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Debt (Tables)
12 Months Ended
Dec. 31, 2019
Summary of Debt

 

 

 

 

 

 

 

 

 

December 31, 

 

    

2019

    

2018

 

 

(in thousands)

Debt Obligations:

 

 

 

 

 

 

First Lien Notes

 

$

747,910

 

$

747,400

Second Lien PIK Notes

 

 

325,824

 

 

291,935

Total long-term debt

 

$

1,073,734

 

$

1,039,335

 

Schedule of payments in the form of PIK Interest

 

 

 

 

Payment Date

    

PIK Interest

 

 

(in thousands)

April 1, 2019

 

$

16,873

October 1, 2019

 

 

17,429

 

Schedule of redemption prices expressed as a percentage of principal amount

At any time on or after April 1, 2020, the Company may redeem the Second Lien PIK Notes, in whole or in part, at the following redemption prices (expressed as a percentage of principal amount), plus any accrued and unpaid interest, during the six-month period beginning on the dates indicated below:

 

 

 

Date

 

Price

April 1, 2020

 

112.0%

October 1, 2020

 

109.0%

April 1, 2021

 

106.0%

October 1, 2021

 

103.0%

April 1, 2022 and thereafter

 

100.0%

 

Aggregate Maturities of Debt Including Net Unamortized Discounts

 

 

 

 

 

    

(in thousands)

Years ending December 31, 

 

 

 

2020

 

$

 —

2021

 

 

 —

2022

 

 

 —

2023

 

 

750,000

2024

 

 

317,154

        Total

 

$

1,067,154

 

Occurrence Of Change Of Control  
Schedule of redemption prices expressed as a percentage of principal amount

At any time after a Change of Control occurs, the Company may redeem all, but not less than all, of the Second Lien PIK Notes at the following redemption prices (expressed as a percentage of principal amount), plus any accrued and unpaid interest, during the six-month period beginning on the dates indicated below:

 

 

 

Date

 

Price

April 1, 2020

 

106.0%

October 1, 2020

 

109.0%

April 1, 2021

 

106.0%

October 1, 2021

 

103.0%

April 1, 2022 and thereafter

 

100.0%