Debt and Other Financing Arrangements

9 Months Ended

Sep. 30, 2017

Debt and Other Financing Arrangements

On March 20, 2014, the Company entered into an equipment financing arrangement (“Loan Agreement”) with Banc of America Leasing & Capital, LLC, which it amended on September 15, 2015 and March 23, 2016. The terms of this arrangement are detailed in the 10-K.

The weighted average interest rate for all notes related to the Loan Agreement for the quarter ended September 30, 2017 was 3.2%, and represented $12 thousand of interest expense as compared to a rate of 2.5% and interest expense of $34 thousand for the comparable period in 2016. As of September 30, 2017, the interest rate was 3.2% and there was $1.5 million of outstanding debt related to the loan. The Company was in compliance with all loan covenants as of September 30, 2017.

The annual principal repayment requirements for debt obligations as of September 30, 2017 were as follows:

2017	$	136
2018		542
2019		475
2020		287
2021		30
Total long-term debt		1,470
Less current portion of long-term debt		(542)
Total long-term debt, net of current portion	$	928