Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Summary of Detail Comprising Debt and Related Book Values

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):

	Year Ended December 31,
	2023			2022
12.00% Second-Priority Senior Secured Notes – due January 2026	$	638,541		$	638,541
11.75% Senior Secured Second Lien Notes – due April 2026		227,500			—
Bank Credit Facility – matures March 2027		200,000			—
Total debt, before discount, premium and deferred financing cost		1,066,041			638,541
Unamortized discount, premium and deferred financing cost, net		(40,367	)		(53,201	)
Total debt		1,025,674			585,340
Less: Current portion of long-term debt		33,060			—
Long-term debt	$	992,614		$	585,340

Summary of Redemption Prices of 12.% and 11.75% Notes

The Company may redeem all or a portion of the 12.00% Notes in whole at any time or in part from time to time at the following redemption prices (expressed as percentages of principal amount) plus accrued and unpaid interest if redeemed during the period commencing on January 15 of the years set forth below:

Period	Redemption Price
2023		106.000	%
2024		103.000	%
2025 and thereafter		100.000	%

The Company may redeem all or a portion of the 11.75% Notes in whole at any time or in part from time to time at the following redemption prices (expressed as percentages of principal amount) plus accrued and unpaid interest if redeemed during the period commencing on February 15 of the years set forth below:

Period	Redemption Price
2023		105.875	%
2024		102.938	%
2025 and thereafter		100.000	%

Schedule of Pricing Grid for Borrowing Base Utilization Percentage

The pricing grid below shows the applicable margin for Term Benchmark Loans, RFR Loans and ABR Loans as well as the commitment fee rate, in each case based upon the applicable borrowing base utilization percentage:

Borrowing Base Utilization Percentage	Utilization	Term Benchmark Loans and RFR Loans	ABR Loans	Commitment Fee Rate
Level 1	< 25%	2.75%	1.75%	0.38%
Level 2	≥ 25% < 50%	3.00%	2.00%	0.38%
Level 3	≥ 50% < 75%	3.25%	2.25%	0.50%
Level 4	≥ 75% < 90%	3.50%	2.50%	0.50%
Level 5	≥ 90%	3.75%	2.75%	0.50%