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BANK DEBT | 12 Months Ended
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Dec. 31, 2024
BANK DEBT |
BANK DEBT | (4) BANK DEBT On March 13, 2023, we executed an amendment (“March 13th Amendment”) to our credit agreement with PNC Bank, National Association (in its capacity as administrative agent, "PNC"). The primary purpose of the March 13th Amendment was to convert $35.0 million of the outstanding balance on the revolver into a new term loan with a maturity date of March 31, 2024, and extend the maturity date of the revolver to May 31, 2024. The March 13th Amendment also reduced the total capacity under the revolver to $85.0 million and waived the maximum annual capital expenditure covenant for 2022 and increased the covenant for 2023 to $75.0 million. Subsequent to December 31, 2022, and prior to the effective date of the March 13th Amendment, we had borrowed an additional $17.0 million under the revolver. Additionally, the March 13th Amendment provided for the transition in interest rates from the London Interbank Offered Rate (“LIBOR”) to the Secured Overnight Financing Rate (“SOFR”) based pricing with ranges from SOFR plus 4.00% to SOFR plus 5.00%, depending on our leverage ratio. On August 2, 2023, we executed an additional amendment (“August 2nd Amendment”) to our credit agreement with PNC, which was accounted for as a debt extinguishment. The primary purpose of the August 2nd Amendment was to convert $65.0 million of the outstanding funded debt into a new term loan with a maturity of March 31, 2026, and enter into a revolver of $75.0 million with a maturity of July 31, 2026. The August 2nd Amendment increased the maximum annual capital expenditure limit to $100.0 million. Prior to the March 13th Amendment, bank debt was comprised of term debt ($5.5 million as of December 31, 2022) and a $120 million revolver ($79.7 million borrowed as of December 31, 2022). The term debt amortization was to conclude with the final payment of $5.5 million in March 2023. The revolver was to mature in September 2023. Under the provision of the March 13th Amendment, bank debt was comprised of term debt ($35.0 million as of March 13, 2023) and an $85.0 million revolver ($40.2 million borrowed as of March 13, 2023). The term debt required payment of $10.0 million in June 2023 each quarter thereafter in 2023 and $5.0 million by March 31, 2024. Under the August 2nd Amendment, bank debt was comprised of term debt ($58.5 million borrowed as of December 31, 2023) and a $75.0 million revolver ($33.0 million borrowed as of December 31, 2023). The term debt requires quarterly payments of $6.5 million beginning April 2024 through March 2026. On September 27, 2024, the Company executed the First Amendment (“First Amendment”) to the Fourth Amended and Restated Credit Agreement, dated as of August 2, 2023 (as amended, the “Credit Agreement”), with PNC which was accounted for as a debt modification. The primary purpose of the First Amendment was to provide the Company with short-term covenant relief to pursue additional liquidity. The First Amendment provides for additional flexibility for the Company to enter into prepaid forward power sale contracts, provided that the Company repays outstanding term loans under the Credit Agreement (“Term Loan”) with proceeds received from certain eligible power purchase agreements, up to a maximum of $20.0 million. These required prepaid forward power sale Term Loan repayments, if any, will take the place of the $6.5 million quarterly Term Loan payments. During the fourth quarter of 2024, the Company entered into a prepaid forward power sales contract in which $20.0 million of the proceeds were used to pay our required $6.5 million quarterly loan payments through the third quarter of 2025 and also reduced our fourth quarter 2025 payment to $6.0 million. Furthermore, the First Amendment defines certain administrative changes which include, among other things, added requirements related to reporting, third party financial advisors, and appraisals on coal and power assets. Bank debt was reduced by $47.5 million and increased by $6.3 million during the years ended December 31, 2024 and 2023, respectively. Our debt is recorded at amortized cost, which approximates fair value due to the variable interest rates in the agreement and is collateralized primarily by our assets. Liquidity As of December 31, 2024, we had additional borrowing capacity of $30.6 million under the revolver and total liquidity of $37.8 million. Our additional borrowing capacity is net of $19.4 million in outstanding letters of credit as of December 31, 2024 that were required to maintain surety bonds. Liquidity consists of additional borrowing capacity and cash and cash equivalents. Fees Unamortized bank fees and other costs incurred in connection with our initial facility totaled $4.3 million. Additional costs incurred with the First Amendment totaled $0.6 million. These unamortized bank fees were deferred and are being amortized over the term of the loan. During 2023 we recognized a loss on extinguishment of debt of $1.5 million for the write-off of unamortized loan fees related to the August 2nd Amendment to our credit agreement, which was accounted for as a debt extinguishment. The remaining costs were deferred and are being amortized over the term of the loan. Unamortized bank fees as of December 31, 2024 and 2023, were $2.5 million and $3.6 million, respectively. Bank debt, less debt issuance costs, is presented below (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2024 |  | 2023
Current bank debt | ​ | $ | 6,000 | ​ | $ | 26,000
Less unamortized debt issuance cost | ​ |  | (1,905) | ​ |  | (1,562)
Net current portion | ​ | $ | 4,095 | ​ | $ | 24,438
​ | ​ | ​ | ​ | ​ | ​ | ​
Long-term bank debt | ​ | $ | 38,000 | ​ | $ | 65,500
Less unamortized debt issuance cost | ​ |  | (606) | ​ |  | (2,047)
Net long-term portion | ​ | $ | 37,394 | ​ | $ | 63,453
​ | ​ | ​ | ​ | ​ | ​ | ​
Total bank debt | ​ | $ | 44,000 | ​ | $ | 91,500
Less total unamortized debt issuance cost | ​ |  | (2,511) | ​ |  | (3,609)
Net bank debt | ​ | $ | 41,489 | ​ | $ | 87,891
​ Covenants The First Amendment, among other things, provided the Company with short-term covenant relief to pursue additional liquidity. The First Amendment waived the Company’s Leverage Ratio requirement for the third and fourth quarters of 2024, increased the threshold to 5.50 to 1.00 for the first quarter of 2025, and decreased the threshold back to 2.25 to 1.00 for each fiscal quarter thereafter. Additionally, the Debt Service Coverage Ratio requirement (1.25 to 1.00) was waived from third quarter of 2024 through the first quarter of 2025. The First Amendment also added additional financial covenants which include: (i) a maximum First Lien Leverage Ratio for the first quarter of 2025, calculated as of the end of each fiscal quarter for the trailing twelve months, not to exceed 3.50 to 1.00; (ii) a minimum liquidity requirement of $10.0 million, beginning on the First Amendment execution date and ending when the second quarter of 2025 compliance certificate is received; and (iii) a minimum quarterly EBITDA requirement, as defined in the First Amendment, of $5.0 million for the third quarter of 2024 through the first quarter of 2025. As of December 31, 2024, our liquidity of $37.8 million and quarterly EBITDA of $6.2 million were in compliance with the requirements of the Credit Agreement. Interest Rate The interest rate on the facility ranges from SOFR plus 4.00% to SOFR plus 5.00%, depending on our Leverage Ratio. As of December 31, 2024, we were paying SOFR plus 5.00% on the outstanding bank debt which equates to an all-in rate of 9.48%. ​
​ | ​ | ​ | ​
Future Maturities (in thousands): |  |  | ​
2025 |  | $ | 6,000
2026 |  | ​ | 38,000
2027 |  | ​ | —
Total | ​ | $ | 44,000
​

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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://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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