Long-Term Debt (Tables)
|
3 Months Ended |
Mar. 31, 2019 |
|---|
| Schedule of Debt Instruments Senior Secured Note |
Based on the then existing market conditions, we completed
repurchases of our 6.75% Senior Secured Notes at amounts less than
face value as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Date
|
|
Principal
Repurchased |
|
|
Cash
Paid |
|
|
% of Face
Value |
|
|
Bond
Issue
Costs |
|
|
Net Gain |
|
| |
(Dollars in
thousands) |
|
|
March 28, 2019
|
|
$ |
2,000 |
|
|
$ |
1,830 |
|
|
|
91.50 |
% |
|
$ |
37 |
|
|
$ |
134 |
|
|
March 28, 2019
|
|
|
2,300 |
|
|
|
2,125 |
|
|
|
92.38 |
% |
|
|
42 |
|
|
|
133 |
|
|
February 20, 2019
|
|
|
125 |
|
|
|
114 |
|
|
|
91.25 |
% |
|
|
2 |
|
|
|
9 |
|
|
February 19, 2019
|
|
|
350 |
|
|
|
319 |
|
|
|
91.25 |
% |
|
|
7 |
|
|
|
24 |
|
|
February 12, 2019
|
|
|
1,325 |
|
|
|
1,209 |
|
|
|
91.25 |
% |
|
|
25 |
|
|
|
91 |
|
|
January 10, 2019
|
|
|
570 |
|
|
|
526 |
|
|
|
92.25 |
% |
|
|
9 |
|
|
|
35 |
|
|
December 21, 2018
|
|
|
2,000 |
|
|
|
1,835 |
|
|
|
91.75 |
% |
|
|
38 |
|
|
|
127 |
|
|
December 21, 2018
|
|
|
1,850 |
|
|
|
1,702 |
|
|
|
92.00 |
% |
|
|
35 |
|
|
|
113 |
|
|
December 21, 2018
|
|
|
1,080 |
|
|
|
999 |
|
|
|
92.50 |
% |
|
|
21 |
|
|
|
60 |
|
|
November 17, 2018
|
|
|
1,500 |
|
|
|
1,357 |
|
|
|
90.50 |
% |
|
|
29 |
|
|
|
114 |
|
|
May 4, 2018
|
|
|
4,000 |
|
|
|
3,770 |
|
|
|
94.25 |
% |
|
|
86 |
|
|
|
144 |
|
|
April 10, 2018
|
|
|
4,000 |
|
|
|
3,850 |
|
|
|
96.25 |
% |
|
|
87 |
|
|
|
63 |
|
|
April 9, 2018
|
|
|
2,000 |
|
|
|
1,930 |
|
|
|
96.50 |
% |
|
|
43 |
|
|
|
27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
23,100 |
|
|
$ |
21,566 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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| Long-Term Debt |
Long-term debt consisted of the following:
|
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|
|
|
|
|
|
|
| |
|
As of
December 31, 2018 |
|
|
As of
March 31, 2019
|
|
| |
|
(Dollars in
thousands) |
|
|
6.75% Senior Secured Notes
|
|
$ |
238,570 |
|
|
$ |
231,900 |
|
|
Less unamortized debt issuance costs based on imputed interest rate
of 7.08%
|
|
|
(4,540 |
) |
|
|
(4,217 |
) |
|
|
|
|
|
|
|
|
|
|
6.75% Senior Secured Notes net carrying value
|
|
|
234,030 |
|
|
|
227,683 |
|
|
|
|
|
|
|
|
|
|
|
Asset-Based Revolving Credit Facility principal outstanding
|
|
|
19,660 |
|
|
|
16,000 |
|
|
|
|
|
|
|
|
|
|
|
Total long-term debt less unamortized debt issuance costs
|
|
|
253,690 |
|
|
|
243,683 |
|
|
|
|
|
|
|
|
|
|
|
Less current portion
|
|
|
(19,660 |
) |
|
|
(16,000 |
) |
|
|
|
|
|
|
|
|
|
|
Long-term debt less unamortized debt issuance costs, net of current
portion
|
|
$ |
234,030 |
|
|
$ |
227,683 |
|
|
|
|
|
|
|
|
|
|
|
| Principle Repayment Requirements Under Long Term Agreements Outstanding |
Principal repayment requirements under all long-term debt
agreements outstanding at March 31, 2019 for each of the next
five years and thereafter are as follows:
|
|
|
|
|
| |
|
Amount |
|
| For the Twelve Months Ended
March 31, |
|
(Dollars in thousands)
|
|
|
2020
|
|
$ |
16,000 |
|
|
2021
|
|
|
— |
|
|
2022
|
|
|
— |
|
|
2023
|
|
|
— |
|
|
2024
|
|
|
— |
|
|
Thereafter
|
|
|
231,900 |
|
|
|
|
|
|
|
|
$ |
247,900 |
|
|
|
|
|
|
|
| Debt Transactions [Member] |
|
| Schedule of Debt Instruments Senior Secured Note |
Based on the then existing market conditions, we completed
repurchases of the Notes at amounts less than face value as follows
during the three months ended March 31, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date
|
|
Principal
Repurchased |
|
|
Cash
Paid |
|
|
% of Face
Value |
|
|
Bond Issue
Costs |
|
|
Net Gain |
|
| |
|
(Dollars in
thousands) |
|
|
March 28, 2019
|
|
$ |
2,000 |
|
|
$ |
1,830 |
|
|
|
91.50 |
% |
|
$ |
37 |
|
|
$ |
134 |
|
|
March 28, 2019
|
|
|
2,300 |
|
|
|
2,125 |
|
|
|
92.38 |
% |
|
|
42 |
|
|
|
133 |
|
|
February 20, 2019
|
|
|
125 |
|
|
|
114 |
|
|
|
91.25 |
% |
|
|
2 |
|
|
|
9 |
|
|
February 19, 2019
|
|
|
350 |
|
|
|
319 |
|
|
|
91.25 |
% |
|
|
7 |
|
|
|
24 |
|
|
February 12, 2019
|
|
|
1,325 |
|
|
|
1,209 |
|
|
|
91.25 |
% |
|
|
25 |
|
|
|
91 |
|
|
January 10, 2019
|
|
|
570 |
|
|
|
526 |
|
|
|
92.25 |
% |
|
|
9 |
|
|
|
35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
6,670 |
|
|
$ |
6,123 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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