Interest Bearing Liabilities

3 Months Ended

Mar. 31, 2022

Interest Bearing Liabilities [Abstract]

Interest Bearing Liabilities

8.Interest Bearing Liabilities

The following is a summary of interest-bearing liabilities at March 31, 2022:
(in US$ thousands)		March 31, 2022		December 31, 2021	Weighted Average Interest Rate at March 31, 2022		Final Maturity
10.75% Senior Secured Notes	$	314,453	$	315,000	12.14%	(2)	2026
ABL Facility		—		—			2024
Discount and debt issuance costs(1)		(14,178)		(14,831)
Total interest bearing liabilities	$	300,275	$	300,169
(1) Debt issuance costs incurred on the establishment of the ABL Facility has been included within "Other non-current assets" on the unaudited Condensed Consolidated Balance Sheet.
(2) Represents the effective interest rate.

Senior Secured Notes

As of March 31, 2022, the Company’s $350.0 million aggregate principal amount of 10.750% Senior Secured Notes due 2026, or the Notes, outstanding amount was $314.5 million. The Notes mature on May 15, 2026 and are senior secured obligations of the Company.

The terms of the Notes are governed by the Indenture. The Indenture contains customary covenants for high yield bonds, including, but not limited to, limitations on investments, liens, indebtedness, asset sales, transactions with affiliates and restricted payments, including payment of dividends on capital stock. As of March 31, 2022, the Company was in compliance with all applicable covenants under the Indenture.

In connection with the dividend declared on February 24, 2022, the Company offered to purchase up to $100.0 million aggregate principal amount of the Notes pursuant to the terms of the Indenture. On March 30, 2022, pursuant to the offer to purchase, the Company purchased an aggregate principal amount of $0.5 million at a price equal to 104% of the principal amount of the Notes, plus accrued and unpaid interest on the Notes to, but not including, the date of redemption.

Debt issuance costs, recorded as a direct deduction from the face amount of the Notes, were $14.2 million and $14.8 million at March 31, 2022 and December 31, 2021, respectively.

ABL Facility

On May 12, 2021, the Company entered into a senior secured asset-based revolving credit agreement in an initial principal amount of $100.0 million, or the ABL Facility, including a $30.0 million sublimit for the issuance of letters of credit and $5.0 million for swingline loans, at any time outstanding, subject to borrowing base availability. The ABL Facility matures on May 12, 2024.

Borrowings under the ABL Facility bear interest at a rate equal to a BBSY rate plus an applicable margin. In addition to paying interest on the outstanding borrowings under the ABL Facility, the Company is also required to pay a fee in respect of unutilized commitments, on amounts available to be drawn under outstanding letters of credit and certain administrative fees.

As at March 31, 2022, no amounts were drawn and no letters of credit were outstanding under the ABL Facility. At March 31, 2022, the Company was in compliance with all applicable covenants under the ABL Facility.

Debt issuance costs, recorded as “Other non-current assets” in the unaudited Consolidated Balance sheet, were $3.8 million and $4.3 million at March 31, 2022 and December 31, 2021, respectively.