DEBT (Tables)

9 Months Ended

Sep. 30, 2023

As of September 30, 2023 and December 31, 2022, our total long-term debt and finance lease obligations are summarized as follows (in thousands):


	September 30, 2023		December 31, 2022
	(unaudited)

2022 ABL Credit Facility	$	110,915	$	99,916
ME/RE Loans1	24,739		—
Uptiered Loan / Subordinated Term Loan1	125,588		107,905
Incremental Term Loan1	34,034		—
APSC Term Loan1	—		31,562
Total	295,276		239,383
Convertible Debt1	—		40,650
Finance lease obligations	5,804		5,902
Total long-term debt and finance lease obligations	301,080		285,935
Current portion of long-term debt and finance lease obligations	(5,302)		(280,993)
Total long-term debt and finance lease obligations, less current portion	$	295,778	$	4,942

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1 Comprised of principal amount outstanding, less unamortized discount and issuance costs. See below for additional information.

The terms of the 2022 ABL Credit Facility are described in the table below (dollar amounts are presented in thousands):


	Revolving Credit Loans	Delayed Draw Term Loan
Original maturity date	2/11/2025	2/11/2025
Amended maturity date	8/11/2025	8/11/2025
Original stated interest rate	LIBOR + applicable margin (base + applicable margin)	LIBOR+10% (Base+9%)
Amended interest rate	SOFR + applicable margin (base + applicable margin)	SOFR + 10% (Base + 9%)
Actual interest rate:
9/30/2023	10.09%	15.44%
9/30/2022	7.21%	12.56%
Interest payments	monthly	monthly
Cash paid for interest
YTD 9/30/2023	$4,932	$3,951
YTD 9/30/2022	$3,656	$1,683
Unamortized balance of deferred financing cost
9/30/2023	$227	$—
12/31/2022	$2,312	$798
Available amount at 9/30/2023	$4,911	$—

The terms of ME/RE Loans are described in the table below (dollar amounts are presented in thousands):


Original maturity date						8/11/2025
Original stated interest rate						SOFR + 5.75% + 0.11% credit spread adjustment
Principal payments						$254 monthly
Effective interest rate
9/30/2023						16.75%
9/30/2022						N/A
Actual interest rate
9/30/2023						11.19%
9/30/2022						N/A
Interest payments						monthly
Cash paid for interest
YTD 9/30/2023						$640
YTD 9/30/2022						N/A
Balances at 9/30/2023
Principal balance						$26,551
Unamortized balance of debt issuance cost						$(1,812)
Net carrying balance						$24,739
Available amount at 9/30/2023						$—

The terms of APSC Term Loan are described in the table below (dollar amounts are presented in thousands):


Original maturity date						12/18/2026
Original stated interest rate						variable
Effective interest rate
9/30/2023						N/A
9/30/2022						25.72%
Actual interest rate:
9/30/2023						N/A
9/30/2022						10.24%
Interest payments						Quarterly
Cash paid for interest
YTD 9/30/2023						$2,849
YTD 9/30/2022						$9,693
PIK interest added to principal
YTD 9/30/2023						$—
YTD 9/30/2022						$6,627
Balances at 12/31/2022
Principal balance						$35,510
Unamortized balance of debt issuance cost						$(3,948)
Net carrying balance						$31,562

The terms of Uptiered Loan / Subordinated Term Loan and Incremental Term Loan are described in the table below (dollar amounts are presented in thousands):


	Uptiered Loan / Subordinated Term Loan	Incremental Term Loan
Maturity date	12/31/2027 (12/31/2026 if outstanding balance is greater than $50 million)	12/31/2026
Stated interest rate	12% PIK through 12/31/2023, then cash and PIK split as described below	12% paid in cash
Principal payments	at maturity	$300 quarterly
Effective interest rate
9/30/2023	12.86%	23.69%
9/30/2022	46.79%	N/A
Interest payments	cash quarterly/PIK monthly	quarterly
PIK interest added to principal
YTD 9/30/2023	$10,829	N/A
YTD 9/30/2022	$4,596	N/A
Balances at 9/30/2023
Principal balance 1	$126,272	$43,371
Unamortized balance of debt issuance cost	$(684)	$(9,337)
Net carrying balance	$125,588	$34,034
Balances at 12/31/2022
Principal balance 1	$115,443	N/A
Unamortized balance of debt issuance cost	$(7,538)	N/A
Net carrying balance	$107,905	N/A
Available amount at 9/30/20232	$—	$15,000

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1 The principal balance of the Uptiered Loan / Subordinated Term Loan is made up of $22.5 million drawn on November 9, 2021, $27.5 million drawn on December 8, 2021, and $57.0 million added as part of the exchange agreement on October 4, 2022. In addition, the principal balance also includes PIK interest recorded to date of $18.2 million and $7.4 million as of September 30, 2023 and December 31, 2022, respectively, and, with respect to the Incremental Term Loan, PIK fees of $0.9 million.

2 $5.0 million was drawn from the available balance on October 6, 2023.