Annual report pursuant to Section 13 and 15(d)

Long-Term Debt (Tables)

v3.22.4
Long-Term Debt (Tables)
12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Long-Term Debt
Long-term debt consists of the
following:
 
 
  
December 31,
2021
 
 
December 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  
 
(3,253
    
 
 
   
 
 
 
2028 Notes net carrying value
     110,887    
 
111,478
 
    
 
 
   
 
 
 
2024 Notes
     60,174    
 
39,035
 
Less unamortized debt issuance costs based on imputed interest rate of 7.10%
     (480  
 
(146
    
 
 
   
 
 
 
2024 Notes net carrying value
     59,694    
 
38,889
 
    
 
 
   
 
 
 
Asset-Based Revolving Credit Facility principal outstanding (1)
     —      
 
8,958
 
    
 
 
   
 
 
 
Long-term debt less unamortized discount and debt issuance costs
   $ 170,581    
$
159,325
 
    
 
 
   
 
 
 
Less current portion
     —      
 
8,958
 
    
 
 
   
 
 
 
Long-term debt less unamortized discount and debt issuance costs, net of current portion
   $ 170,581    
$
150,367
 
    
 
 
   
 
 
 

(1)
As of December 31, 2022, the Asset-Based Revolving Credit Facility (“ABL”), had a borrowing base of $26.2 million, $9.1 million in outstanding borrowings, and $0.3 million of outstanding letters of credit, resulting in a $16.8 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)
 
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  
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  
 
  
 
 
    
 
 
            
 
 
    
 
 
 
 
  
$

 
103,139
 
  
$

 
100,471
 
  
 
 
 
 
$

 
1,280
 
  
$

 
1,388
 
 
  
 
 
    
 
 
            
 
 
    
 
 
 
Principle Repayment Requirements Under Long Term Agreements Outstanding
Principal repayment requirements under all long-term debt agreements outstanding at December 31, 2022 for each of the next five years and thereafter are as follows:
 
 
  
Amount
 
For the Year Ended December 31,
  
(Dollars in thousands)
 
2023
  
$
8,958  
2024
  
 
39,035  
2025
  
 
—    
2026
  
 
—    
2027
  
 
—    
Thereafter
  
 
114,731  
 
  
 
 
 
 
  
$
162,724