DEBT

3 Months Ended

Mar. 31, 2020

(9)

DEBT

The following is a summary of all debt outstanding:

	March 31,			December 31,
(In thousands)	2020			2019
Secured notes:
8.00% Senior secured notes due August 2022 (A) (B)	$	224,793		$	224,793
Troms Offshore borrowings (C):
NOK denominated notes due May 2024		8,587			10,260
NOK denominated notes due January 2026		16,199			20,788
USD denominated notes due January 2027		19,044			20,273
USD denominated notes due April 2027		21,545			21,545
	$	290,168		$	297,659
Debt premiums and discounts, net		(8,049	)		(8,725	)
Less: Current portion of long-term debt		(9,104	)		(9,890	)
Total long-term debt	$	273,015		$	279,044

(A)

As of March 31, 2020 and December 31, 2019 the fair value (Level 2) of the Secured Notes was $220.9 million and $237.6 million, respectively.

(B)

The $12.5 million restricted cash on the balance sheet at March 31, 2020, represents approximately 65% of net proceeds from asset dispositions since the date of the last tender offer and is restricted by the terms of the Indenture.

(C)

We pay principal and interest on these notes semi-annually. As of March 31, 2020 and December 31, 2019, the aggregate fair value (Level 2) of the Troms Offshore borrowings was $65.4 million and $72.9 million, respectively. The weighted average interest rate of the Troms Offshore borrowings as of March 31, 2020 was 5.0%.

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.