| DEBT | NOTE 10 —DEBT: During 2021, the Company entered into a number of sale and leaseback transactions. The Company’s obligations under these transactions are secured by, among other things, assignments of earnings and insurances and stock pledges and account charges in respect of the subject vessels. The arrangements also contain customary events of default, including cross-default provisions as well as subjective acceleration clauses under which the lessor could cancel the lease in the event of a material adverse change in the Company’s business. For each arrangement, the Company evaluated whether, in substance, these transactions are leases or merely a form of financing. As a result of this evaluation, we concluded that each agreement was a form of financing on the basis that each transaction was a sale and leaseback transaction that did not meet the criteria for a sale under ASC 842 and ASC 606 due to the fixed price seller repurchase options and/or mandatory seller repurchase obligations terms included in the arrangements. Accordingly, the cash received in the transactions has been accounted for as a liability, and such arrangement has been recorded at amortized cost using the effective interest method, with the corresponding vessels remaining on the consolidated balance sheet at cost, less accumulated depreciation. The balances in the following table reflect the amounts due under the Company’s unsecured debt facilities, secured debt facilities and secured lease financing arrangements, net of any unamortized deferred financing fees or discounts/premiums: (Dollars in thousands) December 31, 2021 December 31, 2020 $390 Million Facility Term Loan, due 2025, net of unamortized deferred finance costs of $2,357 and $4,145 $ 188,693 $ 267,427 $525 Million Facility Term Loan, due 2024 216,289 — $525 Million Facility Revolving Loan, due 2024 44,193 — $360 Million Facility Term Loan, due 2024 105,325 — $360 Million Facility Revolving Loan, due 2024 38,889 — Macquarie Credit Facility, due 2025, net of unamortized deferred finance costs of $755 18,720 — ING Credit Facility, due 2026, net of unamortized deferred finance costs of $546 24,454 — Ocean Yield Lease Financing, due 2031, net of unamortized deferred finance costs of $3,799 366,506 — BoComm Lease Financing, due 2030, net of unamortized deferred finance costs of $114 9,494 — Toshin Lease Financing, due 2031, net of unamortized deferred finance costs of $428 16,567 — COSCO Lease Financing, due 2028, net of unamortized deferred finance costs of $1,353 51,393 — 8.5% Senior Notes, due 2023, net of unamortized deferred finance costs of $538 and $855 24,462 24,145 Sinosure Credit Facility, net of unamortized deferred finance costs of $1,884 — 244,243 1,104,985 535,815 Less current portion (178,715) (61,483) Long-term portion $ 926,270 $ 474,332 Capitalized terms used hereafter have the meaning given in these consolidated financial statements or in the respective transaction documents referred to below, including subsequent amendments thereto. Debt Agreements Assumed in the Merger As described above in Note 2, “Merger Transaction,” in connection with the Merger, lenders under Diamond S’ existing credit facilities agreed, among other things, to consent to the Merger and waive any event of default that would arise as a result of the Merger. At the Effective Time, as a result of the consummation of the Merger, and following the payment by Diamond S of fees required to be paid to the lenders, the Amendment and Restatement Agreements and INSW’s Guarantees of Diamond S’ obligations under these agreements became effective. The Amended and Restated $525 Million Credit Agreement consists of a five-year term loan of $375 million (the “$525 Million Facility Term Loan”) and a revolving loan of $150 million (the “$525 Million Facility Revolving Loan”) that was collateralized by 36 vessels at the Effective Time, with reductions based on a 17-year age-adjusted amortization schedule, payable on a quarterly basis with a maturity date of December 23, 2024. The term loan and revolving loan bear interest at LIBOR plus a margin of 2.50%, and the interest is paid quarterly. Commitment fees on undrawn amounts related to the $525 Million Facility Revolving Loan are 0.875%. The outstanding principal amount under the $525 Million Facility Term Loan and the $525 Million Facility Revolving Loan assumed by the Company at the Effective Time was $262.5 million and $150.0 million, respectively. The Amended and Restated $360 Million Credit Agreement consists of a term loan of $300 million (the “$360 Million Facility Term Loan”) and a revolving loan with an original availability of $60 million (the “$360 Million Facility Revolving Loan”), which as of the Effective Time had been reduced to an availability of $53 million as a result of pre-Merger vessel sales by Diamond S. The Amended and Restated $360 Million Credit Agreement was collateralized by 26 vessels at the Effective Time, with reductions based on a 17-year age-adjusted amortization schedule, payable