Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt (Tables)

v3.19.2
Long-Term Debt (Tables)
 6 Months Ended
Jun. 30, 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:
 
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                          
   
 
 
    
 
 
                          
Long-Term Debt
Long-term debt consisted of the following:
 
    As of
December 31, 2018		    
As of

June 30, 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 )     
(4,013
) 
   
 
 
    
 
 
  
6.75% Senior Secured Notes net carrying value
     234,030      
227,887
  
   
 
 
    
 
 
  
Asset-Based Revolving Credit Facility principal outstanding
     19,660      
22,416
  
   
 
 
    
 
 
  
Total long-term debt less unamortized debt issuance costs
     253,690      
250,303
  
   
 
 
    
 
 
  
Less current portion
     (19,660 )     
(22,416
) 
   
 
 
    
 
 
  
Long-term debt less unamortized debt issuance costs, net of current portion
   $ 234,030    
$
227,887
  
   
 
 
    
 
 
  
Principle Repayment Requirements Under Long Term Agreements Outstanding
Principal repayment requirements under all long-term debt agreements outstanding at June 30, 2019 for each of the next five years and thereafter are as follows:
 
   
Amount
  
For the Twelve Months Ended June 30,
  
(Dollars in thousands)
  
2020
   $ 22,416  
2021
     —    
2022
     —    
2023
     —    
2024
     231,900  
Thereafter
     —    
   
 
 
  
    $ 254,316  
   
 
 
  
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 six months ended June 30, 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             $ 122     $ 426