XML 34 R23.htm IDEA: XBRL DOCUMENT v3.5.0.2
Long-Term Debt and Other Borrowings (Details)
$ in Thousands
3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2016
USD ($)
Sep. 30, 2016
USD ($)
shares
Jun. 30, 2016
USD ($)
Sep. 30, 2015
USD ($)
Jun. 30, 2016
USD ($)
Sep. 30, 2016
USD ($)
shares
Sep. 30, 2015
USD ($)
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
shares
Jun. 21, 2016
shares
Mar. 31, 2016
USD ($)
Long-term debt [Line Items]                      
Total debt   $ 738,032       $ 738,032     $ 853,228    
Long-term debt, net   738,032       738,032     853,228    
Payments of deferred financing costs           (3,046) $ 0        
New accounting pronouncement, impact of adoption   $ 17,300       17,300     $ 20,200    
Reclassification of deferred financing costs       $ 1,000   3,100 2,800        
Proceeds from Convertible Debt, net           77,321          
Proceeds from Issuance of Preferred Limited Partners Units             0        
Write off of Deferred Debt Issuance Cost           $ 700          
Common stock, shares issued | shares   92,704,476       92,704,476     83,023,628 11,500,000  
Proceeds from sale of common stock     $ 60,400                
Senior Note Repurchase Agreement, Amount           $ 20,000          
Extinguishment of Debt, Amount           20,000          
Early Repayment of Senior Debt           $ 18,800          
Debt Instrument, Redemption Price, Percentage           94.00%          
Gain (Loss) on Extinguishment of Debt           $ 540 $ 0        
Preferred Units [Line Items]                      
Proceeds from Convertible Debt, net           77,321          
TETRA [Member]                      
Long-term debt [Line Items]                      
Total debt   $ 242,341       242,341     $ 286,620    
Less current portion   0       0     (50)    
Long-term debt, net   242,341       $ 242,341     286,570    
Tender offer, description of consideration          
The consideration paid for the Tender Offer Senior Notes was a cash amount equal to $100,000 per $100,000 principal amount of the Tender Offer Senior Notes validly tendered (and not validly withdrawn) prior to the expiration time of each Tender Offer, and validly accepted for purchase by us.
         
CSI Compressco [Member]                      
Long-term debt [Line Items]                      
Total debt   $ 495,691       $ 495,691     566,658    
Debt leverage ratio   4.83       4.83          
Consolidated secured leverage ratio   1.75       1.75          
Interest leverage ratio   3.36       3.36          
Bank revolving line of credit facility [Member]                      
Long-term debt [Line Items]                      
New accounting pronouncement, impact of adoption     6,300   $ 6,300       $ 6,700    
Bank revolving line of credit facility [Member] | TETRA [Member]                      
Long-term debt [Line Items]                      
Maturity date           Sep. 30, 2019     Sep. 30, 2019    
Total debt   $ 125,849       $ 125,849     $ 21,572    
Unamortized deferred finance costs   1,900       1,900     $ 1,300    
Bank line of credit, outstanding balance   127,800       127,800          
Bank line of credit, letters of credit and guarantees   5,400       5,400          
Bank line of credit, net availability   91,800       $ 91,800          
Debt instrument, covenant terms description          
The fixed charge coverage ratio compares (a) EBITDA (as adjusted and defined in the Credit Agreement) less (1) cash income tax expense, (2) non-financed capital expenditures, and (3) cash dividends and distributions to (b) interest expense plus (1) scheduled principal payments and (2) stock purchases. The Fourth Amendment provides that the fixed charge coverage ratio may not be less than 1.25 to 1 as of the end of any fiscal quarter. The consolidated leverage ratio covenant was amended and may not exceed (a) 4.00 to 1 at the end of the fiscal quarters ending during the period from and including June 30, 2016 through and including March 31, 2018, (b) 3.75 to 1 at the end of the fiscal quarters ending during the period from and including June 30, 2018 through and including December 31, 2018, and (c) 3.5 to 1 at the end of each of the fiscal quarters thereafter.
         
Debt instrument, interest rate description          
In addition, subsequent to the Fourth Amendment, borrowings will bear interest at the British Bankers Association LIBOR rate plus 2.25% to 4.00%, or an alternate base rate plus 0.00% to 1.00%, in each case depending on one of our financial ratios, and the commitment fee on unused portions of the facility will range from 0.35% to 0.75%.
         
Debt instrument, collateral description          
The Fourth Amendment also resulted in additional modifications, including a requirement that all obligations under the Credit Agreement and the guarantees of such obligations be secured by first-lien security interests in substantially all of our assets and the assets of our subsidiaries (limited, in the case of foreign subsidiaries, to 66% of the voting stock or equity interests of first-tier foreign subsidiaries).
         