on a quarterly basis with a maturity date of March 27, 2024. The term loan and revolving loan bear interest at LIBOR plus a margin of 2.65%, and interest is paid quarterly. Commitment fees on undrawn amounts related to the $360 Million Facility Revolving Loan are 1.06%. The outstanding principal amount under the $360 Million Facility Term Loan and the $360 Million Facility Revolving Loan assumed by the Company at the Effective Time was $167.9 million and $53.0 million, respectively. The sale and delivery of seven MRs, one Suezmax, and two Handysize product carriers during 2021 reduced the number of vessels collateralizing the Amended and Restated $525 Million Credit Agreement and the Amended and Restated $360 Million Credit Agreement to 34 and 18 vessels, respectively, reduced the availability under the $525 Million Facility Revolving Loan and the $360 Million Facility Revolving Loan to $144.2 million and $38.9 million, respectively and also resulted in a reduction in the scheduled future principal amortization under both facilities. As of December 31, 2021, $44.2 million and $38.9 million under the $525 Million Facility Revolving Loan and the $360 Million Facility Revolving Loan was drawn, respectively. And the available amount under the $525 Million Facility Revolving Loan and the $360 Million Facility Revolving Loan was $100.0 million and nil. The Company also assumed a $66 million five-year senior secured term loan facility (the “$66 Million Credit Facility”) entered into by NT Suez with Credit Agricole Corporate and Investment Bank (“CA-CIB”) and a syndicate of financial institutions arranged by CA-CIB on August 9, 2016 for the purpose of financing two vessels controlled by NT Suez (see Note 8, “Variable Interest Entities”). The $66 Million Credit Facility, which was collateralized by the two vessels, was a nonrecourse term loan with reductions that were based on a 15-year amortization schedule and was payable on a quarterly basis with a balloon repayment upon maturity on November 18, 2021. The $66 Million Credit Facility bore interest at LIBOR plus a margin of 3.25%. The outstanding principal amount under the $66 Million Credit Facility assumed by the Company at the Effective Time was $45.2 million. On November 12, 2021, the Company and WLR/TRF competed the dissolution of the NT Suez joint venture and repaid all outstanding amounts under the $ . Macquarie Credit Facility On September 30, 2021, the Company, Seaways Shipping II Corporation, a wholly owned subsidiary of the Company, and Seaways Shipping II Corporation’s three vessel owning subsidiaries, the borrowers, executed a credit agreement for a $20.0 million term loan facility with Macquarie Bank Limited, London Branch, as lender, facility agent and security agent (the “Macquarie Credit Facility”). The Macquarie Credit Facility is comprised of three loans, each secured by a first lien on one of three LR1s owned by the Company, along with their respective earnings, insurances and certain other assets, as well as certain additional assets of the Company’s subsidiaries. The facility bears interest at LIBOR plus a margin of 3.825%. The loan amortizes in quarterly installments varying in amount between $0.5 million to $0.9 million commencing December 31, 2021, and matures on March 31, 2025, with a balloon payment of approximately $11.7 million due at maturity. The maturity date for the loan is subject to acceleration upon the occurrence of certain events as described in the credit agreement. The Macquarie Credit Facility is guaranteed by the Company and Seaways Shipping II Corporation. The full $20.0 million was drawn down on September 30, 2021 and the Company incurred issuance and other debt financing costs of $0.8 million on this transaction. ING Credit Facility On November 12, 2021, the Company, together with its indirect subsidiaries Diamond S Shipping Inc. (together with the Company, the “Guarantors”) and NT Suez One LLC, the borrower, entered into a credit agreement for a $25 million term loan facility with ING Bank N.V., London Branch, as lender, administrative agent, collateral agent and security trustee (the “ING Credit Facility”). The ING Credit Facility is secured by a first lien on the Suezmax owned by NT Suez One LLC, along with its earnings, insurances and certain other assets. The full $25 million was drawn down on November 12, 2021 and the Company . Interest on the loan is based upon LIBOR plus a margin of 2% . The loan amortizes in quarterly installments of approximately $0.5 million commencing in February 2022 and matures on the fifth anniversary of the borrowing date in November 2026 with a final balloon payment due at maturity in an amount equal to the remaining principal amount of the loan outstanding on that date. The maturity date is subject to acceleration upon the occurrence of certain events as described in the ING Credit Facility. The Company used substantially all of the proceeds of the loan under the ING Credit Facility to repay approximately one-half of the principal and