Annual report pursuant to Section 13 and 15(d)

Notes Payable and Revolving Credit Facility (Tables)

v3.19.1
Notes Payable and Revolving Credit Facility (Tables)
 12 Months Ended
Dec. 31, 2018
Debt Instrument [Line Items]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]
The Company’s notes payable, net, includes two loans: (1) the Cantor Loan and (2) the West Mifflin Note, described in detail below. The following table sets forth the aggregate balances of these loans as of December 31, 2018 and 2017.
 
 
 
December 31, 2018
 
 
December 31, 2017
 
Notes payable, gross
 
$
39,475
 
 
$
39,475
 
Less: Unamortized debt discount
 
 
(799
)
 
 
(930
)
Principal repayment
 
 
(22
)
 
 
-
 
Notes payable, net
 
$
38,654
 
 
$
38,545
 
Schedule Of Pricing Matrix For Revolver And Term Loan [Table Text Block]
The following table presents the pricing matrix for the Revolver and the Term Loan:
 
Total Leverage
Ratio
 
Revolver LIBOR
Margin
 
 
Revolver Base
Rate Margin
 
 
Term Loan
LIBOR Margin
 
 
Term Loan Base
Rate Margin
 
≤ 45%
 
 
1.40
%
 
 
0.40
%
 
 
1.35
%
 
 
0.35
%
› 45% and ≤50%
 
 
1.65
%
 
 
0.65
%
 
 
1.60
%
 
 
0.60
%
› 50% and ≤55%
 
 
1.90
%
 
 
0.90
%
 
 
1.85
%
 
 
0.85
%
› 55%
 
 
2.15
%
 
 
1.15
%
 
 
2.10
%
 
 
1.10
%
Schedule of Line of Credit Facilities [Table Text Block]
As of December 31, 2018 and 2017, the Company had the following outstanding borrowings under the Credit Facility:
 
 
 
December 31, 2018
 
 
December 31, 2017
 
Revolver
 
$
180,275
 
 
$
164,900
 
Term Loan
 
 
100,000
 
 
 
-
 
Less: Unamortized deferred financing costs
 
 
(3,922
)
 
 
(2,750
)
Credit Facility, net
 
$
276,353
 
 
$
162,150
 
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]
The table below details the components of the loss presented on the accompanying Consolidated Statements of Comprehensive Income (Loss) recognized on the Company’s interest rate swap agreements designated as cash flow hedges for the years ended December 31, 2018, 2017, and 2016.
 
 
 
Years Ended December 31,
 
 
 
2018
 
 
2017
 
 
2016
 
 
 
 
 
 
 
 
 
 
 
Amount of loss recognized in other comprehensive loss
 
$
3,919
 
 
$
-
 
 
$
-
 
Amount of loss reclassified from accumulated other comprehensive loss into interest expense
 
 
(198
)
 
 
-
 
 
 
-
 
Total change in accumulated other comprehensive loss
 
$
3,721
 
 
$
-
 
 
$
-
 
Cantor Loan [Member]  
Debt Instrument [Line Items]  
Schedule of Maturities of Long-term Debt [Table Text Block]
As of December 31, 2018, scheduled principal payments due for each fiscal year ended December 31 are listed below as follows:
 
2019
 
$
-
 
2020
 
 
-
 
2021
 
 
282
 
2022
 
 
447
 
2023
 
 
471
 
Thereafter
 
 
30,897
 
Total
 
$
32,097
 
West Mifflin Note Payable [Member]  
Debt Instrument [Line Items]  
Schedule of Maturities of Long-term Debt [Table Text Block]
As of December 31, 2018, scheduled principal payments due for each fiscal year ended December 31 are listed below as follows:
 
2019
 
$
136
 
2020
 
 
7,220
 
Total
 
$
7,356