Question-and-Answer Session
Operator
(Operator instructions) Our first question is from the line of Kevin Kessel from J.P. Morgan. Please go ahead.
Kevin Kessel - J.P. Morgan
The first question actually, Donna you mentioned that your long-term debt was reduced, I think it’s the $24 million in the quarter. So, what exactly were you guys doing there, was that your borrowing facility?
Donna Belusar
The revolver, yes it was.
Kevin Kessel - J.P. Morgan
So that was the reduction in the revolver. So, can you just remind us like where the revolver is in terms of utilization right now?
Vinod Khilnani
Kevin the revolver as you know is $100 million, and.
Donna Belusar
$24 million is our credit utilization out of a 100, yes.
Kevin Kessel - J.P. Morgan
Okay so, with that 48.
Donna Belusar
Yes.
Kevin Kessel - J.P. Morgan
My question is on your convertible, now that it’s coming I think there’s a couple of puts, but the first one I believe is in the beginning of May of next year and so how are you guys thinking about it? Because I know it’s just a little bit over 2%, but it’s $60 million, so based on the current, you can adjust the current cash on the balance sheet, you’d probably have to go quite a bit into the revolver in order to pay it off, because I don’t believe that you guys are looking to have its converted to stocks. I don’t even know if that’s an option at this point.
At the same time, I know that the conversion price, I think its at 15, but if I’m not mistake I think it has to actually go over 18 because of the conditions that are in the convert to actually convert in to stock.
Vinod Khilnani
That is correct. I think Kevin based on what we know today we would guess that we will not convert it in the stock and we will pay it off. The options we are continuing to explore are to refinance it or utilize our revolver to pay down or do a combination, but that’s something which the treasury is continuing to evaluate.
Kevin Kessel - J.P. Morgan
So it’s something that more likely or not I guess it doesn’t have to be decided until some point next year?
Vinod Khilnani
Yes, I mean we’ll obviously not wait until the very last moment to do that, we are beginning to look at it already and hopefully well before the May deadline we would have a solution executed.
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