Quarterly report pursuant to Section 13 or 15(d)

LONG-TERM DEBT (Tables)

v3.4.0.3
LONG-TERM DEBT (Tables)
3 Months Ended
Mar. 31, 2016
Debt Disclosure [Abstract]  
Schedule of long-term debt, net of current portion
Long-term debt consisted of the following:
(In thousands)
March 31,
2016
 
(unaudited)
 
Outstanding Principal
 
Unamortized Debt Issuance Costs
 
Long-term
Debt, Net
First Term Loan
$
43,000

 
$
(559
)
 
$
42,441

Revolving Loan
2,000

 

 
2,000

Second Term Loan
20,000

 
(465
)
 
19,535

 
65,000

 
(1,024
)
 
63,976

Less current portion
(4,500
)
 

 
(4,500
)
 
$
60,500

 
$
(1,024
)
 
$
59,476



(In thousands)
December 31,
2015
 
Outstanding Principal
 
Unamortized Debt Issuance Costs
 
Long-term
Debt, Net
First Term Loan
$
46,000

 
$
(777
)
 
$
45,223

Revolving Loan
2,000

 

 
2,000

Second Term Loan
20,000

 
(581
)
 
19,419

 
68,000

 
(1,358
)
 
66,642

Less current portion
(6,000
)
 

 
(6,000
)
 
$
62,000

 
$
(1,358
)
 
$
60,642

Schedule of first and second lien leverage ratio and fixed charge coverage ratio
These financial covenant ratios currently are as follows:
First Lien Credit Facility
 
 
Applicable Period
 
Maximum
Total Leverage
Ratio
 
Maximum
First Lien Leverage Ratio
 
Minimum
Fixed Charge Coverage Ratio
December 31, 2015 through and including March 30, 2016
 
6.35x
 
4.35x
 
1.10x
March 31, 2016 through and including June 29, 2016
 
6.15x
 
4.15x
 
1.10x
June 30, 2016 through and including September 29, 2016
 
5.85x
 
4.00x
 
1.10x
September 30, 2016 and thereafter
 
5.50x
 
3.75x
 
1.10x

Second Lien Credit Facility
 
 
Applicable Period
 
Maximum
Total Leverage
Ratio
 
Maximum
First Lien Leverage Ratio
 
Minimum
Fixed Charge Coverage Ratio
December 31, 2015 through and including March 30, 2016
 
6.60x
 
4.60x
 
1.00x
March 31, 2016 through and including June 29, 2016
 
6.40x
 
4.40x
 
1.00x
June 30, 2016 through and including September 29, 2016
 
6.10x
 
4.25x
 
1.00x
September 30, 2016 and thereafter
 
5.75x
 
4.00x
 
1.00x