Quarterly report pursuant to Section 13 or 15(d)

LONG-TERM DEBT (Tables)

v3.21.1
LONG-TERM DEBT (Tables)
3 Months Ended
Mar. 31, 2021
LONG-TERM DEBT [Abstract]  
Schedule of Long-Term Debt, Related Discounts and Issuance Costs

 

 

 

 

 

 

 

(In thousands)

 

March 31, 

 

December 31, 

 

 

2021

 

2020

Senior Secured Notes due 2028(1)

 

$

310,000

 

$

 —

Senior Secured Notes due 2024(2)

 

 

 —

 

 

106,825

Unsecured Loans (CARES Act)(2)

 

 

5,606

 

 

5,606

Less: Unamortized discounts and debt issuance costs

 

 

(9,527)

 

 

(5,173)

 

 

 

306,079

 

 

107,258

Less: Current portion of long-term debt

 

 

(799)

 

 

(426)

 

 

$

305,280

 

$

106,832

__________

(1)

As of March 31, 2021, the estimated fair value of these notes was approximately $331.8 million. The fair value was estimated using quoted market prices for these notes (see Note 2).

(2)

The estimated fair value for these non-traded debt instruments can be approximated by their respective carrying values because management believes their terms are representative of market conditions.

Debt Instrument Redemption

At any time on or after February 15, 2024, the Company may redeem some or all of the 2028 Notes for cash at the following redemption prices:

 

 

 

 

Redemption Periods

    

Percentage Premium

February 15, 2024 to February 14, 2025

 

104.125

%

February 15, 2025 to February 14, 2026

 

102.063

%

February 15, 2026 and Thereafter

 

100.000

%