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Debt (Tables)
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Debt
Long-term debt consists of the following:
September 30, 2023December 31, 2022
Principal Amount OutstandingDebt Discounts and Debt Issuance CostsCarrying ValuePrincipal Amount OutstandingDebt Discounts and Debt Issuance CostsCarrying Value
Convertible Bond Debt$104,119 $(328)$103,791 $104,119 $(620)$103,499 
Global Ultraco Debt Facility – Term Facility275,400 (5,778)269,622 237,750 (6,767)230,983 
Global Ultraco Debt Facility – Revolving Facility125,000 (2,941)122,059 — — — 
Total debt504,519 (9,047)495,472 341,869 (7,387)334,482 
Less: Current portion – Convertible Bond Debt(104,119)328 (103,791)— — — 
Less: Current portion – Global Ultraco Debt Facility(49,800)— (49,800)(49,800)— (49,800)
Total long-term debt $350,600 $(8,719)$341,881 $292,069 $(7,387)$284,682 
Schedule of Interest Expense
A summary of interest expense for the three and nine months ended September 30, 2023 and 2022 is as follows:
Three Months EndedNine Months Ended
September 30, 2023September 30, 2022September 30, 2023September 30, 2022
Convertible Bond Debt$1,301 $1,426 $3,904 $4,279 
Global Ultraco Debt Facility – Term Facility (1)
3,042 2,024 6,772 6,372 
Global Ultraco Debt Facility – Revolving Facility2,411 — 2,647 — 
Commitment fees on Revolving Facility148 251 724 743 
Amortization of debt discount and debt issuance costs812 535 1,958 1,627 
Total interest expense$7,714 $4,236 $16,005 $13,021 
(1)Interest expense on the Term Facility under the Global Ultraco Debt Facility includes a reduction of $2.5 million and $0.7 million of interest from interest rate derivatives designated as hedging instruments for the three months ended September 30, 2023 and 2022, respectively and a reduction of $7.0 million and $0.3 million of interest from interest rate
derivatives designated as hedging instruments for the nine months ended September 30, 2023 and 2022, respectively. See Note 5. Derivative Instruments, for additional information.
Schedule of Weighted Average And Contractual Interest Rates In addition, the following table presents the range of contractual interest rates on the Company’s debt obligations, excluding the impact of costs associated with commitment fees on revolving facilities for the three and nine months ended September 30, 2023 and 2022.
 Three Months EndedNine Months Ended
 September 30, 2023September 30, 2022September 30, 2023September 30, 2022
Weighted average effective interest rate7.87 %5.27 %7.65 %4.60 %
Range of interest rates
5.00% to 7.72%
3.93% to 5.39%
5.00% to 7.72%
2.35% to 5.39%
The following table presents the weighted average effective interest rate on the Company’s debt obligations, including the impact on interest from interest rate derivatives designated as hedging instruments as well as amortization of debt discounts and debt issuance costs and costs associated with commitment fees on revolving facilities for the three and nine months ended September 30, 2023 and 2022.
 Three Months EndedNine Months Ended
 September 30, 2023September 30, 2022September 30, 2023September 30, 2022
Weighted average effective interest rate, including hedging instruments5.94 %4.49 %5.31 %4.50 %
Schedule of Debt Maturities
The following table presents the scheduled maturities of principal amounts of our debt obligations as of September 30, 2023:
Convertible Bond Debt(1)
Global Ultraco Debt Facility – Revolving Facility(2)
Global Ultraco Debt Facility – Term FacilityTotal
Three months ending December 31, 2023$— $— $12,450 $12,450 
2024104,119 — 49,800 153,919 
2025— — 49,800 49,800 
2026— 16,230 49,800 66,030 
2027— 21,780 49,800 71,580 
2028— 86,990 63,750 150,740 
$104,119 $125,000 $275,400 $504,519 
(1)This amount represents the aggregate principal amount of the Convertible Bond Debt outstanding that would be payable in cash upon maturity if no holder of the Convertible Bond Debt elects conversion pursuant to the Indenture.
(2)Represents amounts payable based on the amount outstanding under the Revolving Facility as of September 30, 2023 and the timing of contractual reductions in capacity of the Revolving Facility. The amount and timing of actual repayments may change as a result of additional future borrowings or repayments under the Revolving Facility.