Senior Credit Facility |
9 Months Ended | ||
|---|---|---|---|
Sep. 30, 2011 | |||
| Senior Credit Facility [Abstract] | |||
| Senior Credit Facility |
On October 10, 2007, the Company entered into a $100,000 senior credit facility. This facility has a term of five years and includes an accordion feature, which allows for an additional $50,000 in borrowings. However, at this time the Company believes that to access the accordion feature the Company’s lender would require that the interest rates for the senior credit facility be reset to match current market rates. The senior credit facility matures on October 10, 2012. The Company entered into this larger credit facility in order to fund potential acquisitions, the repurchase of its common stock, and for financing other general business purposes. Interest rates for advances under the facility are at LIBOR plus 0.6% to 0.9% based upon covenants related to total indebtedness to earnings (0.8% at September 30, 2011). The agreement contains certain covenants and restrictions, none of which are expected to significantly affect the Company’s operations or ability to pay dividends. No assets are pledged as collateral against the senior credit facility. As of September 30, 2011, the Company had $50,000 outstanding under the senior credit facility. At September 30, 2011, the Company had utilized $10,766 of availability for outstanding letters of credit and had $39,234 of available borrowing capacity outstanding under the senior credit facility. The Company is currently in the process of negotiating a new credit facility and expects to have a new facility in place by December 31, 2011.
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