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REVOLVING LINE OF CREDIT
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6 Months Ended |
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Jun. 30, 2014
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| REVOLVING LINE OF CREDIT |
NOTE 4 REVOLVING LINE OF CREDIT
In May 2014, the Company amended a credit agreement with Prosperity Bank, successor by merger to The F&M Bank and Trust Company; whereby the borrowing base increased to $25 million for borrowings and letters of credit effective May 1, 2014. As of June 30, 2014, no amounts were outstanding under this credit facility. The credit agreement includes a non-usage commitment fee of 0.25% per annum and covenants limiting other indebtedness, liens, transfers or sales of assets, distributions or dividends and merger or consolidation activity. The facility has an interest rate of the banks prime rate plus 0.25%. The maturity date on the note was extended to October 30, 2015. |
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- Details
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- Definition
Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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