Debt

Debt consisted of the following at March 31, 2019 and December 31, 2018:



			March 31, 2019							December 31, 2018
	Interest Rate	Maturity Date	Unamortized Debt Issuance Costs		Fair Value of Debt (e)		Carrying Value of Debt			Carrying Value of Debt
Revolving Facility (a)	7.74%	Feb. 2021	$	—	$	—	$	—		$	—
First Lien Term Loan (b)	9.74%	Feb. 2021	216		20,803		20,803			21,905
Second Lien Term Loan (b)	11.00%	Oct. 2021	—		10,066		10,066			10,066
Bridge Term Loan (c)	11.00%	Apr. 2019	—		—		—			32,500
Finance leases (d)	6.89%	Various	—		5,453		5,453			1,885
Total debt			$	216	$	36,322	36,322			66,356
Debt issuance costs presented with debt (f)							(216		)	(423		)
Total debt, net							36,106			65,933
Less: current portion of long-term debt							(6,450		)	(38,305		)
Long-term debt							$	29,656		$	27,628

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(a)	The interest rate presented represents the interest rate as of March 31, 2019 on the $30.0 million revolving facility extended to the Company pursuant to the Credit Agreement (the “Revolving Facility”).


(b)	Interest on the First Lien Term Loan accrues at an annual rate equal to the LIBOR Rate plus 7.25%. Interest on the Second Lien Term Loan (as defined below) accrues at an annual rate equal to 11.0%, payable in cash, in arrears, on the first day of each month.


(c)	The Bridge Term Loan Credit Agreement has an interest rate of 11.0% per annum, payable in cash, in arrears, on the first day of each month. The obligations under the Bridge Term Loan Credit Agreement were repaid in full on January 2, 2019.


(d)	Our finance leases include finance lease arrangements related to fleet purchases and real property with a weighted-average annual interest rate of approximately 6.89%, which mature in varying installments between 2019 and 2029.


(e)	Our Revolving Facility, First Lien Term Loan, Second Lien Term Loan, and finance leases bear interest at rates commensurate with market rates and therefore their respective carrying values approximate fair value.


(f)	The debt issuance costs resulted from an amendment to the First Lien Term Loan during the three months ended December 31, 2018, done in connection with the Acquisition.

See below for a discussion of material changes and developments in our debt and its principal terms from those described in Note 13 to the consolidated financial statements in our 2018 Annual Report on Form 10-K.

Indebtedness

As of March 31, 2019, we had $36.3 million of indebtedness outstanding, consisting of $20.8 million under the First Lien Term Loan, $10.1 million under the second lien term loan facility (the “Second Lien Term Loan”) pursuant to the Second Lien Term Loan Agreement, dated August 7, 2017, by and among the lenders party thereto, Wilmington, and the Company (the “Second Lien Term Loan Agreement”), and $5.5 million of finance leases for vehicle financings and real property leases. Our Revolving Facility, First Lien Term Loan and Second Lien Term Loan contain certain affirmative and negative covenants, including a fixed charge coverage ratio covenant, as well as other terms and conditions that are customary for revolving credit facilities and term loans of this type. As of March 31, 2019, we were in compliance with all covenants.

Bridge Term Loan Credit Agreement

In connection with the Acquisition on October 5, 2018, we entered into the Bridge Term Loan Credit Agreement. The Bridge Term Loan Lenders are our two largest shareholders that, in the aggregate, hold approximately 90% of our stock. Pursuant to the Bridge Term Loan Credit Agreement, the Bridge Term Loan Lenders provided the $32.5 million Bridge Term Loan, of which $22.5 million was used to finance the Acquisition and the remaining $10.0 million was used to pay down certain amounts outstanding under the Second Lien Term Loan Agreement.

The Bridge Term Loan Credit Agreement required us to use our reasonable best efforts to effectuate and close the Rights Offering as soon as reasonably practicable following October 5, 2018. Upon the completion of the Rights Offering, we were required to prepay all outstanding amounts under the Bridge Term Loan Credit Agreement in cash in an amount equal to the net cash proceeds received from the Rights Offering. As discussed in Note 5, on January 2, 2019, we received the aggregate cash proceeds from the Rights Offering of $31.4 million. Additionally, one of the Backstop Parties elected to satisfy the backstop commitment by converting $1.1 million of the Bridge Term Loan to common stock. The aggregate cash proceeds from the Rights Offering were used to repay the remaining $31.4 million balance of the Bridge Term Loan, satisfying the obligations under the Bridge Term Loan Credit Agreement, and thereby terminating the Bridge Term Loan Credit Agreement.