|6 Months Ended|
Jun. 30, 2021
|Debt Disclosure [Abstract]|
On March 30, 2020 the Company entered into a credit agreement for a -year $50,000 revolving credit facility, with a group of lenders. In April 2021, the Company increased its revolver line of credit to $100,000 that expires three years from the date of the increase. The line of credit has not been drawn against as of June 30, 2021. As a result, prepaid loan fees related to this facility are presented within Other assets and will be amortized over the term of the credit agreement. As of June 30, 2021, the balance of these loan fees was $1,108.
The credit agreement contains customary terms and conditions, including limitations on consolidations, mergers, indebtedness, and certain payments, as well as a financial covenant relating to leverage. Borrowings under the credit agreement generally will bear interest between 1.5% and 2.5% per year and will also include interest based on the greater of the prime rate, London InterBank Offered Rate (LIBOR) or New York Federal Reserve Bank (NYFRB) rate, plus an applicable margin for specific interest periods.In addition, the credit agreement, contains certain other covenants (none of which relate to financial condition), events of default and other customary provisions, and also contains customary LIBOR replacement mechanics. At June 30, 2021, the Company was in compliance with all of the financial and non-financial covenants.
The entire disclosure for long-term debt.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef