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NOTES PAYABLE TO BANKS (Detail Textuals)
$ in Millions
9 Months Ended
Sep. 30, 2018
USD ($)
Revolving credit facility  
Line of Credit Facility [Line Items]  
Amount of credit facility $ 125
Borrowing capacity description Company entered into Amendment No. 4 to Credit Agreement (the "Amendment"). The Amendment, among other matters, replaces the existing minimum tangible net worth covenant with the following covenants: (i) when RPC's trailing four quarter EBITDA (as calculated under the Credit Agreement) is equal to or greater than $50 million, a maximum consolidated leverage ratio of 2.50:1.00 and a minimum debt service coverage ratio of 2.00:1.00, and (ii) otherwise, a minimum tangible net worth covenant of no less than $600 million. The Amendment additionally (1) extends the Credit Agreement maturity date from January 17, 2019 to July 26, 2023, (2) eliminates any borrowing base limitations on revolving loans when RPC's trailing four quarter EBITDA (as calculated under the Credit Agreement) is equal to or greater than $50 million, (3) reduces the commitment fees payable by RPC by 7.5 basis points at each pricing level and (4) reduces the letter of credit sublimit from $50 million to $35 million. As of September 30, 2018, the Company was in compliance with these covenants.
Description of variable rate basis of debt instrument <div align="left"> <p style="line-height: normal; text-indent: 18pt; margin: 0cm 0cm 0pt 18pt;" class="msonormal"><font style="font-family: times new roman,times;" size="2">Revolving loans under the amended revolving credit facility bear interest at one of the following two rates at the Company’s election:</font></p> <p style="text-align: justify; line-height: normal; text-indent: -18pt; margin: 0cm 0cm 0pt 60.95pt;" class="msonormal"><font style="font-family: times new roman,times;" size="2"> </font></p> <table style="width: 100%; mso-cellspacing: 0cm; mso-yfti-tbllook: 1184; mso-padding-alt: 0cm 0cm 0cm 0cm;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes; mso-yfti-lastrow: yes;"> <td style="background-color: transparent; width: 42.95pt; border: #f0f0f0; padding: 0cm;" valign="top" width="57"></td> <td style="background-color: transparent; width: 18pt; border: #f0f0f0; padding: 0cm;" valign="top" width="24"> <p style="line-height: normal; margin: 0cm 0cm 0pt;" class="msonormal"><font style="font-family: times new roman,times;" size="2">·</font></p> </td> <td style="background-color: transparent; border: #f0f0f0; padding: 0cm;" valign="top"> <p style="text-align: justify; line-height: normal; margin: 0cm 0cm 0pt;" class="msonormal"><font style="font-family: times new roman,times;" size="2">The Eurodollar Rate, which is the rate per annum equal to the London Interbank Offering Rate (“LIBOR”); plus, a margin ranging from 1.125% to 2.125%, based upon a quarterly debt covenant calculation.</font></p> </td> </tr> </table> <p style="text-align: justify; line-height: normal; text-indent: -18pt; margin: 0cm 0cm 0pt 60.95pt;" class="msonormal"><font style="font-family: times new roman,times;" size="2"> </font></p> <table style="width: 100%; mso-cellspacing: 0cm; mso-yfti-tbllook: 1184; mso-padding-alt: 0cm 0cm 0cm 0cm;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes; mso-yfti-lastrow: yes;"> <td style="background-color: transparent; width: 42.95pt; border: #f0f0f0; padding: 0cm;" valign="top" width="57"></td> <td style="background-color: transparent; width: 18pt; border: #f0f0f0; padding: 0cm;" valign="top" width="24"> <p style="line-height: normal; margin: 0cm 0cm 0pt;" class="msonormal"><font style="font-family: times new roman,times;" size="2">·</font></p> </td> <td style="background-color: transparent; border: #f0f0f0; padding: 0cm;" valign="top"> <p style="text-align: justify; line-height: normal; margin: 0cm 0cm 0pt;" class="msonormal"><font style="font-family: times new roman,times;" size="2">the Base Rate, which is a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 0.50%, (b) Bank of America’s publicly announced “prime rate,” and (c) the Eurodollar Rate plus 1.00%; in each case plus a margin that ranges from 0.125% to 1.125% based on a quarterly consolidated leverage ratio calculation</font></p> </td> </tr> </table> </div>
Revolving credit facility | Minimum  
Line of Credit Facility [Line Items]  
Fees on unused portion of facility 0.225%
Revolving credit facility | Maximum  
Line of Credit Facility [Line Items]  
Fees on unused portion of facility 0.325%
Revolving credit facility | Option 1  
Line of Credit Facility [Line Items]  
Basis spread on variable rate 0.50%
Description of reference rate basis Federal Funds Rate
Revolving credit facility | Option 1 B  
Line of Credit Facility [Line Items]  
Borrowing capacity description prime rate
Revolving credit facility | Option 1 B | Minimum  
Line of Credit Facility [Line Items]  
Basis spread on variable rate 0.125%
Revolving credit facility | Option 1 B | Maximum  
Line of Credit Facility [Line Items]  
Basis spread on variable rate 1.125%
Revolving credit facility | Option 1 C  
Line of Credit Facility [Line Items]  
Basis spread on variable rate 1.00%
Description of reference rate basis Eurodollar Rate
Revolving credit facility | Option 1 C | Minimum  
Line of Credit Facility [Line Items]  
Basis spread on variable rate 0.125%
Revolving credit facility | Option 1 C | Maximum  
Line of Credit Facility [Line Items]  
Basis spread on variable rate 1.125%
Letter of credit subfacility  
Line of Credit Facility [Line Items]  
Amount of credit facility $ 35
Swingline subfacility  
Line of Credit Facility [Line Items]  
Amount of credit facility $ 35