Summary of Debt Outstanding |
The following is a summary of all debt outstanding at September 30, 2018 and December 31, 2017:
|
|
September 30, |
|
|
December 31, |
|
(In thousands) |
|
2018 |
|
|
2017 |
|
Secured notes: |
|
|
|
|
|
|
|
|
8.00% Secured notes due August 2022 (A) |
|
|
349,954 |
|
|
|
350,000 |
|
Troms Offshore borrowings (B): |
|
|
|
|
|
|
|
|
NOK denominated notes due May 2024 |
|
|
13,593 |
|
|
|
14,054 |
|
NOK denominated notes due January 2026 |
|
|
24,545 |
|
|
|
25,965 |
|
USD denominated notes due January 2027 |
|
|
22,116 |
|
|
|
23,345 |
|
USD denominated notes due April 2027 |
|
|
24,810 |
|
|
|
25,463 |
|
|
|
$ |
435,018 |
|
|
|
438,827 |
|
Debt premiums and discounts, net |
|
|
7,954 |
|
|
|
9,333 |
|
Less: Current portion of long-term debt |
|
|
(7,671 |
) |
|
|
(5,103 |
) |
Total long-term debt |
|
$ |
435,301 |
|
|
|
443,057 |
|
(A) |
As of September 30, 2018 and December 31, 2017, the fair value (Level 2) of the Secured Notes was $369.2 million and $359.8 million, respectively. |
(B) |
The company pays principal and interest on these notes semi-annually. As of September 30, 2018 and December 31, 2017, the aggregate fair value (Level 2) of the Troms Offshore borrowings was $85.0 million and $88.5 million, respectively. The weighted average interest rate of the Troms Offshore borrowings as of September 30, 2018, was 5.01%. |
|
Debt Costs |
The following is a summary of interest and debt costs incurred, net of interest capitalized.
|
|
Successor |
|
|
|
Predecessor |
|
|
|
|
|
|
|
Period from |
|
|
|
Period from |
|
|
|
Three Months |
|
|
August 1, 2017 |
|
|
|
July 1, 2017 |
|
|
|
Ended |
|
|
through |
|
|
|
through |
|
(In thousands) |
|
September 30, 2018 |
|
|
September 30, 2017 |
|
|
|
July 31, 2017 |
|
Interest and debt costs incurred, net of interest capitalized |
|
$ |
7,585 |
|
|
$ |
5,240 |
|
|
|
|
574 |
|
Interest costs capitalized |
|
|
153 |
|
|
|
— |
|
|
|
|
— |
|
Total interest and debt costs |
|
$ |
7,738 |
|
|
$ |
5,240 |
|
|
|
|
574 |
|
|
|
Successor |
|
|
|
Predecessor |
|
|
|
|
|
|
|
Period from |
|
|
|
Period from |
|
|
|
Nine Months |
|
|
August 1, 2017 |
|
|
|
January 1, 2017 |
|
|
|
Ended |
|
|
through |
|
|
|
through |
|
(In thousands) |
|
September 30, 2018 |
|
|
September 30, 2017 |
|
|
|
July 31, 2017 |
|
Interest and debt costs incurred, net of interest capitalized |
|
$ |
22,731 |
|
|
$ |
5,240 |
|
|
|
|
32,188 |
|
Interest costs capitalized |
|
|
521 |
|
|
|
— |
|
|
|
|
1,817 |
|
Total interest and debt costs |
|
$ |
23,252 |
|
|
$ |
5,240 |
|
|
|
|
34,005 |
|
|