Debt

12 Months Ended

Dec. 31, 2019

Long-term debt, net, current consists of the following:


	December 31,
	2019		2018
Oakdale Equipment Financing	$	3,431	$	—
Finance leases	116		90
Notes payable	2,628		739
Long-term debt, net, current	$	6,175	$	829

Long-term debt, net consists of the following:


	December 31,
	2019		2018
ABL Credit Facility	$	2,500	$	—
Oakdale Equipment Financing, net	18,074		—
Former Credit Facility, net	—		44,255
Finance leases	474		547
Notes payable	7,192		3,091
Long-term debt, net	$	28,240	$	47,893

ABL Credit Facility

On December 13, 2019, the Company entered into a $20,000 five-year senior secured asset-based credit facility with Jefferies Finance LLC. The available borrowing amount under the ABL Credit Facility as of December 31, 2019 was $17,500 and is based on the Company's eligible accounts receivable and inventory, as described in the ABL Credit Agreement. Borrowings under the ABL Credit Facility bear interest at a rate per annum equal to an applicable margin, plus, at our option, either a LIBOR rate or an alternate base rate (“ABR”). The applicable margin is 2.00% for LIBOR loans and 1.00% for ABR loans. Substantially all of the U.S. assets of the Company are pledged as collateral under the ABL Credit Facility. The ABL Credit Facility contains various reporting requirements, negative covenants and restrictive provisions and requires maintenance of financial covenants, under certain conditions, including a fixed charge coverage ratio, as defined in the ABL Credit Agreement. As of December 31, 2019, the Company was in compliance with all covenants. As of December 31, 2019, the weighted average interest rate on the borrowings outstanding was 5.75%.

Oakdale Equipment Financing

On December 13, 2019, the Company received net proceeds of $23,000 in an equipment financing arrangement with Nexseer. The Oakdale Equipment Financing is legally comprised of an MLA and five lease schedules. The Oakdale Equipment Financing is considered a lease under article 2A of the Uniform Commercial Code but is considered a financing arrangement for accounting or financial reporting purposes and not a lease. Substantially all of the Company's mining and processing equipment at its Oakdale facility are pledged as collateral under the Oakdale Equipment Financing. The Oakdale Equipment Financing bears interest at a fixed rate of 5.79%. The Company used the net proceeds to repay in full and terminate the Former Credit Facility, pay transaction costs, and the remainder was used for working capital purposes. The Oakdale Equipment Financing matures on December 13, 2024. The Company has the right to prepay the financing and reacquire the underlying equipment on a lease schedule-by-lease schedule basis during the period commencing on the seventh month of the term and continuing until the 54th month of the term at a percentage of the purchase price of the relevant equipment, and at the end of the term at the fair market value of the equipment. The Oakdale Equipment Financing contains affirmative and restrictive covenants customary for transactions of this type. As of December 31, 2019, the Company was in compliance with all covenants.

Former Credit Facility

On December 8, 2016, the Company entered into a $45,000 three-year senior secured revolving credit facility under a revolving credit agreement with Jefferies Finance LLC as administrative and collateral agent. On April 8, 2018, the Credit Facility was amended to increase the Company’s total borrowing capacity under the Credit Facility to $60,000. On July 13, 2018, the Credit Facility was amended to, among other things, (i) increase the limit on the Company’s ability to sell, transfer or dispose of assets, subject to certain considerations, from an aggregate amount of $25,000 to $55,000, (ii) increase the limit on the Company’s ability to incur capital lease obligations from an aggregate principal amount of $15,000 to $30,000 and (iii) exclude certain current and future earn-out obligations from the definition of indebtedness in the Credit Agreement. On February 22, 2019, we entered into an agreement with the existing lenders on the Credit Facility to, among other things, (i) extend the maturity date of the Credit Facility to June 30, 2020 and (ii) reduce the total capacity to $50,000 by December 31, 2019. The Former Credit Facility was paid in full and terminated with proceeds from the Oakdale Equipment Financing.

Notes Payable

The Company entered into various financing arrangements to finance its manufactured wellsite proppant storage solutions equipment. Upon completion of the equipment manufacturing, the Company signs a note payable and title to the equipment passes to the financial institutions as collateral. The notes bear interest at rates between 6.48% and 7.49%.

Finance Leases

See Note 9 - Leases for additional information about the Company's finance leases.

Future minimum payments as of December 31, 2019 are as follows:


Year Ended December 31,	ABL Credit Facility		Oakdale Equipment Financing		Notes Payable		Finance Leases		Total
2020	$	—	$	4,638	$	3,170	$	151	$	7,959
2021	—		4,639		3,155		151		7,945
2022	—		4,638		2,917		136		7,691
2023	—		4,639		1,649		245		6,533
2024	2,500		7,701		88		—		10,289
Total minimum payments	2,500		26,255		10,979		683		40,417
Amount representing interest	—		(3,851)		(1,159)		(93)		(5,103)
Amount representing unamortized lender fees	—		(899)		—		—		(899)
Present value of payments							590
Less: current portion	—		(3,431)		(2,628)		(116)		(6,175)
Total long-term debt, net	$	2,500	$	18,074	$	7,192	$	474	$	28,240