XML 24 R67.htm IDEA: XBRL DOCUMENT v2.4.0.8
Long-Term Debt (Schedule of Long-Term Debt) (Details) (USD $)
0 Months Ended 1 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 12 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 1 Months Ended 6 Months Ended
Sep. 30, 2013
Sep. 24, 2013
Dec. 31, 2012
Sep. 30, 2013
Notes Payable - Variable Rate 2015 [Member]
Nov. 30, 2012
Notes Payable - Variable Rate 2017 A [Member]
Jun. 20, 2011
Notes Payable - Variable Rate 2018, Tranche A [Member]
Jan. 24, 2012
Notes Payable - Variable Rate 2018, Tranche B [Member]
Nov. 30, 2011
Notes Payable - Variable Rate 2018, Tranche B [Member]
Jun. 20, 2011
Notes Payable - Variable Rate 2018, Tranche B [Member]
Sep. 30, 2013
Notes Payable - Variable Rate 2020 [Member]
Sep. 30, 2013
Notes Payable - Variable Rate 2018 E [Member]
Dec. 31, 2012
Notes Payable - Variable Rate 2018 E [Member]
Sep. 30, 2013
Senior Secured Credit Facility [Member]
Notes Payable - Variable Rate 2015 [Member]
Dec. 31, 2012
Senior Secured Credit Facility [Member]
Notes Payable - Variable Rate 2015 [Member]
Sep. 30, 2013
Senior Secured Credit Facility [Member]
Notes Payable - Variable Rate 2017 A [Member]
Dec. 31, 2012
Senior Secured Credit Facility [Member]
Notes Payable - Variable Rate 2017 A [Member]
Sep. 30, 2013
Senior Secured Credit Facility [Member]
Notes Payable - Variable Rate 2017 B [Member]
Dec. 31, 2012
Senior Secured Credit Facility [Member]
Notes Payable - Variable Rate 2017 B [Member]
Sep. 30, 2013
Senior Secured Credit Facility [Member]
Notes Payable - Variable Rate 2018, Tranche A [Member]
Dec. 31, 2012
Senior Secured Credit Facility [Member]
Notes Payable - Variable Rate 2018, Tranche A [Member]
Sep. 30, 2013
Senior Secured Credit Facility [Member]
Notes Payable - Variable Rate 2018, Tranche B [Member]
Dec. 31, 2012
Senior Secured Credit Facility [Member]
Notes Payable - Variable Rate 2018, Tranche B [Member]
Sep. 30, 2013
Senior Secured Credit Facility [Member]
Notes Payable - Variable Rate 2018 C [Member]
Dec. 31, 2012
Senior Secured Credit Facility [Member]
Notes Payable - Variable Rate 2018 C [Member]
Sep. 30, 2013
Senior Secured Credit Facility [Member]
Notes Payable - Variable Rate 2018 D [Member]
Dec. 31, 2012
Senior Secured Credit Facility [Member]
Notes Payable - Variable Rate 2018 D [Member]
Sep. 30, 2013
Senior Secured Credit Facility [Member]
Notes Payable - Variable Rate 2020 [Member]
Dec. 31, 2012
Senior Secured Credit Facility [Member]
Notes Payable - Variable Rate 2020 [Member]
Sep. 30, 2013
Old Line Of Credit Facility [Member]
Dec. 31, 2012
Old Line Of Credit Facility [Member]
Sep. 30, 2013
Secured Line Of Credit - New [Member]
Sep. 24, 2013
Senior Secured Credit Facility [Member]
item
Sep. 24, 2013
Standby Letters of Credit [Member]
Sep. 24, 2013
Swingline Loans [Member]
Jan. 31, 2013
Revolving Credit Facility [Member]
Jun. 30, 2013
Revolving Credit Facility [Member]
Jun. 28, 2013
Revolving Credit Facility [Member]
Jun. 27, 2013
Revolving Credit Facility [Member]
Dec. 31, 2012
Revolving Credit Facility [Member]
Nov. 28, 2012
Revolving Credit Facility [Member]
Nov. 27, 2012
Revolving Credit Facility [Member]
Jun. 20, 2011
ING Bank [Member]
item
Nov. 30, 2012
UOS [Member]
Notes Payable - Variable Rate 2017 A [Member]
Debt Instrument [Line Items]                                                                                      
Interest Rate                     3.7496% [1] 0.00% [1] 0.00% [2] 2.06% [2] 2.5326% 2.559% 0.00% [1],[3] 2.709% [1],[3]     2.7525% [4] 2.809% [4] 2.7647% [4] 2.8158% [4] 2.9181% 2.981% 3.715% [5] 1.8314% [5] 0.00% [6] 3.95% [6] 3.68% [1]                        
Interest Rate, minimum                                     2.76% 2.81%                                              
Interest Rate, maximum                                     (2.77%) 2.85%                                              
Maturity Date                     2018 [1]       2017       2018   2018 [4]   2018 [4]   2018   2020 [5]       2018 [1]                        
Total Principal Due $ 205,282,000   $ 237,630,000               $ 45,000,000 [1]     $ 12,666,000 [2] $ 11,942,000 $ 13,436,000   $ 30,000,000 [1],[3] $ 46,000,000 $ 48,760,000 $ 16,320,000 [4] $ 18,896,000 [4] $ 16,965,000 [4] $ 17,908,000 [4] $ 13,490,000 $ 15,620,000 $ 34,565,000 [5] $ 42,089,000 [5]   $ 38,255,000 [6] $ 21,000,000 [1]                        
Less Current Maturities (19,164,000)   (26,040,000)                                                                                
Long-Term Debt, Noncurrent 186,118,000   211,590,000                                                                                
Interest rate swap , fixed interest rate (in hundredths)       4.41%           2.065%                                                                  
Effective, swaption interest rate (in hundredths)                   3.715%                                                                  
Early pre-payment amount       13,300,000                                                       25,500,000                      
Term of financing agreement         5 years                                                                         7 years  
Business acquisition interest in acquiree           100.00%                                                                          
Number of tranches                                                                                   2  
Line of credit   50,000,000                                                             20,000,000 5,000,000                  
