Debt

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Debt

NOTE 8 – Debt

Short-term debt

Our Asia subsidiaries maintain credit facilities with several financial institutions through our foreign entities worldwide totaling $201.8 million. Other than two Taiwanese credit facilities that are collateralized by assets, our foreign credit lines are unsecured, uncommitted and contain no restrictive covenants. These credit facilities bear interest at LIBOR or similar indices plus a specified margin. Interest payments are due monthly on outstanding amounts under the credit lines. The unused and available credit under the various facilities as of June 30, 2022, was approximately $175.1 million, net of $25.9 million advanced under our foreign credit lines and $0.9 million credit used for import and export guarantee.

Long-term debt

The Company maintains a long-term credit facility (“U.S. Credit Agreement”) consisting of a term loan with a current balance of $63.6 million and a $200.0 million revolving senior credit facility with $30.0 million drawn as of June 30, 2022. Borrowings outstanding as of June 30, 2022 and December 31, 2021, are set forth in the table below:

	June 30,			December 31,				Current Amount
Description	2022			2021			Interest Rate	Maturity
Short-term debt	$	25,907		$	18,068		Various indices plus margin	Various during 2022
Long-term debt
Term loan and revolver	$	93,560		$	155,122		Libor plus margin	May 2024
Notes payable to Bank of Taiwan		2,225			2,492		Variable, 1.3% base	June 2033
Notes payable to Bank of Taiwan		1,682			1,807		2-yr deposit rate floating	September 2023
Notes payable to Bank of China Trust Company		14,678			16,168		Taibor 3 month rate + 0.5%	May 2024
Notes payable to Bank of China Trust Company		3,365			3,614		Taibor 3 month rate + 0.5%	December 2023
Notes payable to E Sun Bank		3,365			3,614		1-M deposit rate plus 0.08%	December 2023
Notes payable to E Sun Bank		315			371		1-M deposit rate plus 0.08%	June 2027
Notes payable to E Sun Bank		1,649			1,771		1-M deposit rate plus 0.08%	June 2030
Notes payable to HSBC		100,000			100,000		Libor plus margin	January 2024
Notes payable to HSBC		20,000			-		Libor plus margin	December 2023
Total long-term debt		240,839			284,959
Less: Current portion of long-term debt		(9,336	)		(17,381	)
Less: Unamortized debt costs		(1,591	)		(2,004	)
Total long-term debt, net of current portion	$	229,912		$	265,574