Note 7 - Debt, Credit Facility and Leases

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Debt Disclosure [Text Block]

Note 7.    Debt, Credit Facility and Leases

Our debt as of March 31, 2021 and December 31, 2020 consisted of our 7.25% Senior Notes due February 15, 2028 ("Senior Notes") and our Series 2020-A Senior Notes due July 9, 2025 (the “IQ Notes”). The following tables summarize our long-term debt balances, excluding interest, as of March 31, 2021 and December 31, 2020 (in thousands):

	March 31, 2021
	Senior Notes			IQ Notes		Total
Principal	$	475,000		$	38,359	$	513,359
Unamortized discount/premium and issuance costs		(6,234	)		867		(5,367	)
Long-term debt balance	$	468,766		$	39,226	$	507,992

	December 31, 2020
	Senior Notes			IQ Notes		Total
Principal	$	475,000		$	37,886	$	512,886
Unamortized discount/premium and issuance costs		(6,462	)		818		(5,644	)
Long-term debt balance	$	468,538		$	38,704	$	507,242

The following table summarizes the scheduled annual future payments, including interest, for our Senior Notes, IQ Notes, and finance and operating leases as of March 31, 2021 (in thousands). The amounts for the IQ Notes are stated in U.S. dollars ("USD") based on the USD/Canadian dollar ("CAD") exchange rate as of March 31, 2021.

Twelve-month period ending March 31,	Senior Notes		IQ Notes		Finance Leases		Operating Leases
2022	$	34,438	$	2,499	$	7,329	$	3,696
2023		34,438		2,499		5,132		2,706
2024		34,438		2,499		3,643		2,002
2025		34,438		2,499		2,076		549
2026		34,438		39,045		—		525
Thereafter		539,568		—		—		2,213
Total	$	711,758	$	49,041	$	18,180	$	11,691

Credit Facility

In July 2018, we entered into a $250 million senior secured revolving credit facility which has a term ending on February 7, 2023. As of March 31, 2021 and December 31, 2020, no amounts were outstanding under the facility.

We are also able to obtain letters of credit under the facility, and for any such letters we are required to pay a participation fee of between 2.25% and 4.00% of the amount of the letters of credit based on our total leverage ratio, as well as a fronting fee to each issuing bank of 0.20% annually on the average daily dollar amount of any outstanding letters of credit. There were $20.3 million in letters of credit outstanding as of March 31, 2021.

We believe we were in compliance with all covenants under the credit agreement as of March 31, 2021.