| Long-Term Debt |
Note 9 – Long-Term Debt
Long-term debt consists of the following ( in thousands ):
Successor
Predecessor
December 31,
June 30,
2016
2016
2015
Prepetition Revolving Credit Facility (2)
$
-
$ 99,836
$ 150,000
Exit Facility
73,996
-
-
11.0% Senior Secured Second Lien Notes due 2020 (2)
-
1,450,000
1,450,000
8.25% Senior Notes due 2018 (2)
-
213,677
510,000
6.875% Senior Notes due 2024 (2)
-
143,993
650,000
3.0% Senior Convertible Notes due 2018 (2)
-
363,018
400,000
7.5% Senior Notes due 2021 (2)
-
238,071
500,000
7.75% Senior Notes due 2019 (2)
-
101,077
250,000
9.25% Senior Notes due 2017 (2)
-
249,452
750,000
4.14% Promissory Note due 2017
4,001
4,006
4,343
Debt premium, 8.25% Senior Notes due 2018 (1)
-
-
29,459
Original issue discount, 11.0% Notes due 2020
-
-
(51,104)
Original issue discount, 3.0% Senior Convertible Notes due 2018
-
-
(45,782)
Derivative instruments premium financing
-
-
10,647
Capital lease obligations
500
714
869
Total debt
78,497
2,863,844
4,608,432
Less: current maturities
4,268
99,836
11,395
Less: liabilities subject to compromise (see Note 3)
-
2,764,008
-
Total long-term debt
$ 74,229
$
-
$ 4,597,037
_______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
(1) Represents unamortized premium on the 8.25% Senior Notes due 2018 assumed in the EPL Acquisition.
(2) In accordance with the Plan, on the Emergence Date, all outstanding obligations under these notes and the related collateral agreements and registration rights, as applicable, were cancelled and the indentures governing such obligations were cancelled .
Maturities of long-term debt as of December 31, 2016 are as follows (in thousands )
Twelve Months Ending December 31,
2017
$ 4,268
2018
233
2019
73,996
2020
-
2021
-
Thereafter
-
$ 78,497
During the year ended June 30, 2016, our Predecessor repurchased certain of its unsecured notes in aggregate principal amounts as follows: $ 506.0 million of 6.875% Senior Notes due 2024 (the “6.875% Senior Notes”), $2 61.9 million of 7.5% Senior Notes due 2021(the “7.5% Senior Notes”), $1 48.9 million of 7.75% Senior Notes due 2019(the “7.75% Senior Notes”), $2 96.3 million of 8.25% Senior Notes due 2018 (the “8.25% Senior Notes”) and $ 500.6 million of 9.25% Senior Notes due 2017 (the “9.25% Senior Notes”). Our Predecessor repurchased these notes in open market transactions at a total cost of approximately $ 215.9 million, (excluding accrued interest), and we recorded a gain on the repurchases totaling approximately $ 1,492.4 million, net of associated debt issuance costs and certain other expenses.
All of the notes repurchased in February 2016, except for the 8.25% Senior Notes with face value of $266.6 million and 9.25% Senior Notes with face value of $471.1 million which both continue to be held by EGC were cancelled at June 30, 2016 and the remaining EGC and EPL senior notes held by EGC were cancelled on December 19, 2016. In addition, in March 2016 certain bondholders holding $37 million in face value of Predecessor’s 3.0% Senior Convertible Notes requested a conversion of their notes into common stock. Upon conversion, we recorded a gain of approximately $33.2 million after proportionate adjustment to the related debt issue costs, accrued interest and original debt issue discount.
