Note 7 - Debt, Credit Facility and Leases

6 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Debt Disclosure [Text Block]

Note 7.    Debt, Credit Facility and Leases

Our debt as of June 30, 2022 and December 31, 2021 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 June 30, 2022 and December 31, 2021 (in thousands):

	June 30, 2022
	Senior Notes			IQ Notes		Total
Principal	$	475,000		$	37,433	$	512,433
Unamortized discount/premium and issuance costs		(5,096	)		504		(4,592	)
Long-term debt balance	$	469,904		$	37,937	$	507,841

	December 31, 2021
	Senior Notes			IQ Notes		Total
Principal	$	475,000		$	38,051	$	513,051
Unamortized discount/premium and issuance costs		(5,552	)		596		(4,956	)
Long-term debt balance	$	469,448		$	38,647	$	508,095

The following table summarizes the scheduled annual future payments, including interest, for our Senior Notes, IQ Notes, and finance and operating leases as of June 30, 2022 (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 June 30, 2022.

Twelve-month period ending June 30,	Senior Notes		IQ Notes		Finance Leases		Operating Leases
2023	$	34,438	$	2,441	$	6,424	$	3,011
2024		34,438		2,441		5,220		2,041
2025		34,438		2,441		3,070		1,072
2026		34,438		37,528		1,213		1,059
2027		34,438		—		—		1,010
Thereafter		496,521		—		—		6,043
Total	$	668,711	$	44,851	$	15,927	$	14,236

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 June 30, 2022 and December 31, 2021, 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 $14.9 million in letters of credit outstanding as of June 30, 2022. Letters of credit that are outstanding reduce availability under the revolving credit facility. See Note 12 regarding the termination of this Credit Facility and entry into a new facility.

We believe we were in compliance with all covenants under the credit agreement as of June 30, 2022.