Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of debt

Long-term debt consists of the following:

	December 31,
(in thousands)	2019		2018
9.25% Senior Secured Notes, due 2023 (1)(2)	$	645,000	$	645,000
6.50% Senior Notes, due 2021	2,240		$	2,240
Unamortized discount and debt issuance costs (3)	(14,834)		(18,251)
Total long-term debt	$	632,406	$	628,989

(1)This debt was issued at a $16.1 million discount which is being amortized, as interest expense, over the remaining term of the debt. Debt issuance costs associated with this debt totaled $9.4 million.

(2)The estimated fair value of total long-term debt outstanding was approximately $673.8 million and $670.8 million as of December 31, 2019 and 2018, respectively. This estimate of fair value is Level 2 as it was determined by quotations obtained from a broker-dealer who makes a market in these and similar securities.

(3)For the years ended December 31, 2019, 2018, and 2017, amortization of the discount on debt and amortization of deferred financing costs reported as Interest expense, net totaled approximately $3.7 million, $3.3 million, and $3.0 million, respectively.

Credit Facilities Outstanding

(in thousands)	Total Capacity		Amount borrowed as of December 31, 2019		Outstanding Letters of Credit		Available capacity as of December 31, 2019		Maturity Date
Asset Based (AB) Credit Facility (1)	$	49,795	$	—	$	—	$	49,795	September 30, 2021

(1)At the option of the borrowers, loans under the asset based credit facility initially bear interest at an annual rate equal to (i) 2.00% plus LIBOR or (ii) 1.00% plus a base rate, subject to a 0.50% step-down based on the previous quarter’s excess availability.

Schedule of redemption prices as percentage of principal amount

On or after June 15, 2019, the 2023 Notes Issuers may on any one or more occasions, redeem all or part of the 2023 Notes at the redemption prices set forth below expressed as a percentage of the principal amount of the 2023 Notes plus accrued and unpaid interest to the applicable redemption date.

12-month period beginning June 15,	Percentage
2019	104.625%
2020	102.313%
2021 and thereafter	100%