As a result of the covenant violations that existed at March 31, 2016 that were not cured prior to the filing of the Bankruptcy Petitions, EGC’s pre-petition secured indebtedness under the Prepetition Revolving Credit Facility and Second Lien Notes, Energy XXI Ltd’ s pre-petition unsecured indebtedness under the 3.0% Senior Convertible Notes, EGC’s pre-petition unsecured indebtedness under the 6.875% Senior Notes, the 7.5% Senior Notes, the 7.75% Senior Notes and the 9.25% Senior Notes and EPL’s pre-petition unsecured indebtedness under the 8.25% Senior Notes became immediately due and payable and any efforts to enforce such payment obligations were automatically stayed as a result of Chapter 11 . Accordingly, all of EXXI Ltd’s outstanding indebtedness was classified as current in the consolidated balance sheet and it accelerated the amortization of the associated debt premium and original issue discount, fully amortizing those amounts as of March 31, 2016. In addition, except for amounts related to the Prepetition Revolving Credit Facility, EXXI Ltd accelerated the amortization of the remaining debt issuance costs related to its outstanding indebtedness, fully amortizing those costs as of March 31, 2016. EXXI Ltd continued to accrue interest on the Prepetition Revolving Credit Facility subsequent to the Petition Date until the Convenience Date. However, for all of its other indebtedness, in accordance with ASC 852, Reorganizations , it accrued interest only up to the Petition Date. Contractual interest on liabilities subject to compromise not reflected in the Predecessor consolidated statements of operations was approximately $176.5 million, representing interest expense from the Petition Date through the Emergence Date, of which $123.7 pertained to the six month transition period ended December 31, 2016 .
Exit Facility
Pursuant to the Plan, on the E mergence Date, the Company , as Borrower, and the other Reorganized Debtors entered into a new three year secured Exit Facility. The Exit Facility is secured by mortgages on at least 90% of the value of our and our subsidiary guarantors proved reserves and proved developed producing reserves. The Exit Facility is comprised of two facilities: (i) the Exit Term Loan resulting from the conversion of the remaining drawn amount plus accrued default interest, fees and expenses under the Debtors’ Prepetition Revolving Credit Facility of approximately $74 million and (ii) Exit Revolving Facility resulting from the conversion of the former EGC tranche of the Prepetition Revolving Credit Facility which provides, subject to the limitations noted below, for the making of revolving loans and the issuance of letters of credit.
The Exit Term Loan has a maturity of three years. Interest on the outstanding amount of the Exit Term Loan will accrue at an interest rate equal to either: (i) the Alternative Base Rate (as defined in the Exit Facility) plus 3.5% per annum or (ii) the one-month LIBO Rate (as defined in the Exit Facility) plus 4.5% per annum. Interest on the Exit Term Loan bearing interest at the Alternative Base Rate will be payable quarterly; interest on the Exit Term Loan bearing interest at the LIBO Rate will be payable monthly.
On the E mergence Date, the aggregate commitments under the Exit Revolving Facility were approximately $227.8 million all of which will be utilized to maintain in effect outstanding le tters of credit, including $225 million of letters of credit issued in favor of ExxonMobil to secure certain plugging and abandonment obligations related to assets in the Gulf of Mexico . On April 26, 2016, pursuant to the redetermination of our plugging and abandonment liabilities with ExxonMobil, it was agreed that subsequent to the Predecessor Company’s emergence from the Chapter 11 proceedings, the letters of credit issued in favor ExxonMobil would be reduced to $200 million from the existing amount of $225 million and currently documents are being formalized to effect such reduction. Each existing letter of credit may be renewed or replaced (in each case, in an outstanding amount not to exceed the outstanding amount of the existing letter of credit).
Following the E mergence Date, the commitments under the Exit Revolving Facility will be reduced by fifty percent of the amount of the aggregate reduction of $25 million of all letters of credit outstanding in favor of ExxonMobil. The remaining fifty percent or $12.5 million of such aggregate reduction will be available for borrowing as revolving loans subject to a maximum for all such loans of (i) $25 million prior to the date the borrowing base is initially determined and (ii) the borrowing base, on and after the date the borrowing base is initially determined. The borrowing base will be initially determined after June 30, 2017, and is redetermined semi-annually thereafter.