interest amount due under the (approximately $22.0 million), with the remaining balance outstanding being repaid by the other shareholder in WLR/TRF. Ocean Yield Lease Financing On October 26, 2021, the Company entered into lease financing arrangements with Ocean Yield ASA for the sale and leaseback of the six VLCCs that previously collateralized the Sinosure Credit Facility, for a total net sale price of $374.6 million (the “Ocean Yield Lease Financing”). The proceeds from the transactions, which were received on November 8, 2021, were used to prepay the $228.4 million outstanding loan balance under the Sinosure Credit Facility, with the balance intended for general corporate purposes, which included a $100.0 million voluntary prepayment on the $525 Million Facility Revolving Loan. The Company incurred issuance and other debt financing costs of $3.9 million on this transaction. Under these lease financing arrangements, each of the six VLCCs is subject to a 10-year 10-year BoComm Lease Financing Relating to Dual-Fuel LNG VLCC Newbuilds On November 15, 2021, the Company and three of its vessel-owning indirect subsidiaries entered into a series of sale and leaseback arrangements with entities affiliated with the Bank of Communications Limited (“BoComm”) in connection with the construction of three dual-fuel LNG VLCC newbuilds (the “BoComm Lease Financing”). The three newbuilds are currently scheduled for delivery during the first quarter of 2023. BoComm’s obligation to provide funding pursuant to the terms of the sale and leaseback agreements commenced when construction began on the first vessel in November 2021. The BoComm Lease Financing is expected to provide funding of $244.8 million in aggregate ( $81.6 million each vessel) over the course of the construction and delivery of the three vessels. The predelivery interest rate is 3.5% and there is a The related fixed rate bareboat charter-in lease agreements for the three VLCC tankers run for a period of seven years beginning on the date on which the vessels are delivered from the yard where they are being constructed, and include purchase options and other customary terms and conditions for sale and leaseback transactions. Toshin Lease Financing On December 7, 2021, the Company entered into lease financing arrangement with Toshin Co., Ltd (“Toshin”) for the sale and leaseback of a 2012-built MR, which was a $390 Million Facility Collateral Vessel, for a net sale price of $17.1 million (the “Toshin Lease Financing”). The transaction generated $6.9 million net proceeds, after prepaying $10.2 million of the $390 Million Facility Term Loan. The Company also incurred issuance and other debt financing costs of $0.4 million on this transaction. Under the lease financing arrangement, the vessel is subject to a 10-year per day for the first three years, 10-year COSCO Lease Financing On December 23, 2021, the Company entered into lease financing arrangements with Oriental Fleet International Company Limited (“COSCO Shipping”) for the sale and leaseback of an Aframax and an LR2, both $390 Million Facility Collateral Vessels, for a net sale price of $54.0 million in total (the “COSCO Lease Financing”). The transactions generated $19.9 million net proceeds, after prepaying $34.1 million of the $390 Million Facility Term Loan. The Company also incurred issuance and other debt financing costs of $1.4 million on this transaction. Under these lease financing arrangements, each of the two vessels is subject to a seven-year seven-year comprised of a fixed quarterly repayment amount aggregating $1.3 million plus a variable interest component calculated based on three-month LIBOR plus a margin of 3.90%. The terms and conditions, including financial covenants, of the arrangements are in-line with those within the Company’s existing debt facilities. Hyuga Lease Financing On January 14, 2022, the Company entered into lease financing arrangement (the “Hyuga Lease Financing”) with Hyuga Kaiun Co., Ltd (“Hyuga”) for the sale and leaseback of one MR, which was a $390 Million Facility Collateral Vessels, for a net sale price of $16.7 million. The transaction generated $5.7 million net proceeds, after prepaying $11.0 million of the $390 Million Facility Term Loan. Under the lease financing arrangement, the vessel is subject to a nine-year nine-year $390 Million Credit Facility On January 23, 2020, the Company, International Seaways Operating Corporation, the borrower, and certain of their subsidiaries entered into a credit agreement (the “Credit Agreement”) comprising $390 million of secured debt facilities (the “$390 Million Credit Facility”) with Nordea Bank Abp, New York Branch (“Nordea”), ABN AMRO Capital USA LLC (“ABN”), Crédit Agricole Corporate & Investment Bank, DNB Capital LLC and Skandinaviska Enskilda Banken AB (PUBL), or their respective affiliates, as mandated lead arrangers and bookrunners, and BNP Paribas and Danish Ship Finance A/S, as lead arrangers. Nordea is acting as administrative agent, collateral agent and security trustee