Subsequent Events (Notes)

3 Months Ended

Mar. 31, 2020

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Subsequent Events

In April 2020, the Company entered into several Paycheck Protection Program Notes (the “Term Notes”) with BMO Harris Bank National Association and Star Financial Bank as the lenders (“Lenders”) in an aggregate principal amount of $31.4 million pursuant to the Paycheck Protection Program (the “PPP Loans”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). Subject to the terms of the Term Notes, the PPP Loans bear interest at a fixed rate of one percent (1%) per annum, with the first six months of interest deferred. Commencing seven months after the dates of the Term Notes, the Company is required to pay the Lenders equal monthly payments of principal and interest as required to fully amortize the PPP Loans by April 24, 2022. The PPP Loans are unsecured and guaranteed by the U.S. Small Business Administration. The Company may apply to the Lenders for forgiveness of the Term Notes, with the amount which may be forgiven equal to the sum of payroll costs, covered rent and mortgage obligations and covered utility payments incurred by the Company during the eight-week period beginning upon receipt of the PPP Loans, calculated in accordance with the terms of the CARES Act. At this time, the Company is not in a position to quantify the portion of the Term Notes that may be forgiven.

As of April 30, 2020, the fair value of the Company’s derivatives have increased by approximately $19.5 million subsequent to March 31, 2020.