Debt (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Debt

Debt consisted of the following (in thousands):

	December 31,
	2018			2017
Senior Credit Facilities – term loan	$	4,600		$	9,200
Less: unamortized debt issuance costs		(65	)		(81	)
Total current portion of long-term debt		4,535			9,119
Senior Credit Facilities – term loan		69,925			79,125
Senior Credit Facilities – revolving credit facility		135,058			149,453
Less: unamortized debt issuance costs		(2,140	)		(3,078	)
Total long-term debt		202,843			225,500
Total Senior Credit Facilities	$	207,378		$	234,619

Repayments of Outstanding Principal under Term Loan Facility

On August 1, 2017, the Company entered into an amendment (the “Third Amendment”) to the Second Amended and Restated Credit Agreement. The Third Amendment increased the borrowing limit under the revolving credit facility from $225 million to $325 million and reset the uncommitted accordion feature to $125 million for potential future expansion. Additionally, the Third Amendment increased the term loan balance from $65.6 million to $90.6 million. Under the Third Amendment, the Company is required to pay quarterly scheduled principal repayments of $2.3 million beginning in October 2017, with the final installment of $56.1 million due upon maturity in May 2021. Borrowings under the revolving credit facility may be repaid at any time through May 2021, the date of maturity of the Senior Credit Facilities. The Company may voluntarily prepay loans or reduce commitments under the Senior Credit Facilities, in whole or in part, without premium or penalty, subject to certain minimum principal amounts.

On February 26, 2018, the Company entered into a fourth amendment (the “Fourth Amendment”) to the Second Amended and Restated Credit Agreement. The Fourth Amendment increased the maximum permitted consolidated leverage ratio from 3.00 to 3.50, increased the maximum consolidated leverage ratio for permitted acquisitions and stock repurchases from 2.50 to 3.00, increased the maximum permitted consolidated leverage ratio for a designated acquisition from 3.00 to 3.50, and increased the maximum permitted leverage ratio for four consecutive quarters following a designated acquisition from 3.50 to 4.00. The Fourth Amendment also made certain other technical changes to the Second Amended and Restated Credit Agreement.

As of December 31, 2018, the outstanding principal under the Company’s term loan facility is scheduled to be repaid as follows (in thousands):

	Principal Amount
2019	$	4,600
2020		9,200
2021		60,725
Total debt repayments	$	74,525