Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt (Tables)

v3.22.2.2
Long-Term Debt (Tables)
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Long-Term Debt
Long-term debt consists of the following:
 
 
 
 
 
 
 
 
 
 
     December 31, 2021     
September 30, 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
) 
   
 
(3,401
) 
    
 
 
     
 
 
  
2028 Notes, net carrying value
   
 
110,887
 
   
 
111,330
 
    
 
 
     
 
 
  
2024 Notes
   
 
60,174
 
   
 
44,685
 
Less unamortized debt issuance costs based on imputed interest rate of 7.10%
   
 
(480
) 
   
 
(237
) 
    
 
 
     
 
 
  
2024 Notes, net carrying value
   
 
59,694
 
   
 
44,448
 
    
 
 
     
 
 
  
Asset-Based Revolving Credit Facility principal outstanding (1)
   
 
—  
 
   
 
—  
 
    
 
 
     
 
 
  
Long-term debt less unamortized discount and debt issuance costs
   
$
170,581
 
   
$
155,778
 
    
 
 
     
 
 
  
Less current portion
   
 
—  
 
   
 
—  
 
    
 
 
     
 
 
  
Long-term debt less unamortized discount and debt issuance costs, net of current portion
   
$
170,581
 
   
$
155,778
 
    
 
 
     
 
 
  
 
(1)
As of September 30, 2022, the Asset-Based Revolving Credit Facility (“ABL”), had a borrowing base of $24.1 million, no outstanding borrowings and $0.3 million of outstanding letters of credit, resulting in a $23.8 million borrowing base availability.
Schedule of Debt Instruments Senior Secured Note
Based on the then existing market conditions, we also 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)
  
June 13, 2022
   
$
5,000
 
   
$
4,947
 
   
 
98.95
% 
  
$
35
 
   
$
18
 
June 10, 2022
   
 
3,000
 
   
 
2,970
 
   
 
99.00
% 
  
 
21
 
   
 
9
 
June 7, 2022
   
 
2,464
 
   
 
2,446
 
   
 
99.25
% 
  
 
17
 
   
 
1
 
May 17, 2022
   
 
2,525
 
   
 
2,500
 
   
 
99.00
% 
  
 
18
 
   
 
7
 
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
 
    
 
 
     
 
 
             
 
 
     
 
 
  
    
$
97,489
 
   
$
94,949
 
           
$
1,218
 
   
$
1,322
 
    
 
 
     
 
 
             
 
 
     
 
 
  
Principle Repayment Requirements Under Long Term Agreements Outstanding
Principal repayment requirements under all long-term debt agreements outstanding at September 30, 2022 for each of the next five years and thereafter are as follows:
 
 
 
 
 
 
    
Amount
  
For the Year Ended September 30,
   
(Dollars in thousands)
  
2023
   
$
—  
 
2024
   
 
44,685
 
2025
   
 
—  
 
2026
   
 
—  
 
2027
   
 
—  
 
Thereafter
   
 
114,731
 
    
 
 
  
    
$
159,416