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Revolving Credit Facility and Bank Borrowings
3 Months Ended
Mar. 31, 2017
Debt Disclosure [Abstract]  
Revolving Credit Facility and Bank Borrowings
REVOLVING CREDIT FACILITY AND BANK BORROWINGS
 
The Company’s borrowings consist of:

March 31,
2017
 
December 31,
2016

(in thousands)
Senior revolving credit facility
$
3,500

 
$

Notes payable
948

 
2,329

Capital lease obligations
54

 
49

  Total borrowings and capital lease obligations
4,502

 
2,378

Less: Current portion of borrowings and capital lease obligations
4,459

 
2,338

  Total long-term capital lease obligations
$
43

 
$
40



Senior Revolving Credit Facility

The Company's Senior Revolving Credit Facility (the "Facility"), as amended, provides for borrowings of up to $80 million through February 2021. The Facility contains certain covenants that restrict certain actions by the Company under the Facility, including limitations on: (i) stock repurchases to $50 million per year, subject to certain restrictions; and (ii) capital expenditures and commitments to $50 million per year. The Facility also requires the Company to meet certain financial covenant ratios that become effective when total borrowings under the Facility, including letters of credit, exceed $20 million during certain periods or if the outstanding borrowings exceed the borrowing base. If the financial covenant ratios are in effect, the Company must maintain a minimum fixed charge coverage ratio of 1.10 to 1.00, and a maximum leverage ratio of 2.00 to 1.00. The weighted average interest rate on borrowings as of March 31, 2017 was 3.54%. As of March 31, 2017, the Company was in compliance with all financial covenants.

As of March 31, 2017, the Company had outstanding letters of credit of $1.3 million, which reduce the amounts available for borrowing under the terms of the Facility. As of March 31, 2017 and December 31, 2016, the Company had $75.2 million and $78.7 million, respectively, of available borrowing capacity under the Facility.
Asia Revolving Credit Facility
The Company’s revolving credit facility agreement (the "Asia Facility") with HSBC Bank (China) Company Limited, Shanghai Branch ("HSBC"), provides the Company uncommitted dual currency revolving loan facilities of up to 40.0 million Chinese Renminbi ("RMB"), or $5.8 million, with a combined facility limit of RMB 60.0 million, or $8.7 million. As of March 31, 2017 and December 31, 2016, borrowings under the Asia Facility remained suspended at the discretion of HSBC. The Asia Facility will mature in February 2021.
Notes Payable
Notes payable to finance the Company’s enterprise software system costs and certain insurance premiums incur interest at fixed rates ranging from 1.99% to 2.63%.
The maturities of the Company's debt and capital lease obligations were:
 
March 31, 2017
 
(in thousands)
2017 (remainder of year)
$
4,459

2018
13

2019
13

2020
12

2021
5

  Total principal debt maturities
4,502

Less: current portion
4,459

Non-current portion
$
43