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Debt
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Debt Debt
The current portion of long-term debt consists of the following:
 March 31, 2021December 31, 2020
Oakdale Equipment Financing$3,653 $3,600 
Finance leases126 123 
Notes Payable3,294 3,178 
Long-term debt, net, current$7,073 $6,901 

Long-term debt, net of current portion consists of the following:
 March 31, 2021December 31, 2020
ABL Credit Facility$— $— 
Oakdale Equipment Financing, net14,350 15,236 
Finance Leases319 351 
Notes Payable5,982 6,858 
Long-term debt, net$20,651 $22,445 
The follow summarizes the maturity of our debt:
ABL Credit FacilityOakdale Equipment FinancingNotes PayableFinance LeasesTotal
Remainder of 2021$— $3,479 $2,788 $114 $6,381 
2022— 4,638 3,599 138 8,375 
2023— 4,638 2,396 245 7,279 
2024— 6,888 807 — 7,695 
2025— 1,724 187 — 1,911 
2026 and thereafter— — 355 — 355 
Total minimum payments— 21,367 10,132 497 31,996 
Amount representing interest— (2,678)(856)(52)(3,586)
Amount representing unamortized lender fees— (686)— — (686)
Present value of payments445 
Less: current portion— (3,653)(3,294)(126)(7,073)
Total long-term debt, net$— $14,350 $5,982 $319 $20,651 

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, 2021 was $11,573 and is based on the Company’s eligible accounts receivable and inventory, as described in the ABL Credit Agreement. As of March 31, 2021, there were no amounts outstanding under the ABL Credit Facility, $1,232 letters of credit and $10,341 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. There were no borrowings during the three months ended March 31, 2021. As of March 31, 2021 and 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 and financial reporting purposes. 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 obtained during the COVID-19 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 has entered into various financing arrangements, primarily 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 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 March 31, 2021.