F-19
The Revolving Loan Facility includes two sub-facilities: (i) a $10,000 letter of credit sub-facility pursuant to which the bank
may issue letters of credit, and (ii) a $5,000 swingline sub-facility.
Under our previous Line of Credit, the maximum amount we could borrow was $35,000, limited by certain credit sub-facilities.
Interest was calculated at a floating per annum rate equal to one-half of one percentage point (0.5%) above the prime rate.
As of December 31, 2013, there were no borrowings on our Revolving Loan Facility, and we had $30,000 of unused borrowing
availability. As of December 31, 2012, we had $6,000 of borrowings outstanding under the Line of Credit and had approximately
$25,400 of unused borrowing availability under our Line of Credit.
12. Long-Term Debt
Long-term debt consisted of at December 31:
2013
2012
Senior credit facility .................................................................................. $ 66,084 $
—
7.75% Convertible notes ...........................................................................
50,000
—
4.5% Convertible notes .............................................................................
14,562
93,500
Bank term loan paid in full June 26, 2013.................................................
—
41,779
Promissory notes payable to microDATA sellers .....................................
4,809
14,010
Total long-term debt ........................................................................ 135,455 149,289
Less: current portion.................................................................................. (25,089) (16,784)
Non-current portion of long-term debt ............................................ $ 110,366 $ 132,505
Aggregate maturities of long-term debt at December 31, 2013 are as follows:
2014 ................................................................................................................. $ 25,089
2015 .................................................................................................................
3,325
2016 .................................................................................................................
3,740
2017 .................................................................................................................
6,153
2018 .................................................................................................................
97,148
Total long-term debt............................................................................... $ 135,455
Senior credit facilities
On June 25, 2013, we closed on new $130,000 Senior Credit Facilities (the “Senior Credit Facilities”) which included (i) a
$56,500 term loan A facility (“Term Loan A Facility”), (ii) a $43,500 delayed draw term loan facility (“Delayed Draw Term Loan
Facility”), and (iii) a $30,000 revolving loan facility (“Revolving Loan Facility”). The Senior Credit Facilities also include a $25,000
incremental loan arrangement subject to the Company’s future needs and bank approval, although no assurances can be given that this
incremental loan amount will be available to us when and if needed.
We borrowed $56,500 under the Term Loan A Facility at closing for (i) repayment of the remaining balance under 2012 Term
Loan, which was terminated, (ii) approximately $16,000 for on-going working capital and other general corporate purposes, and
(iii) fees and expenses associated with the new facility. On September 30, 2013, we borrowed $10,000 under the Delayed Draw Term
Loan Facility and used the proceeds towards the retirement of the 4.5% Convertible Senior Notes, discussed below.
Additional liquidity is available through the undrawn $30,000 Revolving Loan Facility, to be used for our on-going working
capital and other general corporate purposes, replacing the previous line of credit which has been paid off and terminated, see Line of
Credit Note 11.
Loans borrowed under the Term Loan A Facility, the Revolving Loan Facility or the Delayed Draw Term Loan Facility may be
borrowed at rates based on the Eurodollar/LIBOR (beginning at L +3.75%) or Alternate Base Rate (ABR) (beginning at ABR +
2.75%), which may be adjusted as provided in the Credit Agreement.
