Debt | 8. Debt Loans payable and current portion of long-term debt consisted of the following: March 31, December 31, 2016 2015 (Dollars in thousands) Loans payable $ 6,492 $ 2,749 Current portion of long-term debt 4,656 4,697 Loans payable and current portion of long-term debt $ 11,148 $ 7,446 Long-term debt consisted of the following: March 31, December 31, 2016 2015 (Dollars in thousands) Term loan facility, net of unamortized issuance costs $ 241,171 $ 291,717 Revolving credit facility 247,621 170,000 Capital lease obligations 4,100 4,478 Other notes 4,976 4,610 Total long-term debt 497,868 470,805 Current portion of long-term debt (4,656) (4,697) Long-term debt, less current portion $ 493,212 $ 466,108 Credit Facility On July 31, 2014, the Company entered into a credit facility (the “ Credit Facility”) with a group of lenders to refinance the majority of its then outstanding debt. The Credit Facility consisted of a $200 million secured revolving line of credit with a term of five years and a $300 million secured term loan facility with a term of seven years. On January 25, 2016, the Company amended the Credit Facility by entering into the Incremental Assumption Agreement (the “Incremental Agreement”) to increase the revolving line of credit commitment amount from $200 million to $300 million. The Company then used a portion of the increase in the revolving line of credit to repay $50 million of the term loan facility. The Credit Facility was amended and a portion of the outstanding term loans were repaid to increase the amount of total liquidity available under t he Credit Facility and reduce the total cost of borrowings. Principal payments on the term loan facility of $0.75 million quarterly , are payable commencing December 31, 2014 , with the remaining balance du e on the maturity date. At March 31, 2016 , the Company had borrowed $245.5 million under the term loan facility , taking into account all prior quarterly payments and the $50 million prepayment that was made in January 2016, at an annual rate of 4.0% . There are no additional borrowings available under the term loan facility. Subject to certain conditions, the Company can request up to $100 million of addit ional commitments under the Credit Facility, though the lenders are not required to provide such additional commitments. In addition, up to $100 million of the revolving line of credit will be available to certain of the Company’s subsidiaries in the form of revolving loans denominated in Euros. Certain of the Company’s U.S. subsidiaries have guaranteed the Com pany’s obligations under the Credit Facility and such obligations are secured by (a) substantially all of the personal property of the Company and the U.S. subsidiary guarantors and (b) a pledge of 100% of the stock of most of the Company’s U.S. subsidiaries and 65% of most of the stock of the Company’s first tier foreign subsidiaries. Interest Rate – Term Loan: The interest rates applicable to the term loans will be, at the Company’s option, equal to either a base rate or a London Interbank Offered Rate (“LIBOR”) rate plus, in both cases, an applicable margin. · The base rate will be the highest of (i) the federal funds rate plus 0.50% , (ii) PNC’s prime rate or (iii) the daily LIBOR rate plus 1.00% . · The applicable margin for base rate loans is 2.25% . · The LIBOR rate will be set as quoted by Bloomberg and shall not be less than 0.75% . · The applicable margin for LIBOR rate loans is 3.25% . · For LIBOR rate loans, the Company may choose to set the duration on individual borrowings for periods of one, two, three or six months, with the interest rate based on the applicable LIBOR rate for the corresponding duration. Interest Rate – Revolving Credit Line: The interest rates applicable to loans under the revolving credit line will be, at the Company’s option, equal to either a base rate or a LIBOR rate plus an applicable variable margin. The variable margin will be based on the ratio of (a) the Company’s total consolidated debt outstanding at such time to (b) the Company’s consolidated EBITDA computed for the period of four consecutive fiscal quarters most recently ended. · The base rate will be the highest of (i) the federal funds rate plus 0.50% , (ii) PNC’s prime rate or (iii) the daily LIBOR rate plus 1.00% . · The applicable margin for base rate loans will vary between 1.50% and 2.00% . · The LIBOR rate will be set as quoted by Bloomberg for U.S. Dollars. · The applicable margin for LIBOR Rate Loans will vary between 2.50% and 3.00% . · For LIBOR rate loans, the Company may choose to set the duration on individual borrowings for periods of one, two, three or six months, with the interest rate based on the applicable LIBOR rate for the corresponding duration. At March 31, 2016 , the Company had borrowed $247.6 million under the revolving credit facilities at an annual weighted average interest rate of 3.4% . The bor rowing on the revolving credit facilities was used to fund the acquisitions, the share repurchase program, and for other general business use. After reductions for outstanding letters of credit secured by these facilities, we had $48.0 million of additional borrowings available under the revolving credit facilities at March 31, 2016 . The Credit Facility contains customary restrictive covenants including, but not limited to, limitations on use of loan proceeds, limitations on the Company’s ability to pay dividends and repurchase stock, limitations on acquisitions and dispositions and limitations on certain types of investments. The Credit Facility also contains standard provisions relating to conditions of borrowing and customary events of default, including the non-payment of obligations by the Company and the bankruptcy of the Company. Specific to the revolving credit facility, the Company is subject to financial covenants regarding the Company’s outstanding net indebtedness and interest coverage ratios. If an event of default occurs, all am ounts outstanding under the Credit Facility may be accelerated and become immediately due and payable. At March 31, 2016 , we were in complianc e with the covenants of the Credit Facility. Other Financing Arrangements We maintain other lines of credit to provide global flexibility for our short-term liquidity requirements. These facilities are uncommitted lines for our international operations and totaled $7.9 million and $8.0 million at March 31, 2016 and December 31, 2015 , respectively. The unused portions of these lines provided additional liquidity of $6.6 million at March 31, 2016 , and $7.3 million at December 31, 2015 . |