Quarterly report pursuant to Section 13 or 15(d)

DEBT (Tables)

v3.8.0.1
DEBT (Tables)
9 Months Ended
Sep. 30, 2017
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
The carrying value of the Company’s debt consists of the following:
(in thousands)
 
September 30, 2017
 
December 31, 2016
8% Senior Notes
 
$
700,000

 
$
700,000

Unamortized net discount on 8% Senior Notes
 
(1,326
)
 
(1,694
)
Revolving Credit Facility
 
155,000

 
144,000

Debt issuance costs, net (1)
 
(7,556
)
 
(9,681
)
Total debt
 
846,118

 
832,625

Less amounts due within one year (2)
 
155,000

 

Total debt due after one year
 
$
691,118

 
$
832,625


 
 
September 30, 2017
(in thousands)
 
Carrying Value
 
Unamortized
net discount/debt issuance costs
 
Principal balance
8% Senior Notes
 
$
691,118

 
$
8,882

 
$
700,000

Revolving Credit Facility (1)
 
155,000

 

 
155,000

Total debt
 
$
846,118

 
$
8,882

 
$
855,000

____________
(1) 
Debt issuance costs related to the Company’s revolving credit facility are recorded in “Other Noncurrent Assets, Net” on the condensed balance sheets.
(2) The Company’s Revolving Credit Facility is classified as current liability due to its September 30, 2018 maturity date. Subsequent to September 30, 2017, the Company refinanced its Revolving Credit Facility with a new debt agreement. See Note 12 for further details.
Schedule of Debt Covenants
Effective May 4, 2017, the schedule of the minimum ratio of EBITDAX to interest expense the Company is required to maintain is as follows:

Measurement Period
 
Minimum ratio of EBITDAX to Interest Expense
12 months ending December 31, 2017
 
1.50 to 1.00
12 months ending March 31, 2018
 
1.50 to 1.00
12 months ending June 30, 2018 and beyond
 
1.75 to 1.00