| 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 |
|