Quarterly report pursuant to Section 13 or 15(d)

LONG-TERM DEBT, CAPITAL LEASE AND COMMON STOCK WARRANT LIABILITY (Tables)

v3.7.0.1
LONG-TERM DEBT, CAPITAL LEASE AND COMMON STOCK WARRANT LIABILITY (Tables)
 3 Months Ended
Mar. 31, 2017
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)
March 31, 2017
 
(unaudited)
 
Outstanding Principal
 
Unamortized Discount
 
Unamortized Debt Issuance Costs
 
Long-term
Debt, Net
First Term Loan
$
42,750

 
$
—

 
$
(498
)
 
$
42,252

Revolving Loan
—

 
—

 
—

 
—

Second Term Loan
55,000

 
(429
)
 
(1,233
)
 
53,338

 
97,750

 
(429
)
 
(1,731
)
 
95,590

Less current portion
(1,688
)
 
—

 
—

 
(1,688
)
 
$
96,062

 
$
(429
)
 
$
(1,731
)
 
$
93,902



(In thousands)
December 31, 2016
 
Outstanding Principal
 
Unamortized Discount
 
Unamortized Debt Issuance Costs
 
Long-term
Debt, Net
First Term Loan
$
43,312

 
$
—

 
$
(561
)
 
$
42,751

Revolving Loan
—

 
—

 
—

 
—

Second Term Loan
55,000

 
(469
)
 
(1,348
)
 
53,183

 
98,312

 
(469
)
 
(1,909
)
 
95,934

Less current portion
(1,688
)
 
—

 
—

 
(1,688
)
 
$
96,624

 
$
(469
)
 
$
(1,909
)
 
$
94,246


Schedule of First and Second Lien Leverage Ratio and Fixed Charge Coverage Ratio
These financial covenant ratios are currently defined 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
 


Additionally, the Fixed Charge Coverage Ratio as of the last day of any fiscal quarter shall not be less than 1.0x.