XML 26 R15.htm IDEA: XBRL DOCUMENT
v3.10.0.1

INDEBTEDNESS | 6 Months Ended
--- | ---
Jun. 30, 2018
Debt Disclosure [Abstract] |
INDEBTEDNESS | (7)INDEBTEDNESS The following is a summary of all debt outstanding at June 30, 2018 and December 31, 2017:
|  | June 30, |  |  | December 31, |
(In thousands) |  | 2018 |  |  | 2017 |
New secured notes: |  |  |  |  |  |  |  |
8.00% New secured notes due August 2022 (A) |  |  | 349,954 |  |  |  | 350,000 |
Troms Offshore borrowings (B): |  |  |  |  |  |  |  |
NOK denominated notes due May 2024 |  |  | 13,595 |  |  |  | 14,054 |
NOK denominated notes due January 2026 |  |  | 25,315 |  |  |  | 25,965 |
USD denominated notes due January 2027 |  |  | 22,729 |  |  |  | 23,345 |
USD denominated notes due April 2027 |  |  | 24,810 |  |  |  | 25,463 |
|  | $ | 436,403 |  |  |  | 438,827 |
Debt premiums and discounts, net |  |  | 8,446 |  |  |  | 9,333 |
Less: Current portion of long-term debt |  |  | 6,290 |  |  |  | 5,103 |
Total long-term debt |  | $ | 438,559 |  |  |  | 443,057 |
(A) | As of June 30, 2018 and December 31, 2017, the fair value (Level 2) of the New Secured Notes was $361.5 million and $359.8 million, respectively.
(B) | The company pays principal and interest on these notes semi-annually. As of June 30, 2018 and December 31, 2017, the aggregate fair value (Level 2) of the Troms Offshore borrowings was $86.4 million and $88.5 million, respectively. The weighted average interest rate of the Troms Offshore borrowings as of June 30, 2018, was 5.00%.
New Secured Notes Tender Offer Pursuant to the New Secured Notes indenture dated July 31, 2017, among the company, each of the guarantors party thereto, and Wilmington Trust, National Association, as Trustee and Collateral Agent (the “Indenture”) governing the Notes, the company is required to make cash offers to the registered or beneficial holders (the “Holders” and each, a “Holder”) of the Notes within 60 days of the date that the net proceeds realized by the company from Asset Sales (as defined in the Indenture, but which generally equates to 65% of the proceeds from Asset Sales, net of any commission paid) exceed $10.0 million (the “Asset Sale Threshold”). Since the issuance of the Notes, the company executed certain Asset Sales and on December 19, 2017, the aggregate net proceeds realized from such Asset Sales exceeded the Asset Sale Threshold, which triggered the obligation under the Indenture for the company to commence the Offer. On February 2, 2018, the company commenced an offer to purchase (the “Offer”) up to $24.7 million aggregate principal amount (the “Offer Amount”) of its outstanding 8.00% senior secured notes due 2022 (the “Notes”) for cash. On March 7, 2018, we purchased $46,023 aggregate principal amount of the Notes that were validly tendered in accordance with the terms and conditions of the Offer. Because the aggregate principal amount of tendered and accepted Notes was less than the Offer Amount, cash in an amount equal to the difference between the Offer Amount and the principal amount of the Notes accepted for tender became available for use by the company in any manner not prohibited by the Indenture and is no longer shown as restricted cash on the balance sheet. The $5.2 million restricted cash on the balance sheet at June 30, 2018, represents additional proceeds from Asset Sales since the date of the February 2018 tender offer and is, therefore, restricted by the terms of the Indenture. Debt Costs The company capitalizes a portion of its interest costs incurred on borrowed funds used to construct vessels. The following is a summary of interest and debt costs incurred, net of interest capitalized, for the quarters and six month periods ended June 30, 2018 and 2017.
|  | Successor |  |  |  | Predecessor |  |  | Successor |  |  |  | Predecessor |
|  | Quarter Ended |  |  |  | Quarter Ended |  |  | Six Months Ended |  |  |  | Six Months Ended |
|  | June 30, |  |  |  | June 30, |  |  | June 30, |  |  |  | June 30, |
(In thousands) |  | 2018 |  |  |  | 2017 |  |  | 2018 |  |  |  | 2017 |
Interest and debt costs incurred, net of interest capitalized |  | $ | 7,547 |  |  |  |  | 10,605 |  |  | $ | 15,146 |  |  |  |  | 31,613 |
Interest costs capitalized |  |  | 194 |  |  |  |  | 601 |  |  |  | 368 |  |  |  |  | 1,818 |
Total interest and debt costs |  | $ | 7,741 |  |  |  |  | 11,206 |  |  | $ | 15,514 |  |  |  |  | 33,431 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration