| Summary of Outstanding Indebtedness |
The following table sets forth the summary of the Company’s outstanding indebtedness (in thousands):
|
|
|
|
|
|
|
|
|
|
December 31, |
|
2019 |
|
2018 |
Senior secured term loan facility, due January 2023(+)
|
$ |
506,037 |
|
|
$ |
478,125 |
|
Senior secured revolving credit facility, due January 2022(+)(1)
|
43,315 |
|
|
54,015 |
|
2.75% convertible senior notes, due February 2035(2)
|
82,500 |
|
|
82,500 |
|
Second lien notes, due 2023(3)
|
178,034 |
|
|
158,450 |
|
Other debt(4)
|
23,685 |
|
|
1,707 |
|
Unamortized bond discounts, fair value adjustments and issue costs, net |
(60,509 |
) |
|
(65,186 |
) |
Total carrying value of debt |
773,062 |
|
|
709,611 |
|
Less: current portion, net |
(15,678 |
) |
|
(22,673 |
) |
Total non-current |
$ |
757,384 |
|
|
$ |
686,938 |
|
|
|
(+) |
This facility is a component of the 2017 Credit Agreement. |
|
|
(1) |
As of December 31, 2019, the available balance under our $85.0 million revolving credit facility is $37.4 million (net of outstanding letters of credit). The 2017 Credit Agreement provides for the issuance of letters of credit in the amount equal to the lesser of $15.0 million and the aggregate amount of the then-remaining revolving loan commitment. As of December 31, 2019, we had outstanding letters of credit of $4.3 million under the 2017 Credit Agreement. The Company expects to draw on the 2017 Revolving Loans from time to time to fund its working capital needs and for other general corporate purposes.
|
|
|
(2) |
The principal amount outstanding of the Convertible Notes as set forth in the above table was $82.5 million as of December 31, 2019. The carrying amount, net of debt issuance costs and associated discount, was $71.1 million and $70.4 million as of December 31, 2019 and 2018, respectively.
|
(3) The principal amount outstanding of the Second Lien Notes as set forth in the foregoing table was $178.0 million as of December 31, 2019 and includes approximately $19.6 million of PIK interest converted to principal during the year ended December 31, 2019. The value allocated to the attached penny warrants and market warrants for financial reporting purposes was $14.9 million and $9.3 million, respectively. These qualify for classification in stockholders’ equity and are included in the Consolidated Balance Sheets within “Additional paid-in capital”.
(4) As of December 31, 2019, Other debts primarily consisted of (i) $3.4 million remaining financed amount for transponder purchases (payable in April 2020); and (ii) $19.0 million of finance lease liability relating to an assessed right-of-use over a satellite bandwidth capacity (refer to Note 4. Leases for further details).
|
| Schedule of Maturities of Long-term Debt |
The aggregate contractual maturities of all borrowings due subsequent to December 31, 2019, are as follows (in thousands):
|
|
|
|
|
Year Ending December 31, |
Amount |
2020 |
$ |
15,678 |
|
2021 |
29,854 |
|
2022 |
73,272 |
|
2023 |
623,299 |
|
2024 |
3,197 |
|
Thereafter |
88,271 |
|
Total |
$ |
833,571 |
|
|