The Company must make a mandatory prepayment of the revolving loans and, if necessary, cash collateralize the outstanding letters of credit if a reduction in revolving commitments would cause the revolving credit exposure to exceed the revolving credit commitments. On or after the determination of the borrowing base, the Company must also make a mandatory prepayment of the revolving loans and, if necessary, cash collateralize the outstanding letters of credit not in favor of ExxonMobil if a borrowing base deficiency arises. For each fiscal quarter ending on and after March 31, 2018, if the Asset Coverage Ratio (as defined in the Exit Facility) is less than 1.50 to 1.00, the Company must make a mandatory prepayment of the Exit Term Loan equal to the lesser of (i) 7.5% of the aggregate outstanding principal amount of the Exit Term Loan on the Emergence Date or (ii) the then outstanding principal amount of the Exit Term Loan.
The Exit Revolving Facility has a maturity of three years. Interest on the outstanding amount of revolving loans borrowed under the Exit Revolving Facility will accrue at an interest rate equal to either (i) the Alternative Base Rate plus 3.5% per annum or (ii) the one, three or six month LIBO Rate plus 4.5% per annum. Interest on revolving loans that bear interest at the Alternative Base Rate will be payable quarterly; interest on revolving loans that bear interest at the LIBO Rate will be payable at the end of each interest period or, if an interest period exceeds three months, at the end of every three months. The stated amount of each letter of credit issued under the Exit Revolving Facility accrues fees at the rate of 4.5% per annum. There is an issuance fee of 0.25% per annum charged on the stated amount of each lett er of credit issued after the Emergence Date.
Unused commitments under the Exit Revolving Facility will accrue a commitment fee of 0.50% payable quarterly in arrears.
The Exit Facility is guaranteed by substantially all of the wholly owned subsidiaries of the Company , subject to customary exceptions, and is secured by first priority security interests on substantially all assets of each Reorganized Debtor guarantor. Under the Exit Facility, the borrower will not declare or make a restricted payment, or make any deposit for any restricted payment. Restricted payments include declaration or payment of dividends.
The Exit Facility contains covenants and events of default customary for reserve-based lending facilities. In addition, for each fiscal quarter ending on and after March 31, 2018, the Company must maintain a Current Ratio (as defined in the Exit Facility) of no less than 1.00 to 1.00 and a First Lien Leverage Ratio (as defined in the Exit Facility) of no greater than 4.00 to 1.00 calculated on a trailing four quarter basis.
As of the E mergence Date , the Company met the requirement under the Exit Facility to have liquidity of at least $90 million. The Reorganized Debtors may use the proceeds of the Exit Facility for any permitted purpose, including satisfaction of ongoing working capital needs.
As of December 31, 2016, we had approximately $74 million in borrowings and $227.8 million in letters of credit issued under the Exit Facility.
Prepetition Revolving Credit Facility
The Prepetition Revolving Credit Facility was entered into by EGC in May 2011. The Prepetition Revolving Credit Facility had a maximum facility amount and borrowing base of $327.2 million, of which such amount $99.4 million was the borrowing base under the sub-facility established for EPL prior to the Chapter 11 Cases. Borrowings under the Prepetition Revolving Credit Facility were limited to a borrowing base based on oil and natural gas reserve values. The scheduled date of maturity of the Prepetition Credit Agreement was April 9, 2018 . As a result of the filing of the Bankruptcy Petitions, the highest of the margins applied and default interest was accruing under the facility through an additional 2.00% payment of interest in kind (“PIK”) interest. PIK interest totaling $4.7 million was accrued from the Petition Date through December 31, 2016 .
Following the modification to the cash collateral order, which was approved by the Bankruptcy Court on October 24, 2016, approximately $30.1 million of restricted cash maintained by EGC related to our Prepetition Credit Agreement was withdrawn on October 25, 2016 and applied to permanently reduce the amount outstanding under its Prepetition Credit Agreement to $69.3 million, thereby resulting in a further reduction to the maximum facility amount and borrowing base to $297.1 million.
On the Emergence Date, by operation of the Plan, all outstanding obligations under the Prepetition Revolving Credit Facility and the related collateral agreements were cancelled and the credit agreements governing such obligations were cancelled.
