inventories, and work-in-process, and investments in foreign subsidiaries secure the financings and the Company’s U.S. subsidiaries are guarantors of the borrowings under the new revolving credit facility.

Term Note

The third amendment established the Term Note maturity date as March 31, 2020. The Term Note established an initial note payable amount of $4,000 which was used to pay-off the outstanding balance of the revolving credit agreement. The new Term Loan is secured by a mortgage on the Beaumont, Texas facility. The Term Loan accrues interest at the adjusted LIBOR Rate plus a margin of 3.50%.

The maturity date of the term loan is March 31, 2020. The loan requires payment of principal on the last day of each calendar quarter totaling $267 over the next twelve months.

The Company had $3,700 of long-term borrowings outstanding under the JPMorgan Chase N.A. Term Note agreement at March 31, 2015 and $0 at December 31, 2014.  Additionally, the current portions of long-term financings were $267 and $0 at March 31, 2015 and December 31, 2014.

The company is currently in compliance with all debt covenants.