Long-Term Debt and Other Borrowings

3 Months Ended

Mar. 31, 2021

LONG-TERM DEBT AND OTHER BORROWINGS

Consolidated long-term debt as of March 31, 2021 and December 31, 2020, consists of the following:


	Scheduled Maturity	March 31, 2021		December 31, 2020
		(In Thousands)
TETRA
Asset-based credit agreement	September 10, 2023	$	—	$	—
Term credit agreement (1)	September 10, 2025	171,160		199,894


Total long-term debt		$	171,160	$	199,894

(1) Net of unamortized discount of $5.3 million and $5.5 million as of March 31, 2021 and December 31, 2020, respectively, and net of unamortized deferred financing costs of $7.8 million and $8.2 million as of March 31, 2021 and December 31, 2020, respectively.

As of March 31, 2021, we had no outstanding balance and $6.9 million in letters of credit against our asset-based credit agreement (“ABL Credit Agreement”). Because there was no outstanding balance on this ABL Credit Agreement, associated deferred financing costs of $0.9 million as of March 31, 2021, were classified as other long-term assets on the accompanying consolidated balance sheet. As of March 31, 2021, subject to compliance with the

covenants, borrowing base, and other provisions of the ABL Credit Agreement that may limit borrowings, we had an availability of $26.9 million under this agreement. Our credit agreements contain certain affirmative and negative covenants, including covenants that restrict the ability to pay dividends or other restricted payments. As of March 31, 2021, we are in compliance with all covenants under the credit agreements. Our term credit agreement requires us to offer to prepay a percentage of Excess Cash Flow (as defined in the term credit agreement) following the conclusion of each calendar year. Within five business days of filing our Annual Report Form 10-K for the year ending December 31, 2021, the minimum amount we will be required to offer to prepay pursuant to this obligation is $8.2 million, which is reported as a current liability in our consolidated balance sheet