XML 21 R8.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Long-Term Debt and Other Borrowings | 6 Months Ended
--- | ---
Jun. 30, 2017
Debt Disclosure [Abstract] |
Long-Term Debt and Other Borrowings | LONG-TERM DEBT AND OTHER BORROWINGS We believe TETRA's capital structure and CCLP's capital structure should be considered separately, as there are no cross default provisions, cross collateralization provisions, or cross guarantees between CCLP's debt and TETRA's debt. Consolidated long-term debt consists of the following:
|  |  | June 30, 2017 |  | December 31, 2016
|  |  | (In Thousands)
TETRA |  | Scheduled Maturity |  |  |
Bank revolving line of credit facility (presented net of the unamortized deferred financing costs of $1.9 million as of June 30, 2017 and $2.3 million as of December 31, 2016) |  | September 30, 2019 | $ | 20,627 |  |  | $ | 3,229 |
11.0% Senior Note, Series 2015 (presented net of the unamortized discount of $4.2 million as of June 30, 2017 and $4.4 million as of December 31, 2016 and net of unamortized deferred financing costs of $3.8 million as of June 30, 2017 and $4.2 million as of December 31, 2016) |  | November 5, 2022 | 117,035 |  |  | 116,411 |
TETRA total debt |  |  | 137,662 |  |  | 119,640 |
Less current portion |  |  | — |  |  | — |
TETRA total long-term debt |  |  | $ | 137,662 |  |  | $ | 119,640 |
CCLP |  |  |  |  |
CCLP Bank Credit Facility (presented net of the unamortized deferred financing costs of $4.9 million as of June 30, 2017 and $4.5 million as of December 31, 2016) |  | August 4, 2019 | 222,348 |  |  | 217,467 |
CCLP 7.25% Senior Notes (presented net of the unamortized discount of $3.0 million as of June 30, 2017 and $3.3 million as of December 31, 2016 and net of unamortized deferred financing costs of $5.5 million as of June 30, 2017 and $6.0 million as of December 31, 2016) |  | August 15, 2022 | 287,402 |  |  | 286,623 |
CCLP total long-term debt |  |  | 509,750 |  |  | 504,090 |
Less current portion |  |  | $ | — |  |  | $ | — |
Consolidated total long-term debt |  |  | $ | 647,412 |  |  | $ | 623,730 |
As of June 30, 2017, TETRA (excluding CCLP) had an outstanding balance on its Credit Agreement of $22.5 million, and had $5.0 million in letters of credit and guarantees against the revolving credit facility, leaving a net availability of $172.5 million. As of June 30, 2017, CCLP had a balance outstanding under the CCLP Credit Agreement of $227.2 million, had $1.9 million letters of credit and performance bonds outstanding, leaving a net availability under the CCLP Credit Agreement of $85.9 million, subject to a borrowing base limitation. Availability under each of the TETRA Credit Agreement and the CCLP Credit Agreement is subject to compliance with the covenants and other provisions in the respective credit agreements that may limit borrowings thereunder. See below for further discussion of the CCLP Credit Agreement. As described below, we and CCLP are in compliance with all covenants of our respective credit agreements and senior note agreements as of June 30, 2017. Our Long-Term Debt Our Credit Agreement. At June 30, 2017, our consolidated leverage ratio was 2.66 to 1 (compared to a 5.00 to 1 maximum allowed under the Credit Agreement) and our fixed charge coverage ratio was 2.52 to 1 (compared to a 1.25 to 1 minimum required under the Credit Agreement). CCLP Long-Term Debt At June 30, 2017, CCLP's consolidated total leverage ratio was 6.12 to 1 (compared to 6.75 to 1 maximum allowed under the CCLP Credit Agreement), its consolidated secured leverage ratio was 2.66 to 1 (compared to 3.25 to 1 maximum allowed under the CCLP Credit Agreement) and its consolidated interest coverage ratio was 2.72 to 1 (compared to a 2.25 to 1 minimum required under the CCLP Credit Agreement). On May 5, 2017, CCLP entered into an amendment of the CCLP Credit Agreement (the "CCLP Fifth Amendment") that modified certain financial covenants in the CCLP Credit Agreement, providing that (i) the consolidated total leverage ratio may not exceed (a) 5.95 to 1 as of March 31, 2017; (b) 6.75 to 1 as of June 30, 2017 and September 30, 2017; (c) 6.50 to 1 as of December 31, 2017 and March 31, 2018; (d) 6.25 to 1 as of June 30, 2018 and September 30, 2018; (e) 6.00 to 1 as of December 31, 2018; and (f) 5.75 to 1 as of March 31, 2019 and thereafter; and (ii) the consolidated secured leverage ratio may not exceed 3.25 to 1 as of the end of any fiscal quarter. The consolidated interest coverage ratio was not amended by the CCLP Fifth Amendment. In addition, the CCLP Fifth Amendment (i) increased the applicable margin by 0.25% in the event the consolidated total leverage ratio exceeds 6.00 to 1, resulting in a range for the applicable margin between 2.00% and 3.50% per annum for LIBOR-based loans and between 1.00% and 2.50% per annum for base-rate loans, depending on the consolidated total leverage ratio, and (ii) modified the appraisal delivery requirement from an annual requirement to a semi-annual requirement. In connection with the CCLP Fifth Amendment, the level of CCLP's cash distributions payable on its common units for the quarterly period ended June 30, 2017 will be limited to the current reduced level. The CCLP Fifth Amendment also included additional revisions that provide flexibility to CCLP for the issuance of preferred securities. The consolidated total leverage ratio and the consolidated secured leverage ratio, as both are calculated under the CCLP Credit Agreement, exclude the long-term liability for the CCLP Preferred Units, among other items, in the determination of total indebtedness.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration