Note 6 - Borrowings
 9 Months Ended
Sep. 30, 2016
Notes to Financial Statements  
Debt Disclosure [Text Block]
6
 
)
BORROWINGS
 
On April 16, 2015, FutureFuel, with FutureFuel Chemical as the borrower, 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. On May 25, 2016, FutureFuel increased the credit facility by $15,000. The credit facility consists of a five-year revolving credit facility in a dollar amount of up to $165,000, 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 cove
nants as of September 30, 2016.
 
There were no borrowings under this credit agreement at
September 30, 2016 and December 31, 2015.