Annual report pursuant to Section 13 and 15(d)

Long-Term Debt and Notes Payable

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Long-Term Debt and Notes Payable
 12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
Long-Term Debt and Notes Payable LONG-TERM DEBT AND NOTES PAYABLE
Long-term Debt at December 31 is as follows:
(In thousands) 2018 2017
Revolving Credit Line issued under the Fifth Amended and Restated Credit Agreement dated February 21, 2018. Interest is at LIBOR plus between 1.00% and 1.50% (3.70% at December 31, 2018).  $ 227,000  $ 262,000 
Other Bank Debt 338  807 
Capital Lease Obligations 6,644  8,960 
Total Debt 233,982  271,767 
Less Current Maturities 1,870  2,689 
Total Long-term Debt $ 232,112  $ 269,078 
Principal maturities of long-term debt are approximately:
(In thousands)  
2019 $ 1,870 
2020 2,133 
2021 2,067 
2022 912 
2023 227,000 
Thereafter — 
Total Debt $ 233,982 
The Company's Fourth Amended and Restated Credit Agreement (the “Original Facility”) provided for a $350 million revolving credit line with the option to increase the line by up to $150 million. The maturity date of the Original Facility was January 13, 2021. On February 16, 2018, the Company modified and extended the Original Facility by entering into the Fifth Amended and Restated Credit Agreement (the “Agreement”), which provides for a $500 million revolving credit line with the option to increase the line by up to $150 million. A new lender was added to the facility as well. The outstanding balance of the Original Facility were rolled into the Agreement on the date of closing. The maturity date of the loans under the Agreement is February
16, 2023. At December 31, 2018, there was $227.0 million outstanding on the revolving credit facility and there remains $271.9 million available, net of outstanding letters of credit. The credit facility allocates up to $20 million of the $500 million revolving credit line for the issuance of letters of credit, including certain existing letters of credit. At December 31, 2018, outstanding letters of credit totaled $1.1 million.
The maximum permitted leverage ratio of funded debt to Adjusted EBITDA (as defined in the Agreement) was 3.75 to 1, increasing to 4.50 to 1 for up to four fiscal quarters following the closing of an acquisition permitted under the Agreement, subject to limitations. The Company's leverage ratio was 2.04 to 1 at December 31, 2018. The Company will pay interest on the unpaid principal amount of the facility at a rate equal to one-, three- or six-month LIBOR plus between 1.00% and 1.50% based upon the Company’s leverage ratio. The Company will also pay a commitment fee to the Lenders in an amount equal to between 0.10% and 0.20% on the undrawn portion of the credit facility, based upon the Company’s leverage ratio.
The Company’s obligations under the Credit Agreement as amended are jointly and severally guaranteed by each domestic subsidiary of the Company other than a non-material subsidiary. The obligations are secured by a first priority lien on substantially all of the Company’s and the guarantors’ assets.
In the event of voluntary or involuntary bankruptcy of the Company or any subsidiary, all unpaid principal and other amounts owing under the Credit Agreement automatically become due and payable. Other events of default, such as failure to make payments as they become due and breach of financial and other covenants, change of control, judgments over a certain amount, and cross default under other agreements give the Agent the option to declare all such amounts immediately due and payable.