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SEC
10-Q
BIOTELEMETRY, INC. filed this Form 10-Q on 10/31/2018
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BIOTELEMETRY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)


 
Three Months Ended
 
Nine Months Ended
(in thousands)
September 30,
2018
 
September 30,
2017
 
September 30,
2018
 
September 30,
2017
Beginning balance
$
1,247

 
$
1,279

 
$
1,431

 
$
1,125

Capital contributions

 
140

 

 
490

Loss in equity method investment
(54
)
 
(106
)
 
(238
)
 
(302
)
Ending balance
$
1,193

 
$
1,313

 
$
1,193

 
$
1,313


8. Accrued Liabilities
Accrued liabilities consist of the following:
(in thousands)
September 30,
2018
 
December 31,
2017
Compensation
$
13,689

 
$
13,694

Professional fees
4,570

 
3,816

Squeeze-out of untendered LifeWatch shares

 
2,885

Severance
112

 
1,605

Non-income taxes
2,594

 
588

Interest
563

 
306

Operating costs
668

 
1,170

Facility costs
769

 
802

Other
1,139

 
1,189

Total
$
24,104

 
$
26,055


9. Credit Agreement
Concurrent with the acquisition of LifeWatch, we entered into a credit agreement with SunTrust Bank (the “SunTrust Credit Agreement”), as a lender and an agent for the lenders (the “Lenders”). Pursuant to the SunTrust Credit Agreement, the Lenders agreed to make loans to us as follows; (i) a term loan in an aggregate principal amount equal to $205.0 million; and (ii) a $50.0 million revolving credit facility for ongoing working capital purposes.
The loans bear interest at an annual rate, at our election, of (i) with respect to LIBOR rate loans, LIBOR plus the applicable margin and (ii) with respect to base rate loans, the base rate (the “prime rate” as published in the Wall Street Journal) plus the applicable margin. The applicable margin for both LIBOR and base rate loans is determined by reference to our Consolidated Total Net Leverage Ratio, as defined in the SunTrust Credit Agreement. As of September 30, 2018, the applicable margin is 1.75% for LIBOR loans and 0.75% for base rate loans.
The carrying amount of the term loan was $198.8 million as of September 30, 2018, which is the principal amount outstanding, net of $4.7 million of unamortized deferred financing costs to be amortized over the remaining term of the credit facility. The revolving credit facility is subject to an unused commitment fee, which is determined by reference to our Consolidated Total Net Leverage Ratio, as defined

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