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Subsequent Events
12 Months Ended
Dec. 31, 2014
Subsequent Events [Abstract]  
Subsequent Events
SUBSEQUENT EVENTS

On January 22, 2015, pursuant to the Stock Purchase Agreement with Handy & Harman Group, Ltd., we completed the acquisition of Arlon, LLC and its subsidiaries, other than Arlon India (Pvt) Limited, for $157.0 million, subject to post closing adjustments. In accordance with the Amended Credit Agreement and due to the size of the acquisition, we were required to obtain a waiver prior to completing the acquisition.

We used cash on hand and our existing credit facility to fund the purchase price. The credit facility was used for $125.0 million, which was drawn on January 15, 2015. The borrowing will bear an initial interest rate of 1.9375% per annum, which is based on the one month LIBOR plus a spread between 175-200 basis points, with the actual spread determined by our leverage ratio. All borrowings under this credit agreement are due and mature on July 13, 2016, but we may prepay at any time.