11.0% Senior Secured Second Lien Notes Due 2020
On March 12, 2015, EGC issued $1,450 million in aggregate principal amount of 11.0% senior secured second lien notes due March 15, 2020 pursuant to the Purchase Agreement (the “Purchase Agreement”) by and among EGC, Energy XXI Ltd, Energy XXI USA, Inc. (“EXXI USA”) and certain of EGC’s wholly owned subsidiaries (together with Energy XXI Ltd and EXXI USA, the “Guarantors”), and Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Wells Fargo Securities, LLC and Imperial Capital, LLC, as representatives of the initial purchasers named therein (the “Initial Purchasers”) . EGC received net proceeds of approximately $1,355 million in the offering after deducting the Initial Purchasers’ discount and direct offering costs. The Second Lien Notes were sold to investors at a price of 96.313% of principal, for a yield to maturity at issuance of 12.0% . The Second Lien Notes were offered and sold in a transaction exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”) and were resold to qualified institutional buyers in reliance on Rule 144A of the Securities Act. T he Second Lien Notes and the related guarantees were not registered under the Securities Act or the securities laws of any other jurisdiction. The Second Lien Notes bore interest from the date of their issuance at an annual rate of 11.0% with interest due semi-annually, in arrears, on March 15 th and September 15 th , beginning September 15, 2015. EGC incurred underwriting and direct offering costs of $41.7 million which were recorded as debt issuance costs.
The Second Lien Notes were issued pursuant to an indenture, dated March 12, 2015 (the “2015 Indenture”) , among EGC, the Guarantors and U.S. Bank National Association, as trustee. The Second Lien Notes were secured by second-priority liens on substantially all of EGC and its subsidiary guarantors’ assets and all of EXXI USA’s equity interests in EGC, in each case to the extent such assets secured the Prepetition Revolving Credit Facility. The liens securing the Second Lien Notes and the related guarantees were contractually subordinated to the liens on such assets securing our Prepetition Revolving Credit Facility and any other priority lien debt, to the extent of the value of the collateral securing such obligations, pursuant to the terms of an intercreditor agreement, and to certain other secured indebtedness, to the extent of the value of the assets subject to the liens securing such indebtedness.
The Second Lien Notes were fully and unconditionally guaranteed on a senior basis by the Guarantors.
The 2015 Indenture restricted EGC’s ability and the ability of its restricted subsidiaries to: (i) transfer or sell assets; (ii) make loans or investments; (iii) pay dividends, redeem subordinated indebtedness or make other restricted payments; (iv) incur or guarantee additional indebtedness or issue disqualified capital stock; (v) create or incur certain liens; (vi) incur dividend or other payment restrictions affecting certain subsidiaries; (vii) consummate a merger, consolidation or sale of all or substantially all of EGC’s assets; (viii) enter into transactions with affiliates; and (ix) engage in business other than the oil and gas business. These covenants were subject to a number of important exceptions and qualifications.
In accordance with the Plan, on the Emergence Date, all outstanding obligations under the Second Lien Notes and the related collateral agreements and registration rights, as applicable, were cancelled and the indentures governing such obligations were cancelled.
8.25% Senior Notes Due 2018
On June 3, 2014, EGC assumed the 8.25% Senior Notes in the EPL A cquisition which consist ed of $510 million in aggregate principal amount issued under an indenture dated as of February 14, 2011 ( the “ 2011 Indenture ”) . The 8.25% Senior Notes were fully and unconditionally guaranteed, jointly and severally, on an unsecured senior basis initially by each of EPL’s existing direct and indirect domestic subsidiaries. The 8.25% Senior Notes were to mature on February 15, 2018 . On April 18, 2014, EPL entered into a supplemental indenture (the “Supplemental Indenture”) to the 2011 Indenture, by and among EPL, the guarantors party thereto, and U.S. Bank National Association, as trustee, governing EPL’s 8.25% Senior Notes. The Supplemental Indenture amended the terms of the 2011 Indenture governing the 8.25% Senior Notes to waive EPL’s obligation to make and consummate an offer to repurchase the 8.25% Senior Notes at 101% of the principal amount thereof plus accrued and unpaid interest. EPL entered into the Supplemental Indenture after the receipt of the requisite consents from the holders of the 8.25% Senior Notes in accordance with the Supplemental Indenture. We paid an aggregate cash payment of $1.2 million (equal to $2.50 per $1,000 principal amount of 8.25% Senior Notes for which consents were validly delivered and unrevoked). The 8.25% Senior Notes were callable at 104.125% starting February 15, 2015 with such premium declining to zero by February 15, 2017.
