Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt (Tables)

v3.22.1
Long-Term Debt (Tables)
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Long-Term Debt
Long-term debt consists of the following:
                 
     December 31, 2021    
March 31, 2022
  
    
(Dollars in thousands)
  
2028 Notes
    $ 114,731    
$
114,731
 
Less unamortized discount and debt issuance costs based on imputed interest rate of 7.64%
      (3,844 )   
 
(3,697
) 
    
 
 
    
 
 
  
2028 Notes, net carrying value
      110,887    
 
111,034
 
    
 
 
    
 
 
  
2024 Notes
      60,174    
 
57,674
 
Less unamortized debt issuance costs based on imputed interest rate of 7.10%
      (480 )     
(408
) 
    
 
 
    
 
 
  
2024 Notes, net carrying value
      59,694    
 
57,266
 
    
 
 
    
 
 
  
Asset-Based Revolving Credit Facility principal outstanding(1)
      —         —    
    
 
 
    
 
 
  
Long-term debt less unamortized discount and debt issuance costs
    $ 170,581    
$
168,300
 
    
 
 
    
 
 
  
Less current portion
      —         —    
    
 
 
    
 
 
  
Long-term debt less unamortized discount and debt issuance costs, net of current portion
    $ 170,581    
$
168,300
 
    
 
 
    
 
 
  
 
(1)
As of March 31, 2022, the Asset-Based Revolving Credit Facility (“ABL”), had a borrowing base of $24.5 million, no outstanding borrowings, and $0.3 million of outstanding letters of credit, resulting in a $24.2 million borrowing base availability.
Schedule of Debt Instruments Senior Secured Note
Based on the then existing market conditions, we completed repurchases of our 2024 Notes as follows:
                                         
Date
   
Principal
Repurchased
     
Cash
Paid
     
% of Face
Value
    
Bond Issue
Costs
     
Net Gain
(Loss)
  
    
(Dollars in thousands)
  
January 12, 2022
    $ 2,500      $ 2,531        101.26 %    $ 22      $ (53 ) 
December 10, 2021
      35,000        35,591        101.69 %      321        (912 ) 
October 25, 2021
      2,000        2,020        101.00 %      19        (39 ) 
October 12, 2021
      250        251        100.38 %      2        (3 ) 
October 5, 2021
      763        766        100.38 %      7        (10 ) 
October 4, 2021
      628        629        100.13 %      6        (7 ) 
September 24, 2021
      4,700        4,712        100.25 %      44        (56 ) 
January 30, 2020
      2,250        2,194        97.50 %      34        22  
January 27, 2020
      1,245        1,198        96.25 %      20        27  
December 27, 2019
      3,090        2,874        93.00 %      48        167  
November 27, 2019
      5,183        4,548        87.75 %      82        553  
November 15, 2019
      3,791        3,206        84.58 %      61        524  
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  
    
 
 
     
 
 
             
 
 
     
 
 
  
     $ 84,500      $ 82,086              $ 1,127      $ 1,287  
    
 
 
     
 
 
             
 
 
     
 
 
  
Principle Repayment Requirements Under Long Term Agreements Outstanding
Principal repayment requirements under all long-term debt agreements outstanding at March 31, 2022 for each of the next five years and thereafter are as follows:
         
    
Amount
  
For the Year Ended March 31,
   
(Dollars in thousands)
  
2023
    $ —    
2024
      57,674  
2025
      —    
2026
      —    
2027
      —    
Thereafter
      114,731  
    
 
 
  
     $ 172,405