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LONG-TERM DEBT (Tables)

3 Months Ended

Mar. 31, 2020

Total debt consisted of the following at the dates indicated (in thousands):

	March 31, 2020			December 31, 2019
9.875%/11.500% Senior Secured PIK Toggle Notes, due June 2024	$	353,648		$	380,619
Insurance and vehicle financing		2,282			574
Less deferred financing costs, net of accumulated amortization		(12,348	)		(12,856	)
Total debt		343,582			368,337
Less current maturities		(2,139	)		(374	)
Total long-term debt	$	341,443		$	367,963

Schedule of Consolidated Interest Coverage Ratio

The Indenture includes financial covenants pursuant to which the Issuers will not permit:

•

the ratio of the sum of the Operating Cash Flow Amount plus Cash Interest Expense to Cash Interest Expense, or the Consolidated Interest Coverage Ratio, for the nine months ended March 31, 2020 and the twelve months ending as of each date from June 30, 2020 onwards, as set forth below, to be less than:

March 31, 2020		0.40x
June 30, 2020		0.75x
September 30, 2020		1.00x
December 31, 2020		1.15x
March 31, 2021		1.25x
June 30, 2021		1.30x
September 30, 2021		1.35x
December 31, 2021		1.45x
March 31, 2022 and each quarter end thereafter		1.50x

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details