DEBT (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

The following table presents information about the Company’s total indebtedness at March 31, 2023 and December 31, 2022 (dollars in thousands):

	March 31, 2023						December 31, 2022
	Effective Interest Rate (1)		Principal Amount (2)		Carrying Amount (2)		Effective Interest Rate (1)		Principal Amount (2)		Carrying Amount (2)
5.375% Senior Notes due 2023	5.38	%	$	6,127	$	6,127	5.38	%	$	6,127	$	6,127
6.00% Senior Notes due 2023	6.00	%	56,436		56,436		6.00	%	56,436		56,436
5.875% Senior Secured Notes due 2024	6.88	%	300,000		281,219		6.88	%	300,000		286,375
6.00% Senior Notes due 2025	6.00	%	21,578		21,578		6.00	%	21,578		21,578
7.50% Senior Secured Notes due 2027	8.50	%	2,015,479		1,851,945		8.50	%	2,015,479		1,894,774
9.50% Senior Secured Second Lien Notes due 2027	9.50	%	940,590		940,590		9.50	%	940,590		940,590
6.00% Senior Notes due 2028	6.00	%	1,260,416		1,260,416		6.00	%	1,260,416		1,260,416
6.125% Senior Secured Notes due 2029	7.13	%	1,295,000		1,207,732		7.13	%	1,295,000		1,230,799
Term Loan Facility	14.00	%	1,975,000		1,807,463		13.50	%	1,975,000		1,871,894
Revolving Credit Facility	11.50	%	277,200		258,337		11.00	%	277,200		265,728
Total (3)			$	8,147,826	$	7,691,843			$	8,147,826	$	7,834,717

__________

(1)Beginning on the Petition Date, we ceased recognition of interest expense related to all of our debt instruments and began to incur “adequate protection payments” related to our First Lien Debt Instruments (representing all of our debt instruments except for our senior unsecured notes and the 9.50% Senior Secured Second Lien Notes due 2027). The March 31, 2023 and December 31, 2022 “effective interest rates” included in the table above represent the rates in effect on such dates used to calculate: (i) future adequate protection payments related to our First Lien Debt Instruments and (ii) future contractual interest related to our other debt instruments, notwithstanding the fact that such interest is not currently being recognized. These rates are expressed as a percentage of the contractual principal amounts outstanding as of such date and, with respect to our First Lien Debt Instruments, without consideration of any reductions related to adequate protection payments made through such date.

(2)The March 31, 2023 and December 31, 2022 principal amounts represent the amount of unpaid contractual principal owed on the respective instruments. During the third quarter of 2022, in accordance with ASC 852, we adjusted the carrying amounts of all unsecured and potentially undersecured debt instruments to equal the expected amount of the allowed claim by expensing (within Reorganization items, net in the Condensed Consolidated Statements of Operations) $89.2 million of previously deferred and unamortized costs associated with these instruments. The March 31, 2023 and December 31, 2022 carrying amounts of our First Lien Debt Instruments also reflect reductions for certain adequate protection payments made since the Petition Date.

(3)As of March 31, 2023 and December 31, 2022, the entire carrying amount our debt, as well as any related remaining accrued and unpaid interest that existed as of the Petition Date, is included in the Liabilities subject to compromise line in the Condensed Consolidated Balance Sheets.