Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt (Tables)

v3.23.3
Long-Term Debt (Tables)
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Long-Term Debt
Long-term debt consists of the following:
 
 
  
December 31, 2022
 
  
September 30, 2023
 
 
 
 
 
 
 
  
(Dollars in thousands)
 
2028 Notes
   
$
114,731
 
  
$
159,416
 
Less unamortized discount and debt issuance costs
     
(3,253
) 
  
 
(6,805
) 
    
 
 
     
 
 
  
2028 Notes, net carrying value
     
111,478
 
  
 
152,611
 
    
 
 
     
 
 
  
2024 Notes
     
39,035
 
  
 
—
 
Less unamortized debt issuance costs
     
(146
) 
  
 
—
 
    
 
 
     
 
 
  
2024 Notes, net carrying value
     
38,889
 
  
 
—
 
    
 
 
     
 
 
  
Asset-Based Revolving Credit Facility principal outstanding (1)
     
8,958
 
  
 
20,524
 
    
 
 
     
 
 
  
Long-term debt less unamortized discount and debt issuance costs
   
$
159,325
 
  
$
173,135
 
    
 
 
     
 
 
  
Less current portion
   
 
8,958
 
  
 
20,524
 
    
 
 
     
 
 
  
Long-term debt less unamortized discount and debt issuance costs, net of current portion
  
$
150,367
 
  
$
152,611
 
    
 
 
     
 
 
  
 
(1)
As of September 30, 2023, the Asset-Based Revolving Credit Facility (“ABL”), had a borrowing base of $23.9 million, $20.5 million in outstanding borrowings, and $0.3 million of outstanding letters of credit, resulting in a $3.1 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 19, 2023
    $ 2,500      $ 2,431        98.95 %    $ 30      $ 39  
December 19, 2022
      4,650        4,557        98.00 %      57        36  
December 14, 2022
      1,000        965        96.50 %      5        30  
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  
 
22
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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  
     $ 105,639      $ 102,902              $ 1,310      $ 1,427  
 
 
 
 
 
 
 
 
 
 
 
 r̥
 
 
 
 
 
 
 
 
 
Principle Repayment Requirements Under Long Term Agreements Outstanding
Principal repayment requirements under all long-term debt agreements outstanding at September 30, 2023 for each of the next five years and thereafter are as follows:
 
    
Amount
  
For the Year Ended September 30,
   
(Dollars in thousands)
  
2024
    $ 20,524  
2025
      —   
2026
      —   
2027
      —   
2028
      159,416  
Thereafter
      —   
    
 
 
  
     $ 179,940