under the Credit Agreement, and ABN is acting as sustainability coordinator. The $390 Million Credit Facility consisted of (i) a five-year senior secured term loan facility in an aggregate principal amount of $300 million (the “$390 Million Facility Term Loan”); (ii) a five-year revolving credit facility in an aggregate principal amount of $40 million (the “$390 Million Facility Revolving Loan”); and (iii) a senior secured term loan credit facility with a maturity date of June 30, 2022 in an aggregate principal amount of $50 million (the “$390 Million Facility Transition Term Loan”). The $390 Million Facility Term Loan and the $390 Million Facility Revolving Loan were secured by a first lien on 14 of the Company’s vessels built in 2009 or later (the “$390 Million Facility Collateral Vessels”), along with their earnings, insurances and certain other assets, while the $390 Million Facility On January 28, 2020, the available amounts under the $390 Million Facility Term Loan and the $390 Million Facility The $390 Million Facility Term Loan amortizes in 19 quarterly installments commencing June 30, 2020 of approximately $9.5 million and matures on January 23, 2025, with a balloon payment of approximately $120 million due at maturity. The $390 Million Facility Revolving Loan also matures on January 23, 2025. The $390 Million Facility On March 4, 2020, the $20 million outstanding balance under the $390 Million Facility Revolving Loan was repaid in full using available cash on hand and on August 10, 2020, the $40 million outstanding principal balance under the $390 Million Facility was repaid in full using available cash on hand. On April 27, 2020, the Company entered into a first amendment (the “First Amendment”) of the . The First Amendment, among other things, (i) corrects the definition of “Adjusted LIBOR Rate” to reflect the zero percent LIBOR floor previously agreed among the parties; (ii) clarifies the definition of “Permitted Charter” by noting that the time period specified therein does not include any specified or actual redelivery period extending past the initial charter term, and (iii) permits electronic execution of documents relating to the Credit Agreement. On December 30, 2021, the Company entered into a second amendment (the “Second Amendment”) of the . The Second Amendment clarifies that the mandatory prepayment related to any asset sale or sale and leaseback transaction in respect of a $390 Million Facility Collateral Vessel shall take into consideration any undrawn amounts under the $390 Million Facility Revolving Loan. Mandatory principal prepayments totaling $44.3 million were made during the fourth quarter of 2021 in connection with the sale and leaseback transactions for three of the . This Interest on the $390 Million Facility Term Loan and the $390 Million Facility Revolving Loan is calculated based upon LIBOR plus the Applicable Margin (each as defined in the Credit Agreement). The initial Applicable Margin of 2.60%, will be adjusted down or up by 0.20% based on the Company’s total leverage ratio, with a leverage ratio of less than 4.0:1 reducing the Applicable Margin to 2.40% and a leverage ratio of 6.0:1 or greater increasing the Applicable Margin to 2.80%. Borrowings under the Transition Term Loan Facility bore interest at LIBOR plus 3.50%. The $390 Million Credit Facility also includes a sustainability-linked pricing mechanism. The adjustment in pricing will be linked to the carbon efficiency of the INSW fleet as it relates to reductions in CO2 emissions year-over-year, such that it aligns with the International Maritime Organization’s 50% industry reduction target in GHG emissions by 2050. This key performance indicator is to be calculated in a manner consistent with the de-carbonization trajectory outlined in the Poseidon Principles, the global framework by which financial institutions can assess the climate alignment of their ship finance portfolios relative to established de-carbonization trajectories. The Company will be required to deliver a sustainability certificate commencing with the year ending December 31, 2021. If the fleet sustainability score in respect of the relevant year is lower than the fleet sustainability score for the prior year, the Applicable Margin will be decreased by 0.025% per annum, while if the score is higher than that of the previous year, the Applicable Margin will be increased by that same amount (but in no case will any such adjustment result in the Applicable Margin being increased or decreased from the otherwise-applicable Applicable Margin by more than 0.025% per annum in the aggregate). Sinosure Credit Facility In June 2018, as part of the acquisition of 1 2/3% On November 8, 2021, the $228.4 million outstanding loan balance under the Sinosure Credit Facility was paid in full using part of the proceeds from the Ocean Yield Lease Financing. Approximately $16.1 million of cash that was restricted by the Sinosure Credit Facility was released as a result of the prepayment of the outstanding loan balance. 