Debt

12 Months Ended

Dec. 31, 2020

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


	December 31,
	2020		2019
Oakdale Equipment Financing	$	3,600	$	3,431
Finance leases	123		116
Notes payable	3,178		2,628
Long-term debt, net, current	$	6,901	$	6,175

Long-term debt, net consists of the following:


	December 31,
	2020		2019
ABL Credit Facility	$	—	$	2,500
Oakdale Equipment Financing, net	15,236		18,074

Finance leases	351		474
Notes payable	6,858		7,192
Long-term debt, net	$	22,445	$	28,240

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, 2020 was $10,191 and is based on the Company’s eligible accounts receivable and inventory, as described in the ABL Credit Agreement. As of December 31, 2020, there were no amounts outstanding under the ABL Credit Facility, $732 letters of credit and $9,459 was available to be drawn. We use this facility primarily as a source for working capital needs. 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”) as well as unused commitment fees. 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, 2020, the Company was in compliance with all financial covenants.

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. As a result of financial relief during the COVID-19 coronavirus pandemic in 2020, a portion of the Oakdale Equipment Financing matures on March 31, 2025. 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.

Notes Payable

The Company entered into various financing arrangements to finance its manufactured wellsite proppant storage solutions equipment. Upon completion of the equipment manufacturing, title to the subject equipment passes to the financial institutions as collateral. In June 2020, the Company executed a note payable to defer certain near-term minimum royalty payments. All notes payable bear interest at fixed rates between 4.00% and 7.49%.

Acquisition Liquidity Support Facility

In connection with the Company’s acquisition of Eagle Proppants Holdings, the Company, as borrower, also entered into a Loan Agreement with Eagle, as lender, secured by certain property rights and assets of the acquired business, whereby the Company may draw loans in an aggregate amount up to $5,000 during the twelve month period ending September 18, 2021. Beginning with the calendar quarter ending December 31, 2021, any amounts borrowed will amortize over the following three years. The facility bears interest at a fixed rate of 6.00% until September 18, 2021 and will bear interest at a fixed rate of 8.00%

thereafter until all outstanding borrowings have been paid in full. There were no borrowings outstanding under this facility as of December 31, 2020.

Finance Leases

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

Future minimum payments as of December 31, 2020 are as follows:


Year Ended December 31,	ABL Credit Facility		Oakdale Equipment Financing		Notes Payable		Finance Leases		Total
2021	$	—	$	4,639	$	3,649	$	152	$	8,440
2022	—		4,639		3,655		136		8,430
2023	—		4,639		2,372		245		7,256
2024	—		6,888		807		—		7,695
2025 and thereafter	—		1,724		542		—		2,266
Total minimum payments	—		22,529		11,025		533		34,087
Amount representing interest	—		(2,959)		(989)		(59)		(4,007)
Amount representing unamortized lender fees	—		(734)		—		—		(734)
Present value of payments							474
Less: current portion	—		(3,600)		(3,178)		(123)		(6,901)
Total long-term debt, net	$	—	$	15,236	$	6,858	$	351	$	22,445