Note 11 - Borrowings
 12 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]

11)

Borrowings

On April 16, 2015, FutureFuel, with FutureFuel Chemical as borrowers, and certain of FutureFuel’s other subsidiaries, as guarantors, entered into a $150,000 secured and committed credit facility with the lenders party thereto, Regions Bank as administrative agent and collateral agent, and PNC Bank, N.A., as syndication agent. The credit facility consists of a five-year revolving credit facility in a dollar amount of up to $150,000 which includes a sublimit of $30,000 for letters of credit and $15,000 for swingline loans (collectively, the “Credit Facility”).


The interest rate floats at the following margins over LIBOR or base rate based upon the leverage ratio from time to time:


Consolidated Leverage Ratio

  

Adjusted LIBOR Rate Loans and Letter of

Credit Fee

    

Base Rate

Loans

    

Commitment

Fee

  

 

   < 1.00:1.0     1.25 %     0.25 %     0.15 %

≥ 1.00:1.0

and

< 1.50:1.0

     1.50 %     0.50 %     0.20 %

≥ 1.50:1.0

and

< 2.00:1.0

     1.75 %     0.75 %     0.25 %

≥ 2.00:1.0

and

< 2.50:1.0

     2.00 %     1.00 %     0.30 %

 ≥ 2.50:1.0

         2.25 %     1.25 %     0.35 %

The terms of the Credit Facility contain certain covenants and conditions including a maximum consolidated leverage ratio, a minimum consolidated fixed charge coverage ratio, and a minimum liquidity requirement. FutureFuel was in compliance with such covenants as of December 31, 2015.


There were no borrowings under this credit agreement at December 31, 2015 and there were no borrowings under the former credit agreement at December 31, 2014, which terminated on April 16, 2015.