Long-term Debt

6 Months Ended

Jun. 30, 2011

Long-term debt [Abstract]

Long-term debt

3.    Long-term Debt

As of June 30, 2011, the Company had a secured committed credit facility with an aggregate availability of $50 million that matures in March 2015.  At June 30, 2011, $15.0 million was borrowed under the credit facility and $6.2 million of standby letters of credit were issued under the credit facility, which are used primarily for our self-insurance programs and legal matters, reducing the availability under our credit facility to $28.8 million.   As of June 30, 2011, loans outstanding under the credit facility were categorized as one of the following types, either LIBOR loans which had an interest rate of 2.5% or bank base rate loans which had an interest rate of 4.5%.

The obligations under the credit facility are guaranteed by our parent company and certain named subsidiaries and secured by a pledge of substantially all of our assets and revenue equipment. The obligations shall bear interest (i) if a Base Rate Loan (as defined in the credit facility), at the Base Rate (as defined in the credit facility) in effect from time to time, plus the Applicable Margin (as defined in the credit facility); (ii) if a LIBOR loan, at LIBOR for the applicable interest period, plus the Applicable Margin; and (iii) if any other obligation (including, to the extent permitted by law, interest not paid when due), at the Base Rate in effect from time to time, plus the Applicable Margin for Base Rate Revolver Loans (as defined in the credit facility).  Interest shall accrue from the date the Loan is advanced or the obligation is incurred or payable, until paid by the borrowers.  If a loan is repaid on the same day made, one day's interest shall accrue.  We are obligated to comply with certain covenants under the credit facility.