Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2017

Scheduled maturities of long-term debt outstanding

Scheduled maturities of our long-term debt outstanding as of March 31, 2017 are as follows (in thousands):



	Term Loan			2022 Notes			2032 Notes ⁽¹⁾			MARAD Debt			Nordea Q5000 Loan			Total

Less than one year	$	25,634		$	—		$	—		$	6,375		$	35,715		$	67,724
One to two years	160,215			—			—			6,693			35,714			202,622
Two to three years	—			—			—			7,027			35,714			42,741
Three to four years	—			—			—			7,378			80,357			87,735
Four to five years	—			—			—			7,746			—			7,746
Over five years	—			125,000			60,115			44,930			—			230,045
Total debt	185,849			125,000			60,115			80,149			187,500			638,613
Current maturities	(25,634		)	—			—			(6,375		)	(35,715		)	(67,724		)
Long-term debt, less current maturities	160,215			125,000			60,115			73,774			151,785			570,889
Unamortized debt discount ⁽²⁾	—			(15,873		)	(2,077		)	—			—			(17,950		)
Unamortized debt issuance costs ⁽³⁾	(1,159		)	(2,694		)	(185		)	(4,879		)	(2,358		)	(11,275		)
Long-term debt	$	159,056		$	106,433		$	57,853		$	68,895		$	149,427		$	541,664


(1)	Beginning in March 2018, the holders of our Convertible Senior Notes due 2032 may require us to repurchase these notes or we may at our option elect to repurchase these notes. The notes will mature in March 2032.


(2)	Our Convertible Senior Notes due 2022 will increase to their face amount through accretion of non-cash interest charges through May 2022. Our Convertible Senior Notes due 2032 will increase to their face amount through accretion of non-cash interest charges through March 2018.


(3)	Debt issuance costs are amortized over the term of the applicable debt agreement.

Schedule of debt covenants

Pursuant to the February 2016 amendment to the Credit Agreement:


(a)	The minimum permitted Consolidated Interest Coverage Ratio was revised as follows:



Four Fiscal Quarters Ending	Minimum Consolidated Interest Coverage Ratio

December 31, 2016 through and including March 31, 2017	2.75	to 1.00
June 30, 2017 and each fiscal quarter thereafter	3.00	to 1.00


(b)	The maximum permitted Consolidated Leverage Ratio was revised as follows:



Four Fiscal Quarters Ending	Maximum Consolidated Leverage Ratio

March 31, 2017	4.75	to 1.00
June 30, 2017	4.25	to 1.00
September 30, 2017	3.75	to 1.00
December 31, 2017 and each fiscal quarter thereafter	3.50	to 1.00

(c)

A financial covenant was established requiring us to maintain a minimum cash balance if our Consolidated Leverage Ratio is 3.50x or greater, as described below. This minimum cash balance is not required to be maintained in any particular bank account or to be segregated from other cash balances in bank accounts that we use in our ordinary course of business. Because the use of this cash is not legally restricted notwithstanding this maintenance covenant, we present it as cash and cash equivalents on our balance sheet. As of March 31, 2017, we needed to maintain an aggregate cash balance of at least $100 million in order to comply with this covenant.



Consolidated Leverage Ratio	Minimum Cash Balance

Greater than or equal to 4.50x	$150,000,000.00
Greater than or equal to 4.00x but less than 4.50x	$100,000,000.00
Greater than or equal to 3.50x but less than 4.00x	$50,000,000.00
Less than 3.50x	$0.00

Components of net interest expense

The following table details the components of our net interest expense (in thousands):



	Three Months Ended March 31,
	2017			2016

Interest expense	$	10,240		$	13,044
Interest income	(346		)	(444		)
Capitalized interest	(4,668		)	(1,916		)
Net interest expense	$	5,226		$	10,684