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DEBT | 6 Months Ended
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Jun. 30, 2019
Debt Disclosure [Abstract] |
DEBT | (9)DEBT The following is a summary of all debt outstanding:
|  | June 30, |  |  | December 31, |
(In thousands) |  | 2019 |  |  | 2018 |
Secured notes: |  |  |  |  |  |  |  |
8.00% Senior secured notes due August 2022 (Secured Notes) (A) (B) |  | $ | 349,794 |  |  |  | 349,954 |
Troms Offshore borrowings (C): |  |  |  |  |  |  |  |
NOK denominated notes due May 2024 |  |  | 11,497 |  |  |  | 12,241 |
NOK denominated notes due January 2026 |  |  | 22,734 |  |  |  | 22,988 |
USD denominated notes due January 2027 |  |  | 21,502 |  |  |  | 22,116 |
USD denominated notes due April 2027 |  |  | 22,851 |  |  |  | 24,157 |
|  | $ | 428,378 |  |  |  | 431,456 |
Debt premiums and discounts, net |  |  | 6,535 |  |  |  | 7,548 |
Less: Current portion of long-term debt |  |  | (10,002 | ) |  |  | (8,568 | )
Total long-term debt |  | $ | 424,911 |  |  |  | 430,436 |
| (A) | As of June 30, 2019 and December 31, 2018 the fair value (Level 2) of the Secured Notes was $362.1 million and $359.4 million, respectively.
| (B) | In December 2018, we commenced an offer to repurchase up to $25.4 million of the Secured Notes. In January 2019, we repurchased $160,000 of the Secured Notes in accordance with this tender offer obligation. On June 14, 2019, we commenced an offer to repurchase $13.6 million of the Secured Notes with an expiration of July 12, 2019. In July 2019, we repurchased $747 of the Secured Notes in accordance with this tender obligation. The $13.6 million restricted cash on the balance sheet at June 30, 2019, represents proceeds from asset sales since the date of the December 2018 tender offer and is restricted as of that date by the terms of the Indenture.
| (C) | We pay principal and interest on these notes semi-annually. As of June 30, 2019 and December 31, 2018, the aggregate fair value (Level 2) of the Troms Offshore borrowings was $78.6 million and $81.5 million, respectively. The weighted average interest rate of the Troms Offshore borrowings as of June 30, 2019 was 4.99%.
We may from time to time seek to retire or purchase our outstanding debt through cash purchases and/or exchanges for equity securities, in open market purchases, privately negotiated transactions, tender offers, exchange offers, redemptions, one or more additional offers, or otherwise. Such repurchases or exchanges, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material.

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- 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
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