| Schedule of Long-Term Debt, Related Discounts and Issuance Costs |
Long-term debt, related discounts and issuance costs consist of the following:
|
|
|
|
|
|
|
|
|
(In thousands) |
March 31,
2018
|
|
December 31,
2017
|
|
(Unaudited) |
|
|
|
|
|
|
Senior Secured Notes |
$ |
99,750 |
|
|
$ |
— |
|
First Lien Term Loan |
— |
|
|
41,063 |
|
Revolving Loan |
— |
|
|
— |
|
Second Lien Term Loan |
— |
|
|
55,000 |
|
|
99,750 |
|
|
96,063 |
|
Less: Discounts and unamortized debt issuance costs |
(4,284 |
) |
|
(1,497 |
) |
|
95,466 |
|
|
94,566 |
|
Less: Current portion of long-term debt |
(1,000 |
) |
|
(1,000 |
) |
|
$ |
94,466 |
|
|
$ |
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
|
March 31, 2018 |
5.75 to 1.00 |
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 |
|
| Debt Instrument Redemption |
On or after February 2, 2019, the Company may redeem all or a part of the Notes 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 |
—% |
|