Note 8 - Debt, Credit Facility and Leases

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Debt Disclosure [Text Block]

Note 8.    Debt, Credit Facility and Leases

Our debt as of September 30, 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 September 30, 2021 and December 31, 2020 (in thousands):

	September 30, 2021
	Senior Notes			IQ Notes		Total
Principal	$	475,000		$	37,862	$	512,862
Unamortized discount/premium and issuance costs		(5,779	)		629		(5,150	)
Long-term debt balance	$	469,221		$	38,491	$	507,712

	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 September 30, 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 September 30, 2021.

Twelve-month period ending September 30,	Senior Notes		IQ Notes		Finance Leases		Operating Leases
2022	$	34,438	$	2,467	$	6,336	$	3,166
2023		34,438		2,467		4,590		2,590
2024		34,438		2,467		3,313		1,037
2025		34,438		2,467		855		533
2026		34,438		37,301		—		524
Thereafter		522,349		—		—		1,953
Total	$	694,539	$	47,169	$	15,094	$	9,803

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 September 30, 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 $21.0 million in letters of credit outstanding as of September 30, 2021.

We believe we were in compliance with all covenants under the credit agreement as of September 30, 2021.