Stamps.com 2015 Annual Report Download - page 47
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Please find page 47 of the 2015 Stamps.com annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Twelve Month Period Ending December 31,
Operating
Lease Obligations
2016 $ 2,879
2017 3,126
2018 2,811
2019 619
2020 260
Thereafter —
TABLE OF CONTENTS
ThefollowingtableisascheduleofoursignificantcontractualobligationsandcommercialcommitmentsasofDecember31,2015
(inthousands):
OnNovember18,2015,weenteredintoaCreditAgreementwithagroupofbanks,whichprovidesforatermloanof$82.5
millionandarevolvingcreditfacilitywithamaximumborrowingof$82.5million.OurCreditAgreementmaturesonNovember18,
2020.InconnectionwithenteringintotheCreditAgreement,weincurredapproximately$1.8millionindebtissuancecostswhich
wererecordedasdebtdiscountandarebeingaccretedasinterestexpenseoverthelifeoftheCreditAgreement.Amortizationexpense
associatedwiththecapitalizeddebitissuancecostsfortheyearendedDecember31,2015wasapproximately$31,000.
BorrowingsunderthetermloanarepayableinquarterlyinstallmentswhichbeganonDecember31,2015.Wepayinterestonour
CreditAgreementequaltotheLondonInterbankOfferedRateplusanapplicablemargin,between1.25%to2.00%,baseduponcertain
financialmeasures.AsofDecember31,2015,ourapplicablemarginwas1.5%andtheinterestrateonouroutstandingloanwas
approximately1.86%.WearesubjecttocertaincustomaryquarterlyfinancialcovenantsunderourCreditAgreementsuchasa
maximumtotalleverageratioandaminimumfixedchargecoverageratio.Further,theCreditAgreementincludesnegativecovenants,
subjecttoexceptions,restrictingorlimitingourabilityandtheabilityofoursubsidiariesto,amongotherthings,incuradditional
indebtedness,grantliens,repurchasestock,paydividendsandengageincertaininvestment,acquisitionanddispositiontransactions.As
ofDecember31,2015,wewereincompliancewiththecovenantsoftheCreditAgreement.
ThecontractualmaturitiesofourdebtobligationsduesubsequenttoDecember31,2015areasfollows(inthousands):
Amount
2016 $ 4,641
2017 6,703
2018 8,766
2019 10,828
2020 132,521
Totaldebt 163,459
Less:deferredfinancingcosts 1,839
Totaldebt,netofdeferredfinancingcosts $ 161,620
TheestimatedinterestpaymentsrelatedtoourdebtduesubsequenttoDecember31,2015areasfollows(inthousands):
Amount
2016 $ 3,177
2017 2,967
2018 2,829
2019 2,652
2020 2,368
Total $ 13,993
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