In accordance with the Plan, on the Emergence Date, all outstanding obligations under the 8.25% Senior Notes and the related collateral agreements and registration rights, as applicable, were cancelled and the indentures governing such obligations were cancelled.
6.875% Senior Notes Due 2024
On May 27, 2014, EGC issued at par $650 million in aggregate principal amount of the 6.875% Senior Notes due March 15, 2024 . On June 1, 2015, we completed a registered offer to exchange the 6.875% Senior Notes for a new series of freely tradable notes having substantially identical terms as the 6.875% Senior Notes. EGC incurred underwriting and direct offering costs of approximately $11 million which were recorded as debt issuance costs .
In accordance with the Plan, on the Emergence Date, all outstanding obligations under the 6.875% Senior Notes and the related collateral agreements and registration rights, as applicable, were cancelled and the indentures governing such obligations were cancelled.
3.0% Senior Convertible Notes due 2018
On November 18, 2013, EXXI Ltd sold $400 million face value of 3.0% Senior Convertible Notes due 2018 (the “3.0% Senior Convertible Notes”). We incurred underwriting and direct offering costs of $7.6 million which were recorded as debt issuance costs. The 3.0% Senior Convertible Notes were convertible into cash, shares of common stock or a combination of cash and shares of common stock, at the election of EXXI Ltd , based on an initial conversion rate of 24.7523 shares of common stock per $1,000 principal amount of the 3.0% Senior Convertible Notes (equivalent to an initial conversion price of approximately $40.40 per share of common stock). The conversion rate, and accordingly the conversion price, were permitted to be adjusted under certain circumstances as described in the indenture governing the 3.0% Senior Convertible Notes.
For accounting purposes, the $400 million aggregate principal amount of 3 .0 % Senior Convertible Notes for which we received cash was recorded at fair market value by applying the implied straight debt rate of 6.75% to allocate the proceeds between the debt component and the convertible equity component of the 3 .0 % Senior Convertible Notes , which has been reflected as additional paid-in capital . Based on applying the implied straight debt rate, the $400 million aggregate principal amount of the 3 .0 % Senior Convertible Notes was recorded at $336.6 million and the original issue discount of $63.4 million was amortized as an increase in interest expense on the 3 .0 % Senior Convertible Notes.
As described in the indenture governing the 3.0% Senior Convertible Notes, the 3.0% Senior Convertible Notes were permitted to be converted in multiples of $1,000 principal amount, upon request by the bondholder, if prior to September 15, 2018, during the five consecutive business-day period following any ten consecutive trading-day period in which the trading price per $1,000 principal amount of 3.0% Senior Convertible Notes for each trading day during such ten trading-day period was less than 98% of the closing sale price of EXXI Ltd’s common stock for each trading day during such ten trading-day period multiplied by the then current conversion rate. In March 2016, each $1,000 principal amount of 3.0% Senior Convertible Notes were trading substantially lower than 98% of the value of EXXI Ltd common stock multiplied by the then current conversion rate. Accordingly, certain bondholders holding $37 million in face value of the 3.0% Senior Convertible Notes requested conversion into shares of EXXI Ltd common stock. Upon conversion, EXXI Ltd elected to issue shares of its common stock and delivered 915,385 shares of our common stock with fractional shares settled in cash. We followed the guidance in ASC 470-20, Debt with Conversion and Other Options, to record such conversion which allows for the allocation of fair value of the consideration transferred to the bondholder between the liability and equity components of the original instrument, recognition of gain or loss on debt extinguishment and allocation of remaining consideration transferred to reacquire the equity component. Accordingly, we recorded a debt extinguishment gain of approximately $33.2 million and proportionately adjusted the related debt issue costs, accrued interest and original debt issue discount.
