|3 Months Ended|
Mar. 31, 2020
|Subsequent Events [Abstract]|
|SUBSEQUENT EVENT||SUBSEQUENT EVENT
Amended Senior Secured Credit Facility
In April 2020, we amended our senior secured credit facility, which among other things, provides for: (i) a new $130 million incremental revolving credit facility, with the potential to increase the amount of such facility to $150 million if additional commitments are received on or before May 2020; (ii) substitution of the consolidated net leverage ratio covenant with a liquidity covenant (as defined in the agreement) for the fiscal quarters ending June 30, 2020 and September 30, 2020 that requires our consolidated liquidity be at least $500 million at the end of such fiscal quarters; (iii) substitution of consolidated EBITDA (as defined in the agreement) for the second and third quarters of 2020 with consolidated EBITDA from the second and third quarters of 2019, respectively, for purposes of calculating the consolidated net leverage ratio covenant for the fourth quarter of 2020 through the second quarter of 2021; (iv) adjustment of the applicable interest rate for delayed draw term loan A and existing revolving credit facility to 2.25% per annum for Eurodollar rate loans and 1.25% per annum for base rate loans; (v) adjustment of the commitment fee on the undrawn portion of the delayed draw term loan A and existing revolving credit facility to 0.50% per year; and (vi) temporary suspension of our ability to make certain voluntary restricted payments until (x) the date that we deliver our compliance certificate and annual financial statements for the fiscal year ending December 31, 2020 with respect to payments or prepayments of principal on, or redemptions, repurchases or acquisitions of certain of our indebtedness and (y) September 30, 2021 with respect to other voluntary restricted payments.
The interest rates per annum applicable to the incremental revolving credit facility are, at our option, equal to either Eurodollar plus 2.5% or a base rate plus 1.5%. We are required to pay a commitment fee of 1.75% per year on the undrawn portion available under the incremental revolving credit facility.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef