Annual report pursuant to Section 13 and 15(d)

Long-Term Debt (Tables)

v3.19.3.a.u2
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2019
Long-term Debt, Unclassified [Abstract]  
Schedule of long-term debt
(1) The Company has entered into a senior secured revolving credit facility, as amended (the "revolving credit facility"), with The Bank of Nova Scotia, as the lead arranger and administrative agent and other lenders. The revolving credit facility matures on December 13, 2021. On June 3, 2019, the Company further amended its revolving credit facility to, among other things, allow the Company to designate certain of its subsidiaries as unrestricted subsidiaries and to include LIBOR replacement provisions. The borrowing base was reaffirmed at $1.4 billion, and the Company's elected commitment amount remained at $1.0 billion. On November 25, 2019, the borrowing base under the Company's revolving credit facility was reduced to $1.2 billion, and the Company's elected commitment remained at $1.0 billion.
As of December 31, 2019, $120.0 million was outstanding under the revolving credit facility and the total availability for future borrowings under this facility, after giving effect to an aggregate of $243.6 million of letters of credit, was $636.4 million. The Company's wholly-owned subsidiaries have guaranteed the obligations of the Company under the revolving credit facility.
At December 31, 2019, amounts borrowed under the credit facility bore interest at a weighted average rate of 3.30%.
The Company was in compliance with all covenants related to its outstanding indebtedness at December 31, 2019.
(2) Loan issuance costs related to the 6.625% Senior Notes due 2023 (the "2023 Notes"), the 6.000% Senior Notes due 2024 (the "2024 Notes"), the 6.375% Senior Notes due 2025 (the "2025 Notes") and the 6.375% Senior Notes due 2026 (the "2026 Notes") (collectively the “Notes”) have been presented as a reduction to the principal amount of the Notes. At December 31, 2019, total unamortized debt issuance costs were $3.3 million for the 2023 Notes, $6.9 million for the 2024 Notes, $9.6 million for the 2025 Notes and $3.9 million for the 2026 Notes. In addition, loan commitment fee costs for the construction loan agreement described below were $0.1 million at December 31, 2019.
Long-term debt consisted of the following items as of December 31:
 
2019
 
2018
 
(In thousands)
Revolving credit agreement(1) 
$
120,000

 
$
45,000

6.625% senior unsecured notes due 2023
329,467

 
350,000

6.000% senior unsecured notes due 2024
603,428

 
650,000

6.375% senior unsecured notes due 2025
529,525

 
600,000

6.375% senior unsecured notes due 2026
397,529

 
450,000

Net unamortized debt issuance costs(2) 
(23,751
)
 
(30,733
)
Construction loan
22,453

 
23,149

Less: current maturities of long term debt
(631
)
 
(651
)
Debt reflected as long term
$
1,978,020

 
$
2,086,765


Schedule of maturities of long-term debt
Maturities of long-term debt (excluding unamortized debt issuance costs) as of December 31, 2019 are as follows:
 
(In thousands)
2020
$
631

2021
120,663

2022
694

2023
330,194

2024
604,186

Thereafter
946,034

Total
$
2,002,402


Schedule of interest expense
The following schedule shows the components of interest expense for the year ended December 31:
 
2019
 
2018
 
2017
 
(In thousands)
Cash paid for interest
$
142,664

 
$
132,995

 
$
107,548

Change in accrued interest
(3,834
)
 
7,266

 
12,524

Capitalized interest
(3,372
)
 
(4,470
)
 
(9,470
)
Amortization of loan costs
6,328

 
6,121

 
5,011

Total interest expense
$
141,786

 
$
141,912

 
$
115,613