Annual report pursuant to Section 13 and 15(d)

Long-Term Debt (Tables)

v3.20.4
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
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)
  
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  
   
 
 
    
 
 
            
 
 
    
 
 
  
    $
38,659
     $ 35,586             $ 706     $ 2,367  
   
 
 
    
 
 
            
 
 
    
 
 
  
Long-Term Debt
Long-term debt consisted of the following:
 
    
As of December 31,
  
     2019     
2020
  
    
(Dollars in thousands)
  
6.75% Senior Secured Notes
    $ 219,836     
$
216,341
 
Less unamortized debt issuance costs based on imputed interest rate of 7.08%
      (3,368 )    
 
(2,577
) 
    
 
 
     
 
 
  
6.75% Senior Secured Notes net carrying value
      216,468     
 
213,764
 
    
 
 
     
 
 
  
Asset-Based Revolving Credit Facility principal outstanding
      12,426     
 
5,000
 
    
 
 
     
 
 
  
Long-term debt less unamortized debt issuance costs
      228,894     
 
218,764
 
    
 
 
     
 
 
  
Less current portion
      (12,426 )    
 
(5,000
) 
    
 
 
     
 
 
  
Long-term debt less unamortized debt issuance costs, net of current portion
    $ 216,468     
$
213,764
 
    
 
 
     
 
 
  
Principle Repayment Requirements Under Long Term Agreements Outstanding
Principal repayment requirements under all long-term debt agreements outstanding at December 31, 2020 for each of the next five years and thereafter are as follows:
 
    
Amount
  
    
(Dollars in thousands)
  
For the Year Ended December 31,
         
2021
    $ 5,000  
2022
      —    
2023
      —    
2024
      216,341  
2025
      —    
Thereafter
      —    
    
 
 
  
     $ 221,341