Bank revolving line of credit facility [Member] | CSI Compressco [Member]                      
Long-term debt [Line Items]                      
Maturity date         Aug. 04, 2019       Aug. 04, 2019    
Total debt   176,567       $ 176,567     $ 229,555    
Unamortized deferred finance costs   4,400       4,400     $ 5,400    
Payments of deferred financing costs     700     700          
Bank line of credit, maximum borrowing capacity     340,000   $ 340,000           $ 400,000
Bank line of credit, outstanding balance   181,000       181,000          
Bank line of credit, letters of credit and guarantees   7,600       7,600          
Bank line of credit, net availability   151,300       $ 151,300          
Bank line of credit, prepayment requirement     35,000   35,000            
Bank line of credit, asset restrictions          
increased the amount of equipment and real property that may be disposed of in any four consecutive fiscal quarters from $5.0 million to $20.0 million;
         
Debt instrument, covenant terms description          
 
The CCLP Fourth Amendment modified certain covenants as follows: (i) the consolidated total leverage ratio may not exceed (a) 5.75 to 1 as of September 30, 2016, (b) 5.95 to 1 as of the fiscal quarters ended December 31, 2016 through June 30, 2018; (c) 5.75 to 1 as of September 30, 2018 and December 31, 2018; and (d) 5.50 to 1 as of March 31, 2019 and thereafter.
     
Debt instrument, interest rate description
the consolidated secured leverage ratio may not exceed (a) 3.25 to 1 as of the fiscal quarters ended September 30, 2016 through June 30, 2018; and (b) 3.50 to 1 as of September 30, 2018 and thereafter; and (iii) the consolidated interest coverage ratio may not fall below (a) 2.25 to 1 as of the fiscal quarters ended September 30, 2016 through June 30, 2018; (b) 2.50 to 1 as of September 30, 2018 and December 31, 2018; and (c) 2.75 to 1 as of March 31, 2019 and thereafter.
       
increasing the applicable margin by 0.25% with a range between 2.00% and 3.00% per annum for LIBOR-based loans and 1.00% to 2.00% per annum for base-rate loans, based on the applicable consolidated total leverage ratio
         
Senior Notes Series 2010-A [Member] | TETRA [Member]                      
Long-term debt [Line Items]                      
Senior Note interest rate                 5.09%    
Maturity date                 Dec. 15, 2017    
Total debt   0       $ 0     $ 46,809    
Unamortized deferred finance costs                 $ 100    
Senior Notes Series 2010-B [Member] | TETRA [Member]                      
Long-term debt [Line Items]                      
Senior Note interest rate                 5.67%    
Maturity date                 Dec. 15, 2020    
Total debt   0       0     $ 17,964    
Unamortized deferred finance costs                 $ 100    
Senior Notes Series 2013 [Member] | TETRA [Member]                      
Long-term debt [Line Items]                      
Senior Note interest rate                 4.00%    
Maturity date                 Apr. 29, 2020    
Total debt   0       0     $ 34,753    
Unamortized deferred finance costs                 $ 200    
Senior Secured Notes [Member] | TETRA [Member]                      
Long-term debt [Line Items]                      
Maturity date                 Apr. 01, 2019    
Total debt   $ 0       $ 0     $ 48,635    
Unamortized deferred finance costs                 $ 1,400    
Payments of deferred financing costs     1,100                
Repayments of Notes Payable     30,000                
2015 Senior Notes [Member] | TETRA [Member]                      
Long-term debt [Line Items]                      
Senior Note interest rate   11.00%       11.00%     11.00%    
Maturity date           Nov. 05, 2022     Nov. 05, 2022    
Total debt   $ 116,492       $ 116,492     $ 116,837    
Unamortized discount   4,600       4,600     4,900    
Unamortized deferred finance costs   3,900       $ 3,900     3,200    
Debt instrument, covenant terms description          
The Amended and Restated 11% Senior Note Agreement amends certain covenants, including replacing the interest coverage ratio covenant in the previous Note Purchase Agreement with a minimum permitted fixed charge coverage ratio at the end of any fiscal quarter of 1.1 to 1. Additionally, the maximum permitted ratio of consolidated funded indebtedness at the end of any fiscal quarter to a defined measure of earnings increased from 3.50 to 1 to (a) 4.50 to 1 as of the end of any fiscal quarter ending during the period commencing July 1, 2016 and ending on March 31, 2018, (b) 4.25 to1 as of the end of any fiscal quarter ending during the period commencing on June 30, 2018 and ending on December 31, 2018 and (c) 4.00 to 1 as of the end of any fiscal quarter ending thereafter.
         
Debt instrument, collateral description          
Pursuant to the Amended and Restated 11% Senior Note Agreement, the 11% Senior Notes are now secured by first-lien security interests in substantially all of our assets and the assets of our subsidiaries.
         
Carrying value of Senior Notes     $ 125,000   $ 125,000            
Other long-term debt [Member] | TETRA [Member]                      
Long-term debt [Line Items]                      
Total debt   0       $ 0     50    
CSI Compressco Senior Notes [Member]                      
Long-term debt [Line Items]                      
Carrying value of Senior Notes   $ 330,000       $ 330,000     $ 350,000    
CSI Compressco Senior Notes [Member] | CSI Compressco [Member]                      
Long-term debt [Line Items]                      
Senior Note interest rate   7.25%       7.25%     7.25%    
Maturity date         Aug. 15, 2022       Aug. 15, 2022    
Total debt   $ 319,124       $ 319,124     $ 337,103    
Unamortized discount   3,900       3,900     4,500    
Unamortized deferred finance costs   7,000       $ 7,000     $ 8,400    
Tender Offer Notes [Member] | TETRA [Member]                      
Long-term debt [Line Items]                      
Payments of deferred financing costs   400                  
Repayments of Notes Payable   $ 100,000                  
Subsequent Event [Member]                      
Long-term debt [Line Items]                      
Write off of Deferred Debt Issuance Cost $ 317                    
Extinguishment of Debt, Amount               $ 34,100      
Early Repayment of Senior Debt               $ 32,100