In accordance with the Plan, on the Emergence Date, all outstanding obligations under the 3 .0 % Senior Notes and the related collateral agreements and registration rights, as applicable, were cancelled and the indentures governing such obligations were cancelled.
7.5% Senior Notes Due 2021
On September 26, 2013, EGC issued at par $500 million aggregate principal amount of 7.5% unsecured senior notes due December 15, 2021 ( the “7.5% Senior Notes”). In April 2014, we completed a registered offer to exchange the 7.5% Senior Notes with a new series of freely tradable notes having substantially identical terms as the 7.5% Senior Notes . EGC incurred underwriting and direct offering costs of $8.6 million which were recorded as debt issuance costs .
In accordance with the Plan, on the Emergence Date, all outstanding obligations under the 7.5 % Senior Notes and the related collateral agreements and registration rights, as applicable, were cancelled and the indentures governing such obligations were cancelled.
7.75% Senior Notes
On February 25, 2011, EGC issued at par $ 250 million aggregate principal amount of 7.75% unsecured senior notes due June 15, 2019 (the “7.75% Old Senior Notes”). On July 7, 2011, EGC exchanged the 7.75% Old Senior Notes for newly issued notes registered under the Securities Act (the “7.75% Senior Notes”) with identical terms and conditions. EGC incurred underwriting and direct offering costs of $ 3.1 million which were recorded as debt issuance costs.
In accordance with the Plan, on the Emergence Date, all outstanding obligations under the 7.75 % Senior Notes and the related collateral agreements and registration rights, as applicable, were cancelled and the indentures governing such obligations were cancelled.
9.25% Senior Notes
On December 17, 2010, EGC issued at par $ 750 million aggregate principal amount of 9.25 % unsecured senior notes due December 15, 2017 (the “9.25% Old Senior Notes”). On July 8, 2011, EGC exchanged $ 749 million of the 9.25% Old Senior Notes for $ 749 million of newly issued notes (the “9.25% Senior Notes”) registered under the Securities Act with identical terms and conditions. The trading restrictions on the remaining $ 1 million face value of the 9.25% Old Senior Notes were lifted on December 17, 2011. EGC incurred underwriting and direct offering costs of $ 15.4 million which were recorded as debt issuance costs.
In accordance with the Plan, on the Emergence Date, all outstanding obligations under the 9.25% Senior Notes and the related collateral agreements and registration rights, as applicable, were cancelled and the indentures governing such obligations were cancelled.
4.14% Promissory Note
In September 2012, the Predecessor entered into a promissory note of $ 5.5 million to acquire other property and equipment. Under this note , which is secured by such other property and equipment, we were required to make a monthly payment of approximately $ 52,000 and were to pay one lump-sum payment of $ 3.3 million at maturity in October 2017 . This note carrie d an interest rate of 4.14 % per annum.
In accordance with the Plan, on the Emergence Date, all outstanding obligations under the promissory note were reinstated.
Derivative Instruments Premium Financing
We finance premiums on derivative instruments that we purchase with our hedge counterparties. Substantially all of our hedge transactions were with L enders under the Prepetition Revolving Credit Facility . Derivative instruments premium financing was accounted for as debt and this indebtedness is pari passu with borrowings under the Prepetition Revolving Credit Facility . The derivative instruments premium financing is structured to mature when the derivative instrument settles so that we realize the value , net of derivative instrument p remium financing. As of December 31, 2016, June 30, 2016 and 201 5 , our outstanding derivative instruments premium financing discounted at our approximate borrowing cost of 2.5 % per annum totaled $ 0 , $0 and $ 10.6 million , respectively.
