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XML - IDEA: XBRL DOCUMENT - RADIANT LOGISTICS, INCR27.htm
EXCEL - IDEA: XBRL DOCUMENT - RADIANT LOGISTICS, INCFinancial_Report.xls
10-Q - FORM 10-Q - RADIANT LOGISTICS, INCv326054_10q.htm
XML - IDEA: XBRL DOCUMENT - RADIANT LOGISTICS, INCR4.htm
XML - IDEA: XBRL DOCUMENT - RADIANT LOGISTICS, INCR1.htm
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XML - IDEA: XBRL DOCUMENT - RADIANT LOGISTICS, INCR48.htm
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XML - IDEA: XBRL DOCUMENT - RADIANT LOGISTICS, INCR47.htm
EX-32.1 - EXHIBIT 32.1 - RADIANT LOGISTICS, INCv326054_ex32-1.htm
EX-31.1 - EXHIBIT 31.1 - RADIANT LOGISTICS, INCv326054_ex31-1.htm
XML - IDEA: XBRL DOCUMENT - RADIANT LOGISTICS, INCR38.htm
XML - IDEA: XBRL DOCUMENT - RADIANT LOGISTICS, INCR20.htm
EX-31.2 - EXHIBIT 31.2 - RADIANT LOGISTICS, INCv326054_ex31-2.htm
v2.4.0.6
NOTES PAYABLE AND OTHER LONG-TERM DEBT
3 Months Ended
Sep. 30, 2012
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]

NOTE 8 –   NOTES PAYABLE AND OTHER LONG-TERM DEBT

 

Notes payable and other long-term debt consist of the following;

 

    September 30,
2012
    June 30,
2012
 
Notes Payable – Caltius   $ 10,000,000     $ 10,000,000  
Less: Original Issue Discount (net)     (1,038,945 )     (1,081,739 )
Less: Debt Issuance Costs (net)     (563,602 )     (586,816 )
                 
Total Caltius Senior Subordinated Notes (net)     8,397,453       8,331,445  
Notes Payable to former shareholders of DBA     1,534,183       1,534,183  
Long-Term Credit Facility     13,721,823       11,434,398  
                 
Total notes payable and other long-term debt     23,653,459       21,300,026  
Less: Current portion     (767,092 )     (767,092 )
Total notes payable and other long-term debt   $ 22,886,367     $ 20,532,934  

 

Future maturities of notes payable and other long-term debt for the fiscal years ending June 30 are as follows:

 

2013 (remaining portion)   $ 767,092  
2014     14,488,914  
2015     -  
2016     -  
2017     10,000,000  
         
    $ 25,256,006  

 

Bank of America Credit Facility

 

The Company has a $20.0 million senior credit facility (the “Credit Facility”) with Bank of America, N.A. (the "Lender"). The Credit Facility includes a $1.0 million sublimit to support letters of credit and matures November 30, 2013. Borrowings accrue interest, at the Company’s option, at the Lender's prime rate minus 0.75% to plus 0.50% or LIBOR plus 1.75% to 3.00%, and can be adjusted based on the Company’s performance relative to certain financial covenants. The Credit Facility is collateralized by the Company's accounts receivable and other assets of its subsidiaries.

 

The available borrowing amount is limited to up to 80% of eligible domestic accounts receivable and up to 60% of eligible foreign accounts receivable, and is available to fund future acquisitions, capital expenditures or for other corporate purposes. The terms of the Credit Facility are subject to customary financial and operational covenants, including covenants that may limit or restrict the ability to, among other things, borrow under the Credit facility, incur indebtedness from other lenders, and make acquisitions. As of September 30, 2012, the Company was in compliance with all of its covenants.

 

As of September 30, 2012, the Company had $7,971,663 in advances under the Credit Facility and $5,750,160 in outstanding payments, which had not yet been presented to the bank for payment. The outstanding checks have been reclassified from cash as they will be advanced from, or against, the Credit Facility when presented for payment to the bank.

 

As of June 30, 2012, the Company had $7,159,159 in advances under the Credit Facility and $4,275,239 in outstanding payments, which had not yet been presented to the bank for payment. The outstanding checks have been reclassified from cash, as they will be advanced from, or against, the Credit Facility when presented for payment to the bank.

 

At September 30, 2012, based on available collateral and $491,800 in outstanding letter of credit commitments, there was $11,536,537 available for borrowing under the Credit Facility based on advances outstanding.

 

Caltius Senior Subordinated Notes

 

In connection with the Company’s acquisition of ISLA, the Company entered into an Investment Agreement with Caltius Partners IV, LP and Caltius Partners Executive IV, LP (collectively, "Caltius"). Under the Investment Agreement, Caltius provided the Company with a $10.0 million aggregate principal amount evidenced by the issuance of senior subordinated notes (the "Senior Subordinated Notes"), the net proceeds of which were primarily used to finance the cash payments due at closing of the ISLA transaction. The Senior Subordinated Notes accrue interest at the rate of 13.5% per annum (the "Accrual Rate"), and must be paid currently in cash on a quarterly basis at a rate of 11.75% per annum (the "Pay Rate"). The outstanding principal balance of the Senior Subordinated Notes will be increased by an amount (the "PIK Amount") equal to the difference between interest accrued at the Accrual Rate and Interest Accrued at the Pay Rate unless the Company makes an election to pay the PIK Amount in cash. The Company has exercised its option to pay all PIK in cash. The Senior Subordinated Notes are non-amortizing, with all principal due upon maturity at December 1, 2016.

 

The terms of the Investment Agreement are subject to customary financial and operational covenants, including covenants that may limit or restrict the ability to, among other things, incur indebtedness from other lenders, and make acquisitions. As of September 30, 2012, the Company was in compliance with all of its covenants.

 

DBA Notes Payable

 

In connection with the DBA acquisition, the Company issued notes payable in the amount of $4.8 million payable to the former shareholders of DBA. The notes accrue interest at a rate of 6.5%, and such interest is payable on a quarterly basis. The Company elected to satisfy $2.4 million of the notes through the issuance of common stock. The Company has also repaid $98,725  of the notes early in connection with the termination of some former DBA employees who were also shareholders. The principal amount of the notes is payable annually on March 31 in three equal payments commencing on March 31, 2012.