Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt (Tables)

v3.22.2
Long-Term Debt (Tables)
6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Long-Term Debt
Long-term debt consists of the following:
 
     December 31, 2021     
June 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   
 
(3,549
    
 
 
    
 
 
 
2028 Notes, net carrying value
     110,887     
 
111,182
 
    
 
 
    
 
 
 
2024 Notes
     60,174     
 
44,685
 
Less unamortized debt issuance costs based on imputed interest rate of 7.10%
     (480   
 
(272
    
 
 
    
 
 
 
2024 Notes, net carrying value
     59,694     
 
44,413
 
    
 
 
    
 
 
 
Asset-Based Revolving Credit Facility principal outstanding (1)
     —       
 
10
 
    
 
 
    
 
 
 
Long-term debt less unamortized discount and debt issuance costs
   $ 170,581     
$
155,605
 
    
 
 
    
 
 
 
Less current portion
     —       
 
(10
    
 
 
    
 
 
 
Long-term debt less unamortized discount and debt issuance costs, net of current portion
   $ 170,581     
$
155,595
 
    
 
 
    
 
 
 
 
(1)
As of June 30, 2022, the Asset-Based Revolving Credit Facility (“ABL”), had a borrowing base of $24.3 million, outstanding borrowings of $10,000, and $0.3 million of outstanding letters of credit, resulting in a $24.0 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 June 30, 2022 for each of the next five years and thereafter are as follows:
 
    
Amount
 
For the Year Ended June 30,
  
(Dollars in thousands)
 
2023
   $ 10  
2024
     44,685  
2025
     —    
2026
     —    
2027
     —    
Thereafter
     114,731  
    
 
 
 
     $ 159,426