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Note 9 - Debt

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Debt Disclosure [Text Block]

(9) DEBT

The following is a summary of all debt outstanding:

(In Thousands)
		March 31, 2022				December 31, 2021
Senior secured bonds:
8.50% Senior Secured Notes due November 2026 (A) (B)		$	175,000			$	175,000
Debt discount and issuance costs			(7,003	)			(7,115	)
Total long-term debt		$	167,997			$	167,885

	(A)	As of March 31, 2022 and  December 31, 2021 the fair value (Level 2) of the Senior Secured Notes was $184.3 million and $177.6 million, respectively.
	(B)	The $5.0 million restricted cash on the balance sheet at March 31, 2022, represents the prorata amount due for our next semiannual interest payment obligation.

We also have a Super Senior Revolving Credit Facility Agreement maturing on November 16, 2026 that provides $25.0 million for general working capital purposes. No amounts have been drawn on this credit facility.

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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.

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