XML 34 R23.htm IDEA: XBRL DOCUMENT

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2020

Jun. 17, 2020

Jun. 30, 2020

Schedule of Long-Term Debt Instruments, Senior Notes Tendered

The following table summarizes the principal amounts of the Old Notes tendered as of the Settlement Date:


Title of Old Notes Tendered	Principal Amount of Old Notes Tendered
	(in thousands)
1.50% Senior Convertible Notes due 2021	$	107,015
6.125% Senior Notes due 2022	141,701
5.0% Senior Notes due 2024	155,339
5.625% Senior Notes due 2025	150,882
6.75% Senior Notes due 2026	80,765
6.625% Senior Notes due 2027	83,209
Total	$	718,911

Schedule of Borrowing Base Utilization [Table Text Block]


Borrowing Base Utilization Percentage	<25%		≥25% <50%		≥50% <75%		≥75% <90%		≥90%
Eurodollar Loans ⁽¹⁾	1.750	%	2.000	%	2.500	%	2.750	%	3.000	%
ABR Loans or Swingline Loans	0.750	%	1.000	%	1.500	%	1.750	%	2.000	%
Commitment Fee Rate	0.375	%	0.375	%	0.500	%	0.500	%	0.500	%

____________________________________________

⁽¹⁾The Credit Agreement specifies that if LIBOR is no longer a widely used benchmark rate, or if it is no longer used for determining interest rates for loans in the United States, a replacement interest rate that fairly reflects the cost to the lenders of funding loans shall be established by the Administrative Agent, as defined in the Credit Agreement, in consultation with the Company. Please refer to Note 1 - Summary of Significant Accounting Policies for discussion of FASB ASU 2020-04, which provides guidance related to reference rate reform.

Schedule of Line of Credit Facilities [Table Text Block]

The following table presents the outstanding balance, total amount of letters of credit outstanding, and available borrowing capacity under the Credit Agreement as of July 23, 2020, June 30, 2020, and December 31, 2019:


	As of July 23, 2020		As of June 30, 2020		As of December 31, 2019
	(in thousands)
Revolving credit facility ⁽¹⁾	$	180,000	$	193,000	$	122,500
Letters of credit ⁽²⁾	42,000		42,000		—
Available borrowing capacity	878,000		865,000		1,077,500
Total aggregate lender commitment amount	$	1,100,000	$	1,100,000	$	1,200,000

____________________________________________

⁽¹⁾Unamortized deferred financing costs attributable to the revolving credit facility are presented as a component of the other noncurrent assets line item on the accompanying balance sheets and totaled $5.0 million and $5.9 million as of June 30, 2020, and December 31, 2019, respectively. These costs are being amortized over the term of the revolving credit facility on a straight-line basis.

⁽²⁾Letters of credit outstanding reduce the amount available under the credit facility on a dollar-for-dollar basis.

Schedule Of Long-term Debt Instruments, Secured

Senior Secured Notes, net of unamortized discount and deferred financing costs, included within the Senior Notes, net line item on the accompanying balance sheets as of June 30, 2020, consisted of the following:


	As of June 30, 2020
	Principal Amount		Unamortized Debt Discount		Unamortized Deferred Financing Costs		Principal Amount, Net
	(in thousands)
10.0% Senior Secured Notes due 2025	$	446,675	$	(41,340)	$	(11,596)	$	393,739
1.50% Senior Secured Convertible Notes due 2021⁽¹⁾	65,485		(3,592)		(349)		61,544
Total	$	512,160	$	(44,932)	$	(11,945)	$	455,283

____________________________________________

⁽¹⁾As discussed above, as required by the 2021 Notes Indenture and as permitted by the Credit Agreement, as the Company issued Permitted Second Lien Debt upon the closing of the Exchange Offers, its remaining 2021 Senior Convertible Notes contemporaneously became secured.

Schedule Of Long-term Debt Instruments, Unsecured

Senior Unsecured Notes, net of unamortized deferred financing costs, included within the Senior Notes, net line item on the accompanying balance sheets as of June 30, 2020, and December 31, 2019, consisted of the following:


	As of June 30, 2020										As of December 31, 2019
	Principal Amount		Unamortized Deferred Financing Costs		Principal Amount, Net		Principal Amount		Unamortized Deferred Financing Costs		Principal Amount, Net
	(in thousands)
6.125% Senior Notes due 2022	$	294,346	$	1,494	$	292,852	$	476,796	$	2,920	$	473,876
5.0% Senior Notes due 2024	344,661		2,278		342,383		500,000		3,766		496,234
5.625% Senior Notes due 2025	349,118		3,108		346,010		500,000		4,903		495,097
6.75% Senior Notes due 2026	419,235		4,321		414,914		500,000		5,571		494,429
6.625% Senior Notes due 2027	416,791		5,114		411,677		500,000		6,601		493,399
1.50% Senior Convertible Notes due 2021 ⁽¹⁾⁽²⁾	—		—		—		172,500		15,237		157,263
Total	$	1,824,151	$	16,315	$	1,807,836	$	2,649,296	$	38,998	$	2,610,298

____________________________________________

⁽¹⁾Unamortized deferred financing costs attributable to the 2021 Senior Convertible Notes include $13.9 million related to the unamortized debt discount as of December 31, 2019.

⁽²⁾As discussed above, as required by the 2021 Notes Indenture and as permitted by the Credit Agreement, as the Company issued Permitted Second Lien Debt upon the closing of the Exchange Offers, its remaining 2021 Senior Convertible Notes contemporaneously became secured.