8.5% Senior Notes On May 31, 2018, the Company completed a registered public offering of $25 million aggregate principal amount of its 8.5% senior unsecured notes due 2023 (the “8.5% Senior Notes”), which resulted in aggregate net proceeds to the Company of approximately $23.5 million, after deducting commissions and estimated expenses. The Company issued the Notes under an indenture dated as of May 31, 2018 (the “Base Indenture”), between the Company and The Bank of New York Mellon, as trustee (the “Trustee”), as supplemented by a supplemental indenture dated as of May 31, 2018 (the “First Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), between the Company and the Trustee. The Notes will mature on June 30, 2023 and bear interest at a rate of 8.50% per annum. Interest on the Notes is payable in arrears on March 30, June 30, September 30 and December 30 of each year. The terms of the Indenture, among other things, limit the Company’s ability to merge, consolidate or sell assets. The Company may redeem the Notes at its option, in whole or in part, at any time on or after June 30, 2020 at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest to, but excluding, the redemption date. In addition, if the Company undergoes a Change of Control (as defined in the Indenture) the Company may be required to repurchase all of the Notes at a purchase price equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest (including additional interest, if any), to, but excluding, the repurchase date. Debt Covenants The Company was in compliance with the financial and non-financial covenants under all of its financing arrangements as of December 31, 2021. The $390 Million Credit Facility, the Amended and Restated $525 Million Credit Agreement, the Amended and Restated $360 Million Credit Agreement, the Macquarie Credit Facility, the ING Credit Facility and certain of the Company’s lease financing arrangements contain customary representations, warranties, restrictions and covenants applicable to the Company, the Borrower and the subsidiary guarantors (and in certain cases, other subsidiaries), including financial covenants that require the Company (i) to maintain a minimum liquidity level of the greater of $50 million and 5% of the Company’s Consolidated Indebtedness; (ii) to ensure the Company’s and its consolidated subsidiaries’ Maximum Leverage Ratio will not exceed 0.60 to 1.00 at any time; (iii) to ensure that Current Assets exceeds Current Liabilities (which is defined to exclude the current potion of Consolidated Indebtedness); and (iv) to ensure the aggregate Fair Market Value of the Collateral Vessels will not be less than 135% of the aggregate outstanding principal amount of the Term Loans and Revolving Loans of each Facility. The 8.5% Senior Notes Indenture contains certain restrictive covenants, including covenants that, subject to certain exceptions and qualifications, restrict our ability to make certain payments if a default under the Indenture has occurred and is continuing or will result therefrom and require us to limit the amount of debt we incur, maintain a certain minimum net worth and provide certain reports. The Indenture also provides for certain customary events of default (subject, in certain cases, to receipt of notice of default and/or customary grace or cure periods). Pursuant to the limitation on borrowings covenant, the Company shall not permit Total Borrowings (as defined in the Indenture) to equal or exceed 70% of Total Assets (as defined in the Indenture). The Company shall also ensure that Net Worth (defined as Total Assets, less Intangible assets and Total Borrowings, as defined in the Indenture) exceeds $600 million pursuant to the Minimum Net Worth covenant. The Company’s credit facilities also require it to comply with a number of covenants, including the delivery of quarterly and annual financial statements, budgets and annual projections; maintaining required insurances; compliance with laws (including environmental); compliance with the Employee Retirement Income Security Act of 1974 (“ERISA”); maintenance of flag and class of the collateral vessels; restrictions on consolidations, mergers or sales of assets; limitations on liens; limitations on issuance of certain equity interests; limitations on transactions with affiliates; and other customary covenants and related provisions. Interest Expense The following table summarizes interest expense before the impact of capitalized interest, including amortization of issuance and deferred financing costs (for additional information related to deferred financing costs see Note 3, “Significant Accounting Policies”), commitment, administrative and other fees, recognized during the years ended December 31, 2021, 2020 and 2019 with respect to the Company’s debt facilities: (Dollars in thousands) 2021 2020 2019 $390 Million Facility Term Loan $ 12,464 $ 13,542 $ — $390 Million Facility Revolving Loan 558 660 — $390 Million Facility Transition Term Loan — 1,518 — Sinosure Credit Facility 10,839 