Number of lenders                                                               4                      
Lender commitments, minimum                                                               15,000,000                      
Lender commitments, maximum                                                               30,000,000                      
Maximum borrowing capacity                 23,300,000                                             45,000,000         35,000,000 30,000,000   42,000,000 30,000,000   30,000,000
Proceeds from borrowings of line of credit           24,100,000 12,700,000 6,100,000                                                       31,000,000              
Repayments of long term lines of credit                                                                     12,000,000                
Loans pledged as collateral                                                                       $ 3,700,000              
Long-term debt weighted average interest rate                                                                       3.3275%     3.2645%        
[1] On September 24, 2013, we entered into a senior secured Credit Facility. The Credit Facility matures on September 24, 2018 and includes a term loan facility in the principal amount of $45 million and a LOC in the principal amount of $50 million. The LOC facility includes a $20 million sublimit for the issuance of standby letters of credit and a $5 million sublimit for swingline loans. As of September 24, 2013, the Credit Facility had four lenders, each with commitments ranging from $15 million to $30 million.Effective November 28, 2012, our revolving credit facility was increased from $30 million to $42 million to provide additional funds for working capital purposes. This revolver was considered fully drawn at December 31, 2012 and the $12 million increase was fully repaid in January 2013. On June 28, 2013 our revolving facility availability was increased from $30 million to $35 million for working capital purposes. The amount drawn at June 30, 2013 was $31.0 million, with $3.7 million used as collateral for various letters of credit. The net weighted average interest rate on all of our long-term debt after consideration of the effect of our interest rate swaps at June 30, 2013 and December 31, 2012 was 3.3275% and 3.2645%, respectively. This unsecured line of credit agreement was paid off with execution of the new secured credit facility on September 24, 2013.
[2] We had an interest rate swap agreement in place to fix the interest rate on our variable rate note payable expiring in 2015 at 4.41%. Upon early repayment of approximately $13.3 million to close this credit facility, the interest rate swap was settled and terminated.
[3] We entered into a variable rate financing agreement with Capital One N.A. on November 30, 2012 for a five year facility totaling $30 million to finance a portion of the acquisition of UOS. This facility was fully drawn prior to the end of 2012. Upon execution of the new US Senior Credit Facility, this credit facility was paid off in full. The early pre-payment amount was approximately $25.5 million.
[4] We entered into a variable rate financing agreement with ING Bank N.V., London branch on June 20, 2011 for a seven year facility to finance the acquisition of a Cape Size vessel and a Handymax Bulk Carrier Newbuilding, both of which we acquired a 100% interest in as a result of our acquisition of Dry Bulk. Pursuant to the terms of the facility, the lender agreed to provide a secured term loan facility divided into two tranches: Tranche A, fully drawn on June 20, 2011 in the amount of $24.1 million, and Tranche B, providing up to $23.3 million of additional credit. Under Tranche B, we drew $6.1 million in November 2011 and $12.7 million on January 24, 2012.
[5] We have an interest rate swap agreement in place to fix the interest rate on our variable rate note payable expiring in 2020 at 2.065%. After applicable margin adjustments, the effective interest rate on this note payable is fixed at 3.715%. The swap agreement is for the same term as the associated note payable.On September 24, 2013, we entered into a senior secured Credit Facility. The Credit Facility matures on September 24, 2018 and includes a term loan facility in the principal amount of $45 million and a LOC in the principal amount of $50 million. The LOC facility includes a $20 million sublimit for the issuance of standby letters of credit and a $5 million sublimit for swingline loans. As of September 24, 2013, the Credit Facility had four lenders, each with commitments ranging from $15 million to $30 million.
[6] Effective November 28, 2012, our revolving credit facility was increased from $30 million to $42 million to provide additional funds for working capital purposes. This revolver was considered fully drawn at December 31, 2012 and the $12 million increase was fully repaid in January 2013. On June 28, 2013 our revolving facility availability was increased from $30 million to $35 million for working capital purposes. The amount drawn at June 30, 2013 was $31.0 million, with $3.7 million used as collateral for various letters of credit. The net weighted average interest rate on all of our long-term debt after consideration of the effect of our interest rate swaps at June 30, 2013 and December 31, 2012 was 3.3275% and 3.2645%, respectively. This unsecured line of credit agreement was paid off with execution of the new secured credit facility on September 24, 2013.