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Debt

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Debt

Debt

The current portion of long-term debt consists of the following:

			March 31, 2020						December 31, 2019
Oakdale Equipment Financing			$	3,465					$	3,431
Notes payable			2,860						2,628
Finance leases			116						116
Long-term debt, net, current			$	6,441					$	6,175

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

			March 31, 2020						December 31, 2019
Oakdale Equipment Financing, net			$	17,508					$	18,074
ABL Credit Facility			6,000						2,500
Notes payable			7,278						7,192
Finance leases			442						474
Long-term debt, net			$	31,228					$	28,240

The follow summarizes the maturity of our debt:

			Oakdale Equipment Financing, Net						ABL Credit Facility						Notes Payable						Finance leases						Total
Remainder 2020			$	2,442					$	—					$	2,128					$	85					$	4,655
2021			3,435						—						2,998						121						6,554
2022			3,650						—						2,938						116						6,704
2023			3,877						—						1,810						236						5,923
2024			7,569						6,000						264						—						13,833
Total			$	20,973					$	6,000					$	10,138					$	558					$	37,669

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 March 31, 2020 was $20,000 and is based on the Company’s eligible accounts receivable and inventory, as described in the ABL Credit Agreement. As of March 31, 2020, $14,000 was undrawn. The weighted average interest rate on borrowings for the three months ended March 31, 2020 was 3.56%. As of March 31, 2020 and December 31, 2019, the Company was in compliance with all covenants.

Oakdale Equipment Financing

On December 13, 2019, the Company received net proceeds of $23,000 in an equipment financing arrangement with Nexseer. 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.

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 4.17% and 7.49%.

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- References

No definition available.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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