| 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 |
|
|