Quarterly report pursuant to Section 13 or 15(d)

Credit Facilities

v3.19.3
Credit Facilities
9 Months Ended
Sep. 28, 2019
Debt Disclosure [Abstract]  
CREDIT FACILITIES

9.  CREDIT FACILITIES

Total long-term non-revolving debt consists of the following:

 

Maturity Date

 

September 28, 2019

 

 

December 29, 2018

 

Long-term non-revolving debt:

 

 

 

 

 

 

 

 

 

Term loan credit facility with PNC

4/3/2023

 

$

92,500

 

 

$

96,250

 

Term loan credit facility with Shinhan Bank

3/30/2020

 

 

832

 

 

 

895

 

Other long-term debt

Various

 

 

391

 

 

 

838

 

Total long-term non-revolving debt

 

 

 

93,723

 

 

 

97,983

 

Less: current portion of long-term non-revolving debt

 

 

 

6,946

 

 

 

5,215

 

Less: unamortized debt issuance costs

 

 

 

864

 

 

 

1,048

 

Total long-term non-revolving debt, net

 

 

$

85,913

 

 

$

91,720

 

Information on the Company’s revolving credit facilities is as follows:

 

 

 

Balance

 

 

Available credit

 

 

Maturity Date

 

September 28, 2019

 

 

December 29, 2018

 

 

September 28, 2019

 

 

December 29, 2018

 

Revolving line of credit with PNC

4/3/2023

 

$

225,489

 

 

$

255,750

 

 

$

174,511

 

 

$

144,250

 

Future maturities of total debt are as follows:

Year:

 

 

 

2019 Remaining

$

1,277

 

2020

 

7,838

 

2021

 

7,649

 

2022

 

9,455

 

2023

 

292,993

 

Total

$

319,212

 

 

The Company has a revolving line of credit and term loan credit facility with PNC Bank, National Association, as administrative agent, and the lenders party thereto. The revolving line of credit allows for up to an aggregate maximum principal amount of $400,000. During the nine months ended September 28, 2019, the Company exchanged a portion of the USD denominated borrowings for €80,000 in order to hedge currency exposure in foreign operations. The Company designated the borrowings as a net investment hedge, see additional discussion in Note 8.

The effective interest rate on the credit agreement at September 28, 2019 was 3.24%. Interest expense recognized on the credit agreement during the nine months ended September 28, 2019 and September 29, 2018, totaled $11,442 and $8,577, respectively. As of the date of this filing, the Company was in compliance with all debt covenants related to the credit agreement.

The Company has a credit agreement with Shinhan Bank that provides a term loan of 1,000,000 Korean won. The loan matures in March 2020, at which time the full amount will become due. Interest is charged at a one-year variable rate, 1.87% as of September 28, 2019.

The Company had a revolving line of credit with National Australia Bank that allowed for maximum borrowings of 3,000 Australian dollars. Principal and interest were paid in full on January 31, 2019, at which time the facility was closed.

The Company’s other long-term debt primarily consists of auto loans payable to National Australia Bank. Principal and interest payments are due monthly. The loans mature at various dates through July 2023. Interest is charged at various rates ranging from 4.5% to 5.3%.