Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt (Tables)

v3.19.1
Long-Term Debt (Tables)
3 Months Ended
Mar. 31, 2019
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)  

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  
  

 

 

    

 

 

         
   $ 23,100      $ 21,566          
  

 

 

    

 

 

         
Long-Term Debt

Long-term debt consisted of the following:

 

     As of
December 31, 2018
     As of
March 31, 2019
 
     (Dollars in thousands)  

6.75% Senior Secured Notes

   $ 238,570      $ 231,900  

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

     (4,540      (4,217
  

 

 

    

 

 

 

6.75% Senior Secured Notes net carrying value

     234,030        227,683  
  

 

 

    

 

 

 

Asset-Based Revolving Credit Facility principal outstanding

     19,660        16,000  
  

 

 

    

 

 

 

Total long-term debt less unamortized debt issuance costs

     253,690        243,683  
  

 

 

    

 

 

 

Less current portion

     (19,660      (16,000
  

 

 

    

 

 

 

Long-term debt less unamortized debt issuance costs, net of current portion

   $ 234,030      $ 227,683  
  

 

 

    

 

 

 
Principle Repayment Requirements Under Long Term Agreements Outstanding

Principal repayment requirements under all long-term debt agreements outstanding at March 31, 2019 for each of the next five years and thereafter are as follows:

 

     Amount  
For the Twelve Months Ended March 31,    (Dollars in thousands)  

2020

   $ 16,000  

2021

     —    

2022

     —    

2023

     —    

2024

     —    

Thereafter

     231,900  
  

 

 

 
   $ 247,900  
  

 

 

 
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 three months ended March 31, 2019:

 

Date

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

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  
  

 

 

    

 

 

         
   $ 6,670      $ 6,123