Subsequent Events (Notes)

6 Months Ended

Jun. 30, 2020

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Subsequent Events

As of August 1, 2020, the fair value of the Company’s derivatives have increased by approximately $4.2 million subsequent to June 30, 2020.

9.25% Senior Secured Notes due 2024 (the “2024 Secured Notes”)

On July 6, 2020, the Company announced the commencement of an exchange offer for up to $200.0 million aggregate principal amount of its outstanding 2022 Notes (the “Exchange Offer”). Under the exchange offer, the Company agreed to accept up to $200.0 million aggregate principal amount of its 2022 Notes validly tendered (and not validly withdrawn), in exchange for newly issued 9.25% Senior Secured First Lien Notes due 2024 (the “2024 Secured Notes”). Eligible holders of the 2022 Notes were eligible to receive $1,000 principal amount of new 2024 Secured Notes per $1,000 principal amount of 2022 Notes tendered on or prior to July 17, 2020, and $950 principal amount of 2024 Secured Notes per $1,000 principal amount of 2022 Notes tendered on or prior to July 31, 2020. Following the conclusion of the exchange periods, approximately $200.0 million of 2022 Notes had been tendered, and $200.0 million of 2024 Secured Notes were issued on August 5, 2020.

Consent Solicitation to Holders of the 2025 Notes and Supplemental Indenture

In connection with the Exchange Offer, on July 6, 2020 the Company commenced a consent solicitation to solicit consents from holders of its outstanding 2025 Notes to certain proposed amendments to the indenture governing the 2025 Notes to allow the Company to consummate the Exchange Offer. The consents were effective on August 5, 2020. The Company paid consent fees of $1.3 million in connection with obtaining these consents.

Following receipt of the required consents, the Company and the trustee of the 2025 Notes entered into the First Supplemental Indenture (the “Supplemental Indenture”) to the indenture governing the 2025 Notes, to allow the Exchange Offer. The Supplemental Indenture was effective on August 5, 2020.

Revolving Credit Facility Consent

On July 3, 2020 the Company executed a consent to the Credit Agreement allowing for the issuance of the 2024 Secured Notes. The consent was effective on August 5, 2020. The Company paid fees of $0.5 million in connection with obtaining this consent.

Collateral Trust Agreement Amendment

On July 31, 2020, the Company executed an amendment to the Collateral Trust Agreement and supporting documents to cause various references to the previously discharged 11.5% Senior Secured Notes due 2021 to refer instead to the 2024 Secured Notes, as well as other technical changes. The amendment was effective on August 5, 2020.