SUBSEQUENT EVENT

6 Months Ended

Jun. 30, 2020

Subsequent Events [Abstract]

Subsequent Event

SUBSEQUENT EVENTS

The Company has evaluated whether any subsequent events occurred since June 30, 2020, and noted the following subsequent events:

On July 24, 2020, the Company completed a public offering of 18,000,000 shares of the Company’s common stock at a price of $12.50 per share, consisting of 10,000,000 shares of common stock issued and sold by the Company and 8,000,000 shares of common stock sold by HC I. The Company received net proceeds from the offering of approximately $118 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The Company intends to use the proceeds from the offering and available cash to repay $125.0 million on the principal balance of its second lien notes outstanding. Following the offering, HC I holds approximately 72.1% of the Company’s common stock.