13,684 14,903 $525 Million Facility Term Loan 3,546 — — $525 Million Facility Revolving Loan 1,475 — — $360 Million Facility Term Loan 1,816 — — $360 Million Facility Revolving Loan 519 — — $66 Million Credit Facility 568 — — Macquarie Credit Facility 274 — — ING Credit Facility 93 — — Ocean Yield Lease Financing 2,440 — — BoComm Lease Financing 73 — — Toshin Lease Financing 87 — — COSCO Lease Financing 55 — — 8.5% Senior Notes 2,447 2,417 2,390 2017 Term Loan Facility — 3,628 41,483 2017 Revolver Facility — 63 848 ABN Term Loan Facility — 107 1,716 10.75% Subordinated Notes — 276 3,642 Total debt related interest expense $ 37,254 $ 35,895 $ 64,982 The following table summarizes interest paid, excluding deferred financing fees paid, during the years ended December 31, 2021, 2020 and 2019 with respect to the Company’s debt facilities: (Dollars in thousands) 2021 2020 2019 $390 Million Facility Term Loan $ 11,055 $ 12,024 $ — $390 Million Facility Revolving Loan 355 471 — $390 Million Facility Transition Term Loan — 1,183 — Sinosure Credit Facility 9,256 12,199 14,200 $525 Million Facility Term Loan 3,923 — — $525 Million Facility Revolving Loan 1,646 — — $360 Million Facility Term Loan 2,018 — — $360 Million Facility Revolving Loan 572 — — $66 Million Credit Facility 624 — — Macquarie Credit Facility 202 — — Ocean Yield Lease Financing 2,355 — — Toshin Lease Financing 81 — — COSCO Lease Financing 555 — — 8.5% Senior Notes 2,130 2,130 2,130 2017 Term Loan Facility — 2,011 36,236 2017 Revolver Facility — 53 710 ABN Term Loan Facility — 156 1,504 10.75% Subordinated Notes — 359 3,021 Total debt related interest expense paid $ 34,772 $ 30,586 $ 57,801 Debt Modifications, Repurchases and Extinguishments During the year ended December 31, 2021, in connection with the prepayments and extinguishment of certain of the Company’s debt facilities, the Company recognized aggregate net losses of $6.6 million, which are included in other expense in the accompanying consolidated statement of operations. The net losses reflect (i) loan breakage fees of $0.3 million related to the Sinosure Credit Facility and a write-off of $1.6 million of unamortized deferred financing costs associated with such payoff in November 2021, which was treated as an extinguishment of debt, (ii) a $4.2 million loss related to the extinguishment of the financing component of the hybrid instrument upon termination of the partial extinguishments During the year ended December 31, 2020, the Company incurred debt issuance costs aggregating $7.3 million in connection with the 2020 Debt Facilities. Issuance costs paid to lenders and third-party fees associated with the $390 Million Facility Revolving Loan aggregating $0.8 million were capitalized as deferred finance charges. Issuance costs paid to lenders and third-party fees associated with $390 Million Facility Term Loan and Transition Term Loan Facility totaled $6.5 million, of which $6.3 million were capitalized as deferred finance charges and $0.2 million associated with third-party fees paid that were deemed to be a modification were expensed and are included in third-party debt modification fees in the accompanying consolidated statement of operations. Issuance costs incurred and capitalized as deferred finance charges have been treated as a reduction of debt proceeds. In connection with the repurchases and extinguishment of the Company’s debt facilities, the Company recognized aggregate net losses of $14.3 million during the year ended December 31, 2020, which are included in other expense in the accompanying consolidated statement of operations. The net losses reflect (i) prepayment fees of $1.0 million related to the 10.75% Subordinated Notes and a write-off of $12.5 million of unamortized original issue discount and deferred financing costs associated with the payoff of the 2017 Term Loan, ABN Term Loan Facility, and the 10.75% Subordinated Notes, which were treated as extinguishments during the first quarter of 2020, and (ii) prepayment fees of $0.2 million and a write-off of $0.6 million of unamortized deferred financing costs associated with the payoff of the Transition Term Loan Facility in August 2020, which was treated as an extinguishment. I n connection with the $10 and the $100 prepayment of the in July 2019 and October 2019, respectively, which were treated as partial extinguishments, the Company recognized aggregate net losses of included in other expense in the consolidated statement of operations. The net losses reflect a 1% prepayment fee of $1.1 and a write-off of $3.6 of unamortized original issue discount and deferred financing costs. As of December 31, 2021, the aggregate annual principal payments required to be made on the Company’s financing arrangements (including $235.2 million undrawn amount under the BoComm Lease Financing as of December 31, 2021) are as follows: (Dollars in thousands) Amount 2022 $ 178,715 2023 215,217 2024 274,087 2025 163,147 2026 67,731 Thereafter 451,170 Aggregate principal payments required $ 1,350,067 |
