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Convertible Senior Notes

9 Months Ended

Sep. 30, 2019

Note 6—Convertible Senior Notes

On November 15, 2018, we issued at face value $210.0 million aggregate principal amount of our 6.25% Convertible Senior Notes due 2023 (the Convertible Notes). The Convertible Notes are unsecured and accrue interest at an annual rate of 6.25% per annum, payable semi-annually in arrears on May 15 and November 15 of each year, beginning on May 15, 2019.

The Convertible Notes will be convertible into cash, shares of our common stock or a combination thereof, as we elect at our sole discretion. The initial conversion rate is 52.0183 shares of our common stock per $1,000 of note principal (equivalent to an initial conversion price of approximately $19.22 per share of common stock), subject to adjustment in certain circumstances. As of September 30, 2019, all Convertible Notes remain outstanding.

The balance of our Convertible Notes at September 30, 2019 and December 31, 2018, is as follows:


	September 30,		December 31,
	2019		2018
	(In thousands)
Principal amount	$	210,000	$	210,000
Unamortized discount		(49,907)		(56,156)
Unamortized issuance costs attributable to principal amount		(4,322)		(4,863)
Total Convertible Notes, net	$	155,771	$	148,981

For more details on our Convertible Notes see Part II, Item 8, Note 8 - “Convertible Senior Notes” in our Annual Report on Form 10-K for the year ended December 31, 2018.