On the Company entered into a new revolving line-of-credit and term loan governed by a Credit Agreement (the Credit Agreement). The Credit Agreement provides for a revolving credit facility of million, which can be increased by an additional million subject to certain conditions, and a term loan of million. Borrowings under the Credit Agreement be used for working capital and expenditures of the Company and its subsidiaries, including financing permitted acquisitions. Borrowings under the Credit Agreement bear interest at a variable rate. The current outstanding debt is based on the Eurodollar Loans term for which the interest rate is calculated as the sum of LIBOR plus an applicable margin. The applicable margin is determined from the total leverage ratio of the Company and updated on a quarterly basis. The annualized fee for any unused portion of the credit facility is currently  basis points.

 

The Credit Agreement matures on and contains customary restrictive and financial covenants and customary events of default. At the closing on the Company borrowed million under the term loan and million under the revolving credit facility. As of the outstanding balance under the Credit Agreement was million.