Debt

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Debt

Note 5 — Debt

A summary of the detail comprising the Company’s debt and the related book values for the respective periods presented is as follows (in thousands):

	June 30, 2022			December 31, 2021
12.00% Second-Priority Senior Secured Notes – due January 2026	$	650,000		$	650,000
7.50% Senior Notes – due May 2022		—			6,060
Bank Credit Facility – matures November 2024(1)		200,000			375,000
Total debt, before discount and deferred financing cost		850,000			1,031,060
Discount and deferred financing cost		(61,532	)		(68,333	)
Total debt, net of discount and deferred financing costs(2)		788,468			962,727
Less: Current portion of long-term debt		—			6,060
Long-term debt, net of discount and deferred financing costs	$	788,468		$	956,667

(1)As of June 30, 2022, the Company had outstanding borrowings at a weighted average interest rate of 4.85%.

(2)At June 30, 2022, the Company was in compliance with all debt covenants.

7.50% Senior Notes

On May 31, 2022, the 7.50% Senior Notes matured and were redeemed at an aggregate principal of $6.1 million plus accrued and unpaid interest.

Bank Credit Facility

The Company maintains the Bank Credit Facility with a syndicate of financial institutions. The Bank Credit Facility provides for the determination of the borrowing base based on the Company’s proved producing reserves and a portion of the Company's proved undeveloped reserves. The borrowing base is redetermined by the lenders at least semi-annually during the second quarter and fourth quarter of each year. On May 4, 2022, the Company entered into a (i) Borrowing Base Redetermination Agreement and Eighth Amendment to Credit Agreement (the “Eighth Amendment”) and (ii) Incremental Agreement of Increasing Lenders (“Incremental Agreement”). The Eighth Amendment and the Incremental Agreement, among other things, (i) increased the borrowing base from $950.0 million to $1.1 billion and (ii) increased the commitments from $791.3 million to $806.3 million.