Stamps.com 2015 Annual Report Download - page 47

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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
ThefollowingtableisascheduleofoursignificantcontractualobligationsandcommercialcommitmentsasofDecember31,2015
(inthousands):
OnNovember18,2015,weenteredintoaCreditAgreementwithagroupofbanks,whichprovidesforatermloanof$82.5
millionandarevolvingcreditfacilitywithamaximumborrowingof$82.5million.OurCreditAgreementmaturesonNovember18,
2020.InconnectionwithenteringintotheCreditAgreement,weincurredapproximately$1.8millionindebtissuancecostswhich
wererecordedasdebtdiscountandarebeingaccretedasinterestexpenseoverthelifeoftheCreditAgreement.Amortizationexpense
associatedwiththecapitalizeddebitissuancecostsfortheyearendedDecember31,2015wasapproximately$31,000.
BorrowingsunderthetermloanarepayableinquarterlyinstallmentswhichbeganonDecember31,2015.Wepayinterestonour
CreditAgreementequaltotheLondonInterbankOfferedRateplusanapplicablemargin,between1.25%to2.00%,baseduponcertain
financialmeasures.AsofDecember31,2015,ourapplicablemarginwas1.5%andtheinterestrateonouroutstandingloanwas
approximately1.86%.WearesubjecttocertaincustomaryquarterlyfinancialcovenantsunderourCreditAgreementsuchasa
maximumtotalleverageratioandaminimumfixedchargecoverageratio.Further,theCreditAgreementincludesnegativecovenants,
subjecttoexceptions,restrictingorlimitingourabilityandtheabilityofoursubsidiariesto,amongotherthings,incuradditional
indebtedness,grantliens,repurchasestock,paydividendsandengageincertaininvestment,acquisitionanddispositiontransactions.As
ofDecember31,2015,wewereincompliancewiththecovenantsoftheCreditAgreement.
ThecontractualmaturitiesofourdebtobligationsduesubsequenttoDecember31,2015areasfollows(inthousands):
Amount
2016 $ 4,641
2017  6,703
2018  8,766
2019  10,828
2020  132,521
Totaldebt  163,459
  
Less:deferredfinancingcosts  1,839
Totaldebt,netofdeferredfinancingcosts $ 161,620
  
TheestimatedinterestpaymentsrelatedtoourdebtduesubsequenttoDecember31,2015areasfollows(inthousands):
Amount
2016 $ 3,177
2017  2,967
2018  2,829
2019  2,652
2020  2,368
Total $ 13,993  
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