Debt (Tables)

12 Months Ended

Dec. 31, 2019

The Company’s outstanding debt consisted of the following:



(in thousands)	As of December 31,
	2019			2018
Short-term financing:
Wells Fargo revolving credit facility	$	39,527		$	54,613

Long-term debt:
Unsecured senior notes	$	55,000		$	55,000
Finance leases and other debt	1,087			456
Unamortized debt issuance costs ^*	(235		)	(288		)
Total long-term debt and finance leases	55,852			55,168
Less: Current maturities of long-term debt and finance leases	195			80
Long-term debt	$	55,657		$	55,088


*	Unamortized financing costs and deferred fees on the Wells Fargo Revolving Credit Facility are not presented in the above table as they are classified in Prepaid expenses and other current assets on the Consolidated Balance Sheets. Debt issuance costs incurred, including gross waiver fees (primarily paid to the lenders), were $0.3 million and $1.0 million in 2019 and 2018, respectively.

ignificant amendments to the Unsecured Senior Notes since January 1, 2018 are included in the table below:



Amendment Date and Title	Reason for Amendment	Significant Changes/Notes Related to Amendment to the Unsecured Senior Notes
April 19, 2018. Fourth Supplemental Indenture	To amend certain covenants and waive certain events of default	• Extended the maturity date to January 1, 2020 • Waived defaults with respect to the failure to file with the Trustee and the SEC for 2015 through 2019 • Increased the interest rate from 6.50% to 8.50% per annum effective October 1, 2018. The interest rate decreased to 7.50% per annum upon filing the 2017 Form 10-K with the SEC • the Company paid a consent fee of $0.3 million.
October 30, 2019. Fifth Supplemental Indenture	To extend the maturity date	• Extended maturity date to June 30, 2020 • The Company paid a fee of $0.3 million

Schedule of Line of Credit Facilities

Information regarding amounts borrowed under the Wells Fargo Credit Agreement includes the following:



(in thousands, except interest rate)	Year ended December 31,
Description	2019			2018
Average borrowings under Wells Fargo Revolving Credit Facility	$	48,235		$	47,031
Average Interest Cost on Wells Fargo Revolving Credit Facility	6.30		%	6.51		%



(in thousands, except interest rate)	As of December 31,
Description	2019			2018
Accrued and unpaid interest	$	400		$	174
LIBOR loan interest rate	5.00		%	5.97		%
Wells Fargo Prime Rate (Base Rate) loan interest rate	6.25		%	7.25		%

Significant changes to the Wells Fargo Credit Agreement since January 1, 2018 are summarized in the table below:



Amendment Date and Title	Reason for Amendment	Significant Changes/Notes Regarding Amendment to the Wells Fargo Credit Agreement
March 29, 2018. Sixth Amendment and Waiver to the June 28, 2016 Agreement	To consider implications of various events of default	• Increased the maximum borrowing under the revolving credit facility to $75.0 million from $65.0 million • Modified the reserve against the maximum borrowing under the revolving credit facility to the greater of $6.5 million and 10% of borrowing base, but no more than $7.5 million on or prior to September 30, 2018 and thereafter equal to $9.0 million • Extended the maturity date of the facility to the earlier of March 31, 2021 or 60 days prior to the final maturity of the Unsecured Senior Notes, which were extended to January 1, 2020, resulting in a maturity date of November 2, 2019 on the Wells Fargo revolving credit facility • The revolving credit facility will continue to bear interest at a per annum rate equal to 100 basis points (1%) above the per annum rate otherwise applicable under the credit agreement until the Company is current with its SEC filings • The Company paid an amendment fee of $0.8 million.
May 16, 2019. Waiver to the June 28, 2016 Agreement	To consider implications of various events of default	• Waived any defaults that would arise from the failure to timely deliver annual audited financial statements for the fiscal year ended December 31, 2018 and the associated compliance certificate and the information required with it; provided that the financial statements and compliance certificate were delivered on or before December 31, 2019.

Schedule of Maturities of Long-term Debt

The below schedule of remaining maturities of long-term debt excludes finance leases (refer to Note 7. Leases) and additional debt drawn under the Credit Agreement in April 2020 but reflects the Unsecured Senior Notes as due in 2021 due to the execution of the Credit Agreement in April 2020 and refinancing of the Unsecured Senior Notes.



(in thousands)
Year Ending December 31,	Maturities of Long-Term Debt
2020	$	107
2021	55,107
2022	101
2023	91
2024	91
Total	$	55,497