Quarterly report pursuant to Section 13 or 15(d)

LONG-TERM DEBT AND CAPITAL LEASE (Tables)

v3.8.0.1
LONG-TERM DEBT AND CAPITAL LEASE (Tables)
3 Months Ended
Mar. 31, 2018
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt, Related Discounts and Issuance Costs
Long-term debt, related discounts and issuance costs consist of the following:

(In thousands)
March 31,
2018
 
December 31,
2017
 
(Unaudited)
 
 
 
 
 
 
Senior Secured Notes
$
99,750

 
$

First Lien Term Loan

 
41,063

Revolving Loan

 

Second Lien Term Loan

 
55,000

 
99,750

 
96,063

Less: Discounts and unamortized debt issuance costs
(4,284
)
 
(1,497
)
 
95,466

 
94,566

Less: Current portion of long-term debt
(1,000
)
 
(1,000
)
 
$
94,466

 
$
93,566

We are required to maintain a total leverage ratio (as defined below), which measures Consolidated EBITDA (as defined in the indenture) against outstanding debt. We are allowed to deduct up to $15 million of our cash and equivalents (beyond estimated cash utilized in daily operations) in calculating the numerator of such ratio.
Four Fiscal Quarters Ending
Maximum
Total Leverage
Ratio
March 31, 2018
5.75 to 1.00
June 30, 2018
5.50 to 1.00
September 30, 2018
5.50 to 1.00
December 31, 2018
5.25 to 1.00
March 31, 2019
5.00 to 1.00
June 30, 2019
5.00 to 1.00
September 30, 2019
4.75 to 1.00
December 31, 2019
4.75 to 1.00
March 31, 2020
4.50 to 1.00
June 30, 2020
4.50 to 1.00
September 30, 2020
4.25 to 1.00
December 31, 2020
4.25 to 1.00
March 31, 2021
4.25 to 1.00
June 30, 2021
4.25 to 1.00
September 30, 2021 and the last day of each fiscal quarter thereafter
4.00 to 1.00

Debt Instrument Redemption
On or after February 2, 2019, the Company may redeem all or a part of the Notes as set forth below, plus accrued and applicable unpaid interest:

Redemption Periods
Percentage Premium
On February 2, 2019 to February 1, 2020
2.0%
On February 2, 2020 to February 1, 2021
1.5%
On February 2, 2021 to February 1, 2022
0.5%
On or after February 2, 2022
—%