Registration of securities issued in business combination transactions

Indebtedness (Tables)

v3.22.2.2
Indebtedness (Tables)
6 Months Ended 12 Months Ended
Jun. 30, 2022
Dec. 31, 2021
Debt Disclosure [Abstract]    
Components of Debt
The following table summarizes the components of our debt as of June 30, 2022 and December 31, 2021:
 
(In thousands)
  
June 30,
2022
    
December 31,
2021
 
Old ABL Credit Facility
   $ —        $ 69,000  
Old Term Loan
     —          171,355  
First Financial Loan
     23,950        30,000  
New ABL Credit Facility
     143,350        —    
New Term Loan Credit Facility
     302,380        —    
Best Flow Credit Facility
(1)
     —          7,101  
Best Flow Note
(1)
     —          10,827  
Alpine Promissory Note
(1)
     —          16,717  
Flotek Convertible Notes
     12,739        —    
Other
     12,626        1,695  
    
 
 
    
 
 
 
Total gross debt
     495,045        306,695  
Less: unamortized debt issuance costs
     (15,755      (5,129
Less: current portion of long-term debt
     (51,329      (31,793
    
 
 
    
 
 
 
Total long-term debt
   $ 427,961      $ 269,773  
    
 
 
    
 
 
 
 
(1)
Related party debt agreements
The following table summarizes the components of our debt as of December 31, 2021 and December 31, 2020:
 
    
December 31,
    
December 31,
 
    
2021
    
2020
 
ABL Credit Facility
   $ 69,000      $ 41,000  
Term Loan
     171,355        137,355  
First Financial loan
     30,000        —    
Main Street loan
     —          35,000  
Tractor notes
     —          3,911  
Best Flow Credit Facility
(1)
     7,101        37,303  
Best Flow notes payable
(1)
     —          —    
Best Flow Note
(1)
     10,827        —    
Alpine Promissory Note
(1)
     16,717        —    
Alpine Credit Facility
(1)
     —          21,135  
Other
     1,695        5,829  
    
 
 
    
 
 
 
Total gross debt
     306,695        281,533  
Less: unamortized debt issuance costs
     (5,129      (5,820
Less: current portion of long-term debt
     (31,793      (15,484
    
 
 
    
 
 
 
Total long-term debt
   $ 269,773      $ 260,229  
    
 
 
    
 
 
 
 
(1)
Related party debt agreements.
Summary of Principal Maturity Schedule
The following table summarizes the principal maturity schedule for our long-term debt outstanding as of June 30, 2022:
 
    
2022
    
2023
    
2024
    
2025
    
2026
    
Thereafter
    
Total
 
First Financial loan
   $ 8,659      $ 15,291      $ —        $ —        $ —        $ —        $ 23,950  
New ABL Credit Facility
     —          —          —          —          —          143,350        143,350  
New Term Loan Credit Facility
     7,560        15,120        15,120        264,580        —          —          302,380  
Flotek Convertible Notes
     —          12,739        —          —          —          —          12,739  
Other.
     7,803        1,908        1,907        543        79        386        12,626  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total
   $ 24,022      $ 45,058      $ 17,027      $ 265,123      $ 79      $ 143,736      $ 495,045  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
The following table summarizes the principal maturity schedule for our long-term debt outstanding as of December 31, 2021:
 
    
2022
    
2023
    
2024
    
2025
    
2026
    
Thereafter
    
Total
 
ABL Credit Facility
(1)
   $ —        $ —        $ —        $ —        $ —        $ 69,000      $ 69,000  
Term Loan
(1)
     16,875        22,500        22,500        109,480        —          —          171,355  
First Financial loan
     14,110        15,890        —          —          —          —          30,000  
Best Flow Credit Facility
(1)
     —          —          —          —          —          7,101        7,101  
Best Flow Note
(1)
     —          —          —          —          —          10,827        10,827  
Alpine Promissory Note
(1)
     —          —          —          —          —          16,717        16,717  
Other indebtedness
     808        173        152        101        75        386        1,695  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total
   $ 31,793      $ 38,563      $ 22,652      $ 109,581      $ 75      $ 104,031      $ 306,695  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
(1)
Principal maturity for these facilities reflect the terms of the New ABL Credit Facility, the New Term Loan Credit