Bank revolving credit notes

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Disclosure of Line of Credit Facilities [Text Block]

Note 5. Bank revolving credit notes

The Company maintains a credit agreement providing for $90 million borrowing capacity through December 14, 2023. Interest is payable monthly at the adjusted London Interbank Offered Rate (LIBOR) plus an applicable margin based on the current funded indebtedness to adjusted EBITDA ratio. The interest rate was 4.75% and 4.69% as of June 30, 2019 and December 31, 2018, respectively. Additionally, the agreement has a fee on the average daily unused portion of the aggregate unused revolving commitments. This fee was 0.20% as of June 30, 2019 and December 31, 2018.

The Company was in compliance with all financial covenants of it’s credit agreements as of June 30, 2019 and December 31, 2018. The amount borrowed on the revolving credit notes was $41,485 and $59,629 as of June 30, 2019 and December 31, 2018, respectively.