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Note 9 - Debt

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Debt Disclosure [Text Block]

(9)

DEBT

The following is a summary of all debt outstanding:

		March 31,				December 31,
(In thousands)		2021				2020
Secured notes:
8.00% Senior secured notes due August 2022 (A) (B) (C)		$	135,210			$	147,049
Troms Offshore borrowings (D):
NOK denominated notes due May 2024			5,981				5,954
NOK denominated notes due January 2026			7,339				14,559
USD denominated notes due January 2027			7,513				14,744
USD denominated notes due April 2027			15,669				15,669
		$	171,712			$	197,975
Debt premiums and discounts, net			(5,174	)			(5,244	)
Less: Current portion of long-term debt			(18,201	)			(27,797	)
Total long-term debt		$	148,337			$	164,934

	(A)	As of March 31, 2021 and December 31, 2020 the fair value (Level 2) of the Secured Notes was $134.2 million and $141.4 million, respectively.
	(B)	The $9.1 million restricted cash on the balance sheet at March 31, 2021, 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)	During the three months ended March 31, 2021, we repurchased $11.8 million of the Secured Notes at a premium of $0.1 million in open market transactions.
	(D)	We pay principal and interest on these notes semi-annually. As of March 31, 2021 and December 31, 2020, the aggregate fair value (Level 2) of the Troms Offshore borrowings was $36.3 million and $51.6 million, respectively. The weighted average interest rate of the Troms Offshore borrowings as of March 31, 2021 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.

An amendment and restatement of the Troms offshore credit agreement was executed in December 2020 whereby the financial covenants were conformed to match the November 2020 amendments to the covenants governing the Senior Notes, and included an obligation to prepay (1) the amounts deferred in the 2017 amendment and restatement and (2) an additional amount that will not exceed $45 million representing a percentage of Senior Notes prepayments. The prepayment associated with this amendment made in January 2021 totaled $13.2 million. Additional prepayment obligations of $9.7 million and $3.4 million are due in the second quarter and fourth quarter, respectively, of 2021, and are reflected in current portion of long-term debt on our consolidated balance sheet.