Corporate Borrowings

12 Months Ended

Dec. 31, 2017



NOTE 5:	CORPORATE BORROWINGS

Indebtedness Outstanding.



	December 31,
Description^(a)	2017			2016
Credit Agreement - Revolver, 2.935% (variable rate) due 2022	$	3,298		$	16,000		^(c)
Credit Agreement - Fixed Asset Sub-Line term loan (closed August 23, 2017 - see below)	—			5,253			^(c)
Credit Agreement - Term Loan (closed August 23, 2017 - see below)	—			13,000			^(c)
Secured Promissory Note, 3.71% (fixed rate) due 2022	1,966			2,324
Prudential Note Purchase Agreement, 3.53% (fixed rate) due 2027	20,000			—
Total indebtedness outstanding	25,264			36,577
Less unamortized loan fees^(b)	(710		)	(576		)
Total indebtedness outstanding, net	24,554			36,001
Less current maturities of long-term debt	(372		)	(4,359		)
Long-term debt	$	24,182		$	31,642

^(a)Interest rates are as of December 31, 2017.

^(b)Loan fees are being amortized over the life of the Credit Agreement and Note Purchase Agreement.

^(c)The 2016 Credit Agreement amounts relate to the Third Amended and Restated Credit Agreement detailed below.

Credit Agreement and Note Purchase Agreement. On August 23, 2017, the Company entered into a new credit agreement (the "Credit Agreement") with Wells Fargo Bank, National Association. The Credit Agreement replaced the Company’s Third Amended and Restated Credit Agreement, which included a revolver, a fixed asset sub-line term loan, and a term loan. The Credit Agreement provides for a $150,000 revolving credit facility. The Company may increase the facility from time to time by an aggregate principal amount of up to $25,000 provided certain conditions are satisfied and at the discretion of the lender. The Credit Agreement matures on August 23, 2022.

The Credit Agreement includes certain requirements and covenants, which the Company was in compliance with at December 31, 2017. The Company incurred $183 of new loan fees related to the Credit Agreement during 2017. The unamortized balance of total loan fees related to the Credit Agreement was $523 at December 31, 2017 and is being amortized over the life of the Credit Agreement.

As of December 31, 2017, the Company's total outstanding borrowings under the Credit Agreement were $3,298 leaving $146,702 available. The interest rate for the borrowings of the Credit Agreement at December 31, 2017 was 2.9 percent.

On August 23, 2017, the Company also entered into a Note Purchase and Private Shelf Agreement (the "Note Purchase Agreement") with PGIM, Inc. ("Prudential Capital Group"), an affiliate of Prudential Financial, Inc., and certain affiliates of PGIM, Inc. The Note Purchase Agreement provides for the issuance of up to $75,000 of Senior Secured Notes, and the Company issued $20,000 of Senior Secured Notes with a maturity date of August 23, 2027. The Senior Secured Notes bear interest at a rate of 3.5 percent per year. The Note Purchase Agreement includes certain requirements and covenants, which the Company was in compliance with at December 31, 2017. The Company incurred $194 of new loan fees related to the Note Purchase Agreement during 2017. The unamortized balance of total loan fees related to the Note Purchase Agreement was $187 at December 31, 2017 and is being amortized over the life of the Note Purchase Agreement.

Debt Maturities.



Year Ending December 31,
2018	$	372
2019	386
2020	400
2021	2,016
2022	6,890
Thereafter	15,200
Total	$	25,264