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Note 9 - Debt
 6 Months Ended
Jun. 30, 2021
Notes to Financial Statements  
Debt Disclosure [Text Block]

(9)

DEBT

 

The following is a summary of all debt outstanding:

 

  

June 30,

  

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

  2,810   5,954 

NOK denominated notes due January 2026

  7,287   14,559 

USD denominated notes due January 2027

  7,513   14,744 

USD denominated notes due April 2027

  7,444   15,669 
  $160,264  $197,975 

Debt premiums and discounts, net

  (4,297)  (5,244)

Less: Current portion of long-term debt

  (7,355)  (27,797)

Total long-term debt

 $148,612  $164,934 

 

 

(A)

As of June 30, 2021 and  December 31, 2020 the fair value (Level 2) of the Senior Secured Notes was $138.3 million and $141.4 million, respectively.  

 

(B)

The $20.3 million restricted cash on the balance sheet at June 30, 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 six months ended June 30, 2021, we repurchased $11.8 million of the Senior 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 June 30, 2021 and  December 31, 2020, the aggregate fair value (Level 2) of the Troms Offshore borrowings was $24.4 million and $51.6 million, respectively. The weighted average interest rate of the Troms Offshore borrowings as of June 30, 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 Secured 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 Secured Notes prepayments. The prepayment associated with this amendment made in the first six months of 2021 totaled $23.3 million. Additional prepayment obligations of $3.5 million are due in the fourth quarter of 2021, and are reflected in current portion of long-term debt on our condensed consolidated balance sheet. 

 

We currently intend to refinance all or a portion of the Senior Secured Notes during or prior to the fourth quarter of 2021. Although we believe we have several options available, there can be no assurance that we will be able to complete a refinancing of the Senior Secured Notes.