Note 11 - Long-term Debt

6 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Debt Disclosure [Text Block]

Note

1

1

–

Long

–

Term Debt

Long–term debt consists of the following:

	Weighted Average Interest Rate		Maturities		June 30, 2018		December 31, 2017
	Variable				(dollars in thousands)
Credit Facility, interest payable monthly		3.5%		2020	$	75,000	$	90,000
Unsecured term note payable to National, interest payable quarterly, principal payable at maturity		4.3%		2028		10,000		10,000
						85,000		100,000
Less current portion						–		–
					$	85,000	$	100,000

$1

50

,000,000

Credit Facility

During the

second

quarter of

2018,

the Company lowered the available borrowing capacity of the credit facility from

$175

million to

$150

million.  The credit facility has a

five

-year maturity date (

October 2020).

Loans bear interest at either (i) LIBOR plus

1.40%

or (ii) the base rate plus

0.40%.