Interest Expense
The f iling of the Bankruptcy Petitions constituted an event of default with respect to the Predecessor’s existing debt obligations. Accordingly , the Predecessor’ s pre-petition secured indebtedness under the Prepetition Revolving Credit Facility, Second Lien Notes and EPL and EGC unsecured notes became immediately due and payable and any efforts to enforce such payment obligations we re automatically stayed as a result of the Chapter 11 Cases . In addition, as a result of the covenant violations that existed at March 31, 2016 that were not cured prior to the filing of the Bankruptcy Petitions, all of our outstanding indebtedness was classified as current in the consolidated balance sheet at March 31, 2016, and we accelerated the amortization of the associated debt premium and original issue discount, fully amortizing those amounts as of March 31, 2016. In addition, except for amounts related to the Prepetition Revolving Credit Facility, the Predecessor accelerated the amortization of the remaining debt issuance costs related to its outstanding indebtedness, fully amortizing those costs as of March 31, 2016. The Predecessor continue d to accrue interest on the Prepetition Revolving Credit Facility subsequent to the Petition Date until the Emergence Date . However, for all our other indebtedness, in accordance with accounting guidance in ASC 852, Reorganizations, the Predecessor accrued interest only up to the Petition Date. Contractual interest on liabilities subject to compromise not reflected in the consolidated statements of operations was approximately $176.5 million, representing interest expense from the Petition Date through Emergence Date, of which $123.7 pertained to the six month transition period ended December 31, 2016 .
Interest expense consisted of the following ( in thousands ):
Predecessor
Six Months
Ended
December 31,
Year Ended June 30,
2016
2016
2015
2014
Prepetition Revolving Credit Facility
$ 11,670
$ 15,703
$ 25,506
$ 13,956
11.0% Second Lien Notes due 2020
-
125,852
48,505
-
8.25% Senior Notes due 2018
-
27,899
42,075
3,507
6.875% Senior Notes due 2024
-
18,033
44,701
4,096
3.0% Senior Convertible Notes due 2018
-
9,340
12,000
7,266
7.50% Senior Notes due 2021
-
17,414
37,500
28,542
7.75% Senior Notes due 2019
-
8,200
19,375
19,375
9.25% Senior Notes due 2017
-
44,944
69,375
69,375
4.14% Promissory Note due 2017
-
130
192
210
Amortization of debt issue cost - Prepetition Revolving Credit Facility
725
5,185
12,491
3,076
Accretion of original debt issue discount, 11.0% Second Lien Notes due 2020
-
6,249
2,358
-
Accretion of original debt issue discount, 11.0% Second Lien Notes due 2020 - accelerated
-
44,855
-
-
Amortization of debt issue cost – 11.0% Second Lien Notes due 2020
-
5,047
1,887
-
Amortization of debt issue cost – 11.0% Second Lien Notes due 2020 - accelerated
-
36,243
-
-
Amortization of fair value premium – 8.25% Senior Notes due 2018
-
(8,818)
(11,108)
(841)
Amortization of fair value premium – 8.25% Senior Notes due 2018 - accelerated
-
(7,961)
-
-
Amortization of debt issue cost – 6.875% Senior Notes due 2024
-
457
1,127
102
Amortization of debt issue cost – 6.875% Senior Notes due 2024 - accelerated
-
1,946
-
-
Accretion of original debt issue discount, 3.0% Senior Convertible Notes due 2018
-
8,917
11,232
6,418
Accretion of original debt issue discount, 3.0% Senior Convertible Notes due 2018 - accelerated
-
33,370
-
-
Amortization of debt issue cost – 3.0% Senior Convertible Notes due 2018
-
1,142
1,439
801
Amortization of debt issue cost – 3.0% Senior Convertible Notes due 2018 - accelerated
-
4,271
-
-
Amortization of debt issue cost – 7.50% Senior Notes due 2021
-
478
1,051
783
Amortization of debt issue cost – 7.50% Senior Notes due 2021 - accelerated
-
2,822
-
-
Amortization of debt issue cost – 7.75% Senior Notes due 2019
-
168
388
388
Amortization of debt issue cost – 7.75% Senior Notes due 2019 - accelerated
-
491
-
-
Amortization of debt issue cost – 9.25% Senior Notes due 2017
-
1,902
2,358
2,206
Amortization of debt issue cost – 9.25% Senior Notes due 2017 - accelerated
-
913
-
-
Derivative instruments financing and other
185
466
856
987
Bridge commitment fee
-
-
-
2,481
$ 12,580
$ 405,658
$ 323,308
$ 162,728
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