Annual report pursuant to Section 13 and 15(d)

Long-Term Debt (Tables)

v3.19.1
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2018
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)  
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  
 

 

 

    

 

 

        
  $ 16,430     $ 15,443        
 

 

 

    

 

 

        
Long-Term Debt

Long-term debt consisted of the following:

 

     As of December 31,  
     2017      2018  
     (Dollars in thousands)  

6.75% Senior Secured Notes

    $ 255,000      $ 238,570  

Less unamortized debt issuance costs based on imputed interest rate of 7.08%

      (5,774 )       (4,540 ) 
  

 

 

     

 

 

  

6.75% Senior Secured Notes net carrying value

      249,226        234,030  
  

 

 

     

 

 

  

Asset-Based Revolving Credit Facility principal outstanding

      9,000        19,660  

Capital leases and other loans

      462        163  
  

 

 

     

 

 

  

Long-term debt and capital lease obligations less unamortized debt issuance costs

      258,688        253,853  

Less current portion

      (9,109 )       (19,718 ) 
  

 

 

     

 

 

  

Long-term debt and capital lease obligations less unamortized debt issuance costs, net of current portion

    $ 249,579      $ 234,135  
  

 

 

     

 

 

  
Principle Repayment Requirements Under Long Term Agreements Outstanding

Principal repayment requirements under all long-term debt agreements outstanding at December 31, 2018 for each of the next five years and thereafter are as follows:

 

     Amount  
     (Dollars in thousands)  

For the Year Ended December 31,

   

2019

    $ 19,718  

2020

      39  

2021

      31  

2022

      27  

2023

      8  

Thereafter

      238,570  
  

 

 

  
   $ 258,393  
  

 

 

  
Term Loan B [Member]  
Repayments of Term Loan B

The following payments or prepayments of the Term Loan B were made during the year ended December 31, 2017 through the date of the termination, including interest through the payment date as follows:

 

Date

   

Principal Paid

     

Unamortized Discount

  
     (Dollars in Thousands)  

May 19, 2017

    $ 258,000      $ 550  

February 28, 2017

      3,000        6  

January 30, 2017

      2,000        5  
2018 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 year ended December 31, 2018:

 

Date

   Principal
Repurchased		     Cash
Paid		     % of Face
Value		     Bond Issue
Costs		     Net Gain  
    (Dollars in thousands)  
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  
 

 

 

    

 

 

        
  $ 16,430     $ 15,443