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DEBT (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Summary of Long-Term Debt
As of December 31, 2023 and 2022, our total long-term debt and finance lease obligations are summarized as follows (in thousands):
December 31,
20232022
2022 ABL Credit Facility
$113,415 $99,916 
ME/RE Loans1
24,061 — 
APSC Term Loan1
— 31,562 
Uptiered Loan / Subordinated Term Loan1
129,436 107,905 
Incremental Term Loan1
38,758 — 
Total 305,670 239,383 
Convertible Debt1
— 40,650 
Finance lease obligations2
5,756 5,902 
Total debt and finance lease obligations311,426 285,935 
Current portion of long-term debt and finance lease obligations(5,212)(280,993)
Total long-term debt and finance lease obligations, less current portion$306,214 $4,942 
_________________
1        Comprised of principal amount outstanding, less unamortized discount and issuance costs. See below for additional information.
2        For information on our finance lease obligations, see Note 12 - Leases.
Schedule of Maturities of our Debt
The following table summarizes scheduled maturities of our debt for the years succeeding December 31, 2023 (in thousands):
December 31 
2024$4,267 
2025137,821 
2026125,290 
202750,000 
2028— 
Thereafter— 
Total$317,378 
Schedule of Debt
The terms of the 2022 ABL Credit Facility are described in the table below (dollar amounts are presented in thousands):
Revolving Credit LoansDelayed Draw Term Loan
Original maturity date2/11/20252/11/2025
Amended maturity date8/11/20258/11/2025
Original stated interest rateLIBOR + applicable margin (base + applicable margin)
LIBOR+10% (Base+9%)
Amended interest rateSOFR + applicable margin (base + applicable margin)
SOFR + 10% (Base + 9%)
Actual interest rate:
12/31/202310.11%15.46%
12/31/20228.77%14.12%
Interest paymentsmonthlymonthly
Cash paid for interest
12/31/2023$6,984$5,317
12/31/2022$5,388$2,847
Unamortized balance of deferred financing cost
12/31/2023$267$—
12/31/2022$2,312$798
Available amount at 12/31/2023$21,271$—
The terms of ME/RE Loans are described in the table below (dollar amounts are presented in thousands):
Original maturity date8/11/2025
Original stated interest rate
SOFR + 5.75% + 0.11% credit spread adjustment
Principal payments
$237 monthly
Effective interest rate
12/31/20231
17.40%
12/31/2022
N/A
Actual interest rate
12/31/202311.21%
12/31/2022
N/A
Interest paymentsmonthly
Cash paid for interest
12/31/2023$1,384
12/31/2022
N/A
Balances at 12/31/2023
Principal balance$25,823
Unamortized balance of debt issuance cost$(1,762)
Net carrying balance$24,061
Available amount at 12/31/2023$—
_________________
1 The effective interest rate as of December 31, 2023, consisted of a 11.21% variable interest rate paid in cash and an additional 6.19% due to amortization of the related debt issuance costs.
The terms of APSC Term Loan are described in the table below (dollar amounts are presented in thousands):
Original maturity date12/18/2026
Original stated interest ratevariable
Effective interest rate1
06/16/2023 (date of extinguishment)
38.61%
12/31/202237.99%
Actual interest rate:
06/16/2023 (date of extinguishment)
12.63%
12/31/202211.73%
Interest paymentsQuarterly
Cash paid for interest
YTD 12/31/2023
$2,861
YTD 12/31/2022
$17,466
PIK interest added to principal
YTD 12/31/2023
$—
YTD 12/31/2022
$6,627
Balances at 12/31/2022
Principal balance$35,510
Unamortized balance of debt issuance cost$(3,948)
Net carrying balance$31,562
1 The effective interest rate as of June 16, 2023, consisted of a 12.63% variable interest rate paid in cash and an additional 25.98% due to the acceleration of amortization of the related debt issuance costs. The effective interest rate as of December 31, 2022, consisted of a 11.73% variable interest rate paid in cash and an additional 26.26% due to the acceleration of amortization of the related debt issuance costs.
The terms of Uptiered Loan / Subordinated Term Loan and Incremental Term Loan are described in the table below (dollar amounts are presented in thousands):
Uptiered Loan / Subordinated Term Loan
 Incremental Term Loan
Maturity date
12/31/2027 (12/31/2026 if outstanding balance is greater than $50 million)
12/31/2026
Stated interest rate
 12% PIK through 12/31/2023, then cash and PIK split as described below
12% paid in cash
Principal paymentsat maturity
$356 quarterly
Effective interest rate
12/31/2023
12.86%1
22.96%2
12/31/2022
29.23%1
N/A
Interest paymentscash quarterly/PIK monthly quarterly
Cash paid for interest
12/31/2023$—$898
12/31/2022$—
N/A
PIK interest added to principal
12/31/2023$14,644$8
12/31/2022$7,359
N/A
Balances at 12/31/2023
Principal balance 3
$130,088$48,052
Unamortized balance of debt issuance cost$(651)$(9,294)
Net carrying balance$129,436$38,758
Balances at 12/31/2022
Principal balance3
$115,443
N/A
Unamortized balance of debt issuance cost$(7,538)
N/A
Net carrying balance$107,905
N/A
Available amount at 12/31/2023
$—$10,000
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1 The effective interest rate on the Uptiered Loan/Subordinated Term Loan as of December 31, 2023, consisted of a 12.00% stated interest rate paid in PIK and an additional 0.86% due to the amortization of the related debt issuance costs. The effective interest rate on the Uptiered Loan/Subordinated Term Loan as of December 31, 2022 consisted of a 12.00% stated interest rate paid in PIK and an additional 17.23% due to the acceleration of the amortization of the related debt issuance costs.
2 The effective interest rate on the Incremental Term Loan as of December 31, 2023, consisted of a 12.00% stated interest rate paid in cash and an additional 10.96% due to the amortization of the related debt issuance costs.
3 The principal balance of the Uptiered Loan / Subordinated Term Loan is made up of $22.5 million drawn on November 9, 2021, $27.5 million drawn on December 8, 2021, and $57.0 million added as part of the exchange agreement on October 4, 2022. In addition, the principal balance includes PIK interest recorded of $22.2 million and $7.4 million as of December 31, 2023 and December 31, 2022 respectively, and PIK fees of $0.9 million.
Schedule of Warrants or Rights
Original
After 1 for 10 Reverse Stock Split (Effective date December 22, 2022)
HolderDateNumber of shares Exercise priceExpiration dateNumber of shares Exercise priceExpiration date
APSC Holdco II, LP
Original12/18/20203,582,949$7.75 6/14/2028
Amended11/9/2021500,000$1.50 6/14/2028
Amended12/8/2021917,051$1.50 12/8/2028
Total APSC5,000,000$1.50 12/8/2028500,000$15.00 12/8/2028
Corre12/8/20215,000,000$1.50 12/8/2028500,000$15.00 12/8/2028
Total warrants10,000,0001,000,000