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NOTES PAYABLE, LONG-TERM DEBT AND OTHER OBLIGATIONS
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
NOTES PAYABLE, LONG-TERM DEBT AND OTHER OBLIGATIONS NOTES PAYABLE, LONG-TERM DEBT AND OTHER OBLIGATIONS
Notes payable, long-term debt and other obligations consisted of:
June 30,
2024		December 31,
2023
Vector:
5.75% Senior Secured Notes due 2029
$875,000 $875,000 
10.5% Senior Notes due 2026, net of unamortized discount of $1,453 and $1,719
517,239 516,973 
Liggett:
Equipment loans
— 8 
Notes payable, long-term debt and other obligations1,392,239 1,391,981 
Less:
Debt issuance costs
(17,973)(20,162)
Total notes payable, long-term debt and other obligations1,374,266 1,371,819 
Less:
Current maturities— (8)
Amount due after one year$1,374,266 $1,371,811 
5.75% Senior Secured Notes due 2029 — Vector:
As of June 30, 2024, the Company was in compliance with all debt covenants related to its 5.75% Senior Secured Notes due 2029.
10.5% Senior Notes due 2026 — Vector:
During March and April 2023, the Company repurchased in the market $8,352 in aggregate principal amount of its 10.5% Senior Notes outstanding and recorded a loss of $40 and $181 associated with the repurchase for the three and six months ended June 30, 2023, respectively. The 10.5% Senior Notes that were repurchased have been retired.
As of June 30, 2024, the Company was in compliance with all debt covenants related to its 10.5% Senior Notes due 2026.
Revolving Credit Agreement — Liggett:
Liggett, 100 Maple LLC (“Maple”), a subsidiary of Liggett, and Vector Tobacco are party to the Credit Agreement with Wells Fargo, as agent and lender, which provides a maximum credit line of $90,000 and matures on March 22, 2026.
Loans under the Credit Agreement bear interest at a rate equal to, at the borrower’s option, (a) the base rate, (b) Term SOFR for the applicable interest period plus 2.25% or (c) Daily Simple SOFR plus 2.25%, where “SOFR” means the Secured Overnight Financing Rate. The interest rate as of June 30, 2024 was 7.56%. An unused line fee is also payable on the average undrawn commitments at a rate of 0.25%, regardless of the amount borrowed under the facility.
As of June 30, 2024, there was no outstanding balance due under the Credit Agreement. Availability, as determined under the Credit Agreement, was approximately $89,600 based on eligible collateral on June 30, 2024. As of June 30, 2024, Liggett, Maple, and Vector Tobacco were in compliance with all debt covenants under the Credit Agreement.
Non-Cash Interest Expense — Vector:
Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
Amortization of debt discount, net$135 $121 $266 $238 
Amortization of debt issuance costs1,157 1,082 2,290 2,150 
Loss on repurchase of 10.5% Senior Notes
— 40 — 181 
Total non-cash interest expense$1,292 $1,243 $2,556 $2,569 

Fair Value of Notes Payable and Long-Term Debt:
June 30, 2024December 31, 2023
CarryingFairCarryingFair
ValueValueValueValue
5.75% Senior Secured Notes due 2029
$875,000 $818,589 $875,000 $800,126 
10.5% Senior Notes due 2026
517,239 523,599 516,973 522,194 
Liggett and other— — 8 8 
Notes payable and long-term debt$1,392,239 $1,342,188 $1,391,981 $1,322,328 

Notes payable and long-term debt are recorded on the condensed consolidated balance sheets at amortized cost. The fair value determinations disclosed above would be classified as Level 2 under the fair value hierarchy disclosed in Note 8 if such liabilities were recorded on the condensed consolidated balance sheets at fair value. The estimated fair value of the Company’s notes payable and long-term debt has been determined by the Company using available market information and appropriate valuation methodologies including the evaluation of the Company’s credit risk. The Company used a derived price based upon quoted market prices and trade activity as of June 30, 2024 to determine the fair value of its publicly traded notes and debentures. The carrying value of the Credit Agreement is equal to fair value. The fair value of the equipment loans was determined by calculating the present value of the required future cash flows. However, considerable judgment is required to
develop the estimates of fair value and, accordingly, the estimate presented herein is not necessarily indicative of the amount that could be realized in a current market exchange.