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EXCEL - IDEA: XBRL DOCUMENT - RTI SURGICAL, INC.Financial_Report.xls
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EX-31.1 - CERTIFICATION - RTI SURGICAL, INC.d226024dex311.htm
EX-32.2 - CERTIFICATION - RTI SURGICAL, INC.d226024dex322.htm
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v2.3.0.15
Short And Long-Term Obligations
9 Months Ended
Sep. 30, 2011
Short And Long-Term Obligations [Abstract] 
Short And Long-Term Obligations
10. Short and Long-Term Obligations

Short and long-term obligations are as follows:

 

     September 30,     December 31,  
     2011     2010  

Term loans

   $ 241      $ 2,307   

Capital leases

     515        690   
  

 

 

   

 

 

 
     756        2,997   

Less current portion

     (555     (1,120
  

 

 

   

 

 

 

Long-term portion

   $ 201      $ 1,877   
  

 

 

   

 

 

 

The Company has two outstanding term loans with German banks. The first term loan of 125 Euro, or $170, maturing March 31, 2012 has an outstanding interest rate swap agreement. Under this agreement, the Company pays a fixed interest rate of 5.15% and payments or receipts on the agreement are recorded as adjustments to interest expense. Such adjustments have not been significant. The second term loan of 52 Euro, or $71, maturing September 30, 2012 has a fixed interest rate of 5.75%.

The Company has capital leases with interest rates ranging from 5.00% to 8.46% and maturity dates from May 2013 through December 2013.

The Company has four credit facilities, one credit facility with a U.S. bank and three credit facilities with German banks. As of September 30, 2011, there were no amounts outstanding on any of the four credit facilities.

On July 21, 2010, the Company entered into a second amendment to its credit agreement with Mercantile Bank, a division of Toronto-Dominion Bank. Under the second amendment to the credit agreement, 1) the revolving U.S. credit facility was increased from $10,000 to $15,000, available based on levels of accounts receivable and inventories, 2) the revolving credit facility's maturity date was extended from February 3, 2011 to July 21, 2012, and 3) a $5,000 compensating balance requirement was eliminated. The revolving credit facility contains various restrictive covenants which limit, among other things, indebtedness and liens. Under the agreement, the credit facility was secured by the Company's domestic accounts receivable, inventory and certain processing equipment. The Company has $13,096 available credit on the revolving credit facility at September 30, 2011. The current interest rate for this line of credit is 2.76%.

 

Under the terms of the revolving credit facilities with three German banks, the Company may borrow up to 1,700 Euro, or approximately $2,311, for working capital needs. The 1,000 Euro revolving credit facility is secured by a mortgage on the Company's German facility and a 4,000 Euro guarantee by the Company. The 500 Euro revolving credit facility is secured by accounts receivable of the Company's German subsidiary. The 200 Euro revolving credit facility is unsecured. The current interest rates for these lines of credit vary from 3.30% to 6.18%.

The Company was in compliance with all covenants related to its term loans and credit facilities as of September 30, 2011.

As of September 30, 2011, contractual maturities of long-term obligations are as follows:

 

     Term Loans      Capital
Leases
     Total  

2011

   $ 44       $ 28       $ 72   

2012

     197         316         513   

2013

     —           163         163   

2014

     —           8         8   
  

 

 

    

 

 

    

 

 

 
   $ 241       $ 515       $ 756   
  

 

 

    

 

 

    

 

 

 

The $515 representing future maturities of capital leases includes interest in the amount of $27. The present value of net minimum lease payments as of September 30, 2011 is $488.