Debt

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Debt

6. Debt

Senior Notes. As of March 31, 2021, we are below the EBITDA-to-interest coverage ratio covenant requirement of our senior notes indenture necessary to incur additional debt, and, therefore, while not an event of default, we will be unable to incur additional debt while we remain below the required covenant level.  

Credit Facility. During the first quarter, we entered into a second amendment (the “Amendment”) to our senior unsecured bank credit facility with Bank of America, N.A., as administrative agent. The Amendment extends the “Covenant Relief Period” provided by the first amendment, which suspends requirements to comply with all existing financial maintenance covenants under the credit facility, through the first quarter of 2022, followed by a phase-in period thereafter.

As of March 31, 2021, we have $12 million of available capacity under the revolver portion of our credit facility. Due to the failure to satisfy the senior notes covenant requirement noted above, we currently are restricted from incurring additional debt.