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Revolving Credit Facility
3 Months Ended
Mar. 31, 2013
Debt Disclosure [Abstract]  
Revolving Credit Facility
Revolving Credit Facility
We have a $100 million secured revolving credit facility with Wells Fargo Bank, National Association (the "Bank") that matures on December 31, 2014 (the "Revolving Facility"), and which we use for general corporate purposes. The Revolving Facility was most recently amended in February 2013, when we entered into the Sixth Amendment to Amended and Restated Credit Agreement with the Bank. We were in compliance with the financial and non-financial covenants of the Revolving Facility as of March 31, 2013.
Our remaining borrowing capacity under the Revolving Facility considers our outstanding borrowings and letters of credit, as well as financial covenant requirements. At March 31, 2013, under the Revolving Facility, we had outstanding borrowings of $65.0 million and letters of credit of $3.1 million. After considering these outstanding borrowings and letters of credit, and the impact of financial covenant requirements, at March 31, 2013 we had a total remaining borrowing capacity under the Revolving Facility of $13.7 million. During the three months ended March 31, 2013, we did not borrow or make repayments under the Revolving Facility.
The amount outstanding under the Revolving Facility bears interest at a variable rate equal to, at our option, either (i) LIBOR plus the applicable margin, which ranges from 1.25% to 1.75%, or (ii) the higher of (a) the Bank's prime rate or (b) the federal funds effective rate plus 100 basis points plus the applicable margin, which ranges from 0.25% to 0.75%. For the three months ended March 31, 2013, the weighted average interest rate on borrowed funds under the Revolving Facility was 1.84%.
We also pay a quarterly unused commitment fee on the unused portion of the Revolving Facility of between 0.15% to 0.25%, and fees of between 1.25% to 1.75% on outstanding letters of credit, both of which are based on the level of debt leverage under the Revolving Facility.
The indebtedness under the Revolving Facility is secured by liens on substantially all of our assets and guaranteed by certain of our domestic subsidiaries. If an event of default occurs and is continuing, then the interest rate on all obligations under the Revolving Facility may be increased by 2.0% above the otherwise applicable rate, and the Bank may declare any outstanding obligations under the Revolving Facility to be immediately due and payable. In addition, the Bank may exercise its security interest in our equity interests in the assets of certain of our domestic subsidiaries, and it may call the guaranties of payment obligations made by certain of our domestic subsidiaries.