Quarterly report pursuant to Section 13 or 15(d)

LONG-TERM DEBT AND WARRANT LIABILITY (Tables)

v3.5.0.2
LONG-TERM DEBT AND WARRANT LIABILITY (Tables)
9 Months Ended
Sep. 30, 2016
Debt Disclosure [Abstract]  
Schedule of long-term debt, net of current portion
Long-term debt, related discounts and issuance costs consists of the following:
(In thousands)
September 30, 2016
 
(unaudited)
 
Outstanding Principal
 
Unamortized Discount
 
Unamortized Debt Issuance Costs
 
Long-term
Debt, Net
First Term Loan
$
43,875

 
$

 
$
(625
)
 
$
43,250

Revolving Loan

 

 

 

Second Term Loan
55,000

 
(510
)
 
(1,468
)
 
53,022

Total debt including current maturities
98,875

 
(510
)
 
(2,093
)
 
96,272

Less current portion
(1,688
)
 

 

 
(1,688
)
Total long-term debt, net
$
97,187

 
$
(510
)
 
$
(2,093
)
 
$
94,584



(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

Total debt including current maturities
68,000

 
(1,358
)
 
66,642

Less current portion
(6,000
)
 

 
(6,000
)
Total long-term debt, net
$
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
 
April 1, 2016 through and including March 30, 2017
 
5.875x
 
2.750x
 
March 31, 2017 through and including September 29, 2017
 
5.875x
 
2.625x
 
September 30, 2017 through and including March 30, 2018
 
5.750x
 
2.500x
 
March 31, 2018 through and including September 29, 2018
 
5.625x
 
2.375x
 
September 30, 2018 through and including March 30, 2019
 
5.375x
 
2.250x
 
March 31, 2019 and thereafter
 
5.250x
 
2.125x
 

Additionally, the Fixed Charge Coverage Ratio as of the last day of any fiscal quarter shall not be less than 1.10x.

Second Lien Credit Facility
 
 
 
Applicable Period
 
Maximum
Total Leverage
Ratio
 
Maximum
First Lien Leverage Ratio
 
April 1, 2016 through and including March 30, 2017
 
6.125x
 
3.000x
 
March 31, 2017 through and including September 29, 2017
 
6.125x
 
2.875x
 
September 30, 2017 through and including March 30, 2018
 
6.000x
 
2.750x
 
March 31, 2018 through and including September 29, 2018
 
5.875x
 
2.625x
 
September 30, 2018 through and including March 30, 2019
 
5.625x
 
2.500x
 
March 31, 2019 through and including September 29, 2019
 
5.500x
 
2.375x
 
September 30, 2019 and thereafter
 
5.250x
 
2.250x