Question-and-Answer Session
Operator
(Operator instructions) Our first question comes from Brett Levy with Jefferies & Company. Your line is open.
Brett Levy – Jefferies & Company
Hey guys, what was the year end number for cash and bank loan availability and what is the current number for year end for cash and bank loan availability?
Carlos Aguero
Well, the numbers we gave you are current, the cash balance is approximately $45 today and the availability under the line – under the $60 million line is currently $25.
Brett Levy – Jefferies & Company
So there is some LCs there?
Carlos Aguero
Yes, there is a borrowing power up to $25 million right now.
Brett Levy – Jefferies & Company
Alright and then you said that that the terms were revised, can you give us a sense as to what the new covenants are?
Michael Drury
Brett, this is Mike Drury. We filed an 8K about a week and a half ago and all the information can be found in that.
Brett Levy – Jefferies & Company
Okay, I mean maybe just give me a sense as to sort of maintenance covenants the one that maybe most onerous as you guys look into subsequent quarters, are there any, debt to EBITDA or EBITDA interest maintenance covenants going forward?
Michael Drury
No, there is the traditional covenants you could expect upon in this facility but we are relatively comfortable with the covenants, we work diligently with the banks to establish them and obviously we can’t foresee the future but we feel we are in reasonably good shape.
Brett Levy – Jefferies & Company
Alright, and then, my understanding is that, for a bunch of different grades of scrap, the gathering activity has really fallen dramatically and that I mean basically you could sell it for it doesn’t make sense to buy those grades of scrap. Can you talk about kind of what grades you are experiencing there with and kind of whether you think it’s as bad as it could be right now or could get worse?
Carlos Aguero
Well, its very hard to predict pricing and so we don’t try to and as we said earlier we don’t like to give guidance and currently we can tell you a little bit about what we are seeing that it really depends on what part of the country you are and what grade you are talking about but for example something like machine shop turning happens to be a grade right now that very low in price and very hard to move so sensibly accumulating in the yard but something like number one or plain structural or shred it seeing demand but at lower level and at significantly lower prices than the norm can they go lower, I mean they have been low in the past so certainly they could go lower again, it all depends on what kind of demand you see from the steel mills and how that’s been very weak.
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