Annual report pursuant to Section 13 and 15(d)

LONG-TERM DEBT (Tables)

v3.3.1.900
LONG-TERM DEBT (Tables)
 12 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]  
Schedule of long-term debt, net of current portion
Long-term debt consisted of the following (in thousands):

 
December 31,
  
2015
 
2014
First Term Loan, maturing April 1, 2017 (as amended), variable interest rate which averaged 4.75% in 2015 and 2014
$
46,000

 
$
38,631

Revolving Loan, maturing April 1, 2017 (as amended), variable interest rate which averaged 4.75% in 2015 and 2014
2,000

 
2,000

Second Term Loan, maturing April 1, 2017, variable interest rate (as amended) averaged 14.25% in 2015; interest rate was fixed in 2014 at 14.25% effective July 18, 2014 and fixed at 13.25% prior to July 18, 2014
20,000

 
20,000

 
68,000

 
60,631

Less current portion
(6,000
)
 
(1,337
)
 
$
62,000

 
$
59,294

Schedule of first and second lien leverage ratio and fixed charge coverage ratio
The revised financial covenant ratios, as detailed in the First Lien 5th Amendment and Second Lien 4th Amendment, are stated in the tables below:
First Lien Credit Facility
 
 
Applicable Period
Maximum
Total Leverage
Ratio
 
Maximum
First Lien Leverage
Ratio
 
Minimum
Fixed Charge
Coverage Ratio
June 30, 2015 through and including September 29, 2015
6.85x
 
4.85x
 
1.10x
September 30, 2015 through and including December 30, 2015
6.75x
 
4.75x
 
1.10x
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
June 30, 2015 through and including September 29, 2015
7.10x
 
5.10x
 
1.00x
September 30, 2015 through and including December 30, 2015
7.00x
 
5.00x
 
1.00x
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
Schedule of maturities of long-term debt
Scheduled debt repayments based on this amendment for the debt outstanding at December 31, 2015 are as follows, for the annual periods ended December 31 (in thousands):
2016
$
6,000

2017
62,000

 
$
68,000