Annual report pursuant to Section 13 and 15(d)

LONG-TERM DEBT AND COMMON STOCK WARRANT LIABILITY (Tables)

v3.19.1
LONG-TERM DEBT AND COMMON STOCK WARRANT LIABILITY (Tables)
 12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
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
 
—%
Schedule of Maturities of Long-Term Debt
Future maturities under the Notes is as follows:

(In thousands)
 
 
 
 
 
For Years ending December 31,
 
Senior Secured Notes
2019
 
$
1,000

2020
 
1,000

2021
 
1,000

2022
 
1,000

2023
 
1,000

Thereafter
 
94,000

 
 
$
99,000

Schedule of Long-Term Debt, Related Discounts and Issuance Costs
Long-term debt, related discounts and issuance costs consisted of the following:

(In thousands)
December 31,
 
2018
 
2017
Senior Secured Notes
$
99,000

 
$
—

First Lien Term Loan
—

 
41,063

Second Lien Term Loan
—

 
55,000

 
99,000

 
96,063

Less: Unamortized discounts and debt issuance costs
(3,806
)
 
(1,497
)
 
95,194

 
94,566

Less: Current portion of long-term debt
(1,000
)
 
(1,000
)
 
$
94,194

 
$
93,566

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
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