| Schedule of Long-Term Debt, Related Discounts and Issuance Costs |
We are required to maintain a total leverage ratio (as defined below), which measures Consolidated EBITDA (as defined in the indenture) against outstanding debt. We are allowed to deduct up to $15 million of our cash and equivalents (beyond estimated cash utilized in daily operations) in calculating the numerator of such ratio.
|
|
|
|
Four Fiscal Quarters Ending |
|
Maximum
Total Leverage
Ratio
|
June 30, 2018 |
|
5.50 to 1.00 |
September 30, 2018 |
|
5.50 to 1.00 |
December 31, 2018 |
|
5.25 to 1.00 |
March 31, 2019 |
|
5.00 to 1.00 |
June 30, 2019 |
|
5.00 to 1.00 |
September 30, 2019 |
|
4.75 to 1.00 |
December 31, 2019 |
|
4.75 to 1.00 |
March 31, 2020 |
|
4.50 to 1.00 |
June 30, 2020 |
|
4.50 to 1.00 |
September 30, 2020 |
|
4.25 to 1.00 |
December 31, 2020 |
|
4.25 to 1.00 |
March 31, 2021 |
|
4.25 to 1.00 |
June 30, 2021 |
|
4.25 to 1.00 |
September 30, 2021 and the last day of each fiscal quarter thereafter |
|
4.00 to 1.00 |
Long-term debt, related discounts and issuance costs consist of the following:
|
|
|
|
|
|
|
|
|
(In thousands) |
June 30,
2018 |
|
December 31, 2017 |
|
(Unaudited) |
|
|
Senior Secured Notes |
$ |
99,500 |
|
|
$ |
— |
|
First Lien Term Loan |
— |
|
|
41,063 |
|
Revolving Loan |
— |
|
|
— |
|
Second Lien Term Loan |
— |
|
|
55,000 |
|
|
99,500 |
|
|
96,063 |
|
Less: Discounts and unamortized debt issuance costs |
(4,138 |
) |
|
(1,497 |
) |
|
95,362 |
|
|
94,566 |
|
Less: Current portion of long-term debt |
(1,000 |
) |
|
(1,000 |
) |
|
$ |
94,362 |
|
|
$ |
93,566 |
|
|
| Debt Instrument Redemption |
On or after February 2, 2019, the Company may redeem all or a part of the Notes plus the premium as set forth below, plus accrued and applicable unpaid interest:
|
|
|
|
Redemption Periods |
|
Percentage Premium |
On February 2, 2019 to February 1, 2020 |
|
2.0% |
On February 2, 2020 to February 1, 2021 |
|
1.5% |
On February 2, 2021 to February 1, 2022 |
|
0.5% |
On or after February 2, 2022 |
|
—% |
|