| Scheduled maturities of long-term debt outstanding |
Scheduled maturities of our long-term debt outstanding as of March 31, 2018 are as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Term Loan (1) | | 2022 Notes | | 2023 Notes | | 2032 Notes (2) | | MARAD Debt | | Nordea Q5000 Loan | | Total | | | | | | | | | | | | | | | Less than one year | $ | 3,276 |
| | $ | — |
| | $ | — |
| | $ | 809 |
| | $ | 6,693 |
| | $ | 35,714 |
| | $ | 46,492 |
| One to two years | 5,147 |
| | — |
| | — |
| | — |
| | 7,027 |
| | 35,714 |
| | 47,888 |
| Two to three years | 27,609 |
| | — |
| | — |
| | — |
| | 7,378 |
| | 80,357 |
| | 115,344 |
| Three to four years | — |
| | — |
| | — |
| | — |
| | 7,746 |
| | — |
| | 7,746 |
| Four to five years | — |
| | 125,000 |
| | — |
| | — |
| | 8,133 |
| | — |
| | 133,133 |
| Over five years | — |
| | — |
| | 125,000 |
| | — |
| | 36,797 |
| | — |
| | 161,797 |
| Total debt | 36,032 |
| | 125,000 |
| | 125,000 |
| | 809 |
| | 73,774 |
| | 151,785 |
| | 512,400 |
| Current maturities | (3,276 | ) | | — |
| | — |
| | (809 | ) | | (6,693 | ) | | (35,714 | ) | | (46,492 | ) | Long-term debt, less current maturities | 32,756 |
| | 125,000 |
| | 125,000 |
| | — |
| | 67,081 |
| | 116,071 |
| | 465,908 |
| Unamortized debt discount (3) | — |
| | (13,188 | ) | | (19,989 | ) | | — |
| | — |
| | — |
| | (33,177 | ) | Unamortized debt issuance costs (4) | (559 | ) | | (2,162 | ) | | (3,148 | ) | | — |
| | (4,391 | ) | | (1,593 | ) | | (11,853 | ) | Long-term debt | $ | 32,197 |
| | $ | 109,650 |
| | $ | 101,863 |
| | $ | — |
| | $ | 62,690 |
| | $ | 114,478 |
| | $ | 420,878 |
|
| | (1) | Term Loan borrowing pursuant to the Credit Agreement (amended and restated in June 2017) matures in June 2020. Scheduled maturities of the Term Loan have been adjusted to reflect prepayments made in March 2018. |
| | (2) | Our Convertible Senior Notes due 2032 (the “2032 Notes”) that were not repurchased in March 2018 will be redeemed by us on May 4, 2018 and the holders of these notes may convert them at any time before the close of business on May 3, 2018. We have elected to deliver cash to satisfy our conversion obligation upon any conversion of the notes. |
| | (3) | Our Convertible Senior Notes due 2022 (the “2022 Notes”) will increase to their face amount through accretion of the debt discount through May 2022. Our Convertible Senior Notes due 2023 (the “2023 Notes”) will increase to their face amount through accretion of the debt discount through September 2023. |
| | (4) | Debt issuance costs are amortized to interest expense over the term of the applicable debt agreement. |
|
| Schedule of debt covenants |
These financial covenant requirements are detailed as follows: | | (a) | The minimum required Consolidated Interest Coverage Ratio: |
| | | | | Four Fiscal Quarters Ending | Minimum Consolidated Interest Coverage Ratio | | | | March 31, 2018 and each fiscal quarter thereafter | 2.50 |
| to 1.00 |
| | (b) | The maximum permitted Consolidated Total Leverage Ratio or Consolidated Net Leverage Ratio: |
| | | | | Four Fiscal Quarters Ending | Maximum Consolidated Total or Net Leverage Ratio | | | | March 31, 2018 | 5.50 |
| to 1.00 | June 30, 2018 | 5.25 |
| to 1.00 | September 30, 2018 | 5.00 |
| to 1.00 | December 31, 2018 through and including March 31, 2019 | 4.50 |
| to 1.00 | June 30, 2019 through and including September 30, 2019 | 4.25 |
| to 1.00 | December 31, 2019 | 4.00 |
| to 1.00 | March 31, 2020 and each fiscal quarter thereafter | 3.50 |
| to 1.00 |
| | (c) | The maximum permitted Consolidated Secured Leverage Ratio: |
| | | | | Four Fiscal Quarters Ending | Maximum Consolidated Secured Leverage Ratio | | | | March 31, 2018 through and including June 30, 2018 | 3.00 |
| to 1.00 | September 30, 2018 and each fiscal quarter thereafter | 2.50 |
| to 1.00 |
| | (d) | The minimum required Unrestricted Cash and Cash Equivalents: |
| | | | Consolidated Total Leverage Ratio | Minimum Cash (1) | | | Greater than or equal to 4.00 to 1.00 | $100,000,000 | Greater than or equal to 3.50 to 1.00 but less than 4.00 to 1.00 | $50,000,000 | Less than 3.50 to 1.00 | $0 |
| | (1) | 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 on our balance sheet as cash and cash equivalents. As of March 31, 2018, we were required to, and did, maintain an aggregate cash balance of at least $100 million in compliance with this covenant. |
|
| Components of net interest expense |
The following table details the components of our net interest expense (in thousands): | | | | | | | | | | Three Months Ended
March 31, | | 2018 | | 2017 | | | | | Interest expense | $ | 8,299 |
| | $ | 10,240 |
| Interest income | (590 | ) | | (346 | ) | Capitalized interest | (3,813 | ) | | (4,668 | ) | Net interest expense | $ | 3,896 |
| | $ | 5,226 |
|
|