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v3.25.1

BANK DEBT | 3 Months Ended
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Mar. 31, 2025
BANK DEBT |
BANK DEBT |
(5) | BANK DEBT
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 Bank, National Association (in its capacity as administrative agent, "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 reduced by $21.0 million during the three months ended March 31, 2025. Bank debt totaled $23.0 million and is comprised of our Term Loan ($19.0 million as of March 31, 2025) and a $75.0 million revolver ($4.0 million borrowed as of March 31, 2025) under the Credit Agreement. 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 March 31, 2025, we had additional borrowing capacity of $52.8 million under the revolver and total liquidity of $69.0 million. Our additional borrowing capacity is net of $18.2 million in outstanding letters of credit as of March 31, 2025 that were required to maintain surety bonds. Liquidity consists of our 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. Unamortized bank fees as of March 31, 2025, and December 31, 2024, were $2.0 million and $2.5 million, respectively. Bank debt, less debt issuance costs, is presented below (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | December 31, | ​
​ |  | 2025 |  | 2024 |
Current bank debt | ​ | $ | 19,000 | ​ | $ | 6,000 | ​
Less unamortized debt issuance cost | ​ |  | (2,035) | ​ |  | (1,905) | ​
Net current portion | ​ | $ | 16,965 | ​ | $ | 4,095 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Long-term bank debt | ​ | $ | 4,000 | ​ | $ | 38,000 | ​
Less unamortized debt issuance cost | ​ |  | — | ​ |  | (606) | ​
Net long-term portion | ​ | $ | 4,000 | ​ | $ | 37,394 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total bank debt | ​ | $ | 23,000 | ​ | $ | 44,000 | ​
Less total unamortized debt issuance cost | ​ |  | (2,035) | ​ |  | (2,511) | ​
Net bank debt | ​ | $ | 20,965 | ​ | $ | 41,489 | ​
​
​ | ​ | ​ | ​
Future Maturities (in thousands): |  |  | ​
2025 |  | $ | 6,000
2026 |  | ​ | 17,000
Total | ​ | $ | 23,000
​ 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 March 31, 2025, our Leverage Ratio and First Lien Leverage Ratios were 1.89, liquidity of $69.0 million and quarterly adjusted EBITDA of $19.3 million were in compliance with the requirements of the Credit Agreement. ​ As of March 31, 2025, we were in compliance with all other covenants defined in the Credit Agreement. Interest Rate The interest rate on the facility ranges from secured overnight financing rate (“SOFR”) plus 4.00% to SOFR plus 5.00%, depending on our Leverage Ratio. As of March 31, 2025, we were paying SOFR plus 5.00% on the outstanding bank debt which equates to an all-in rate of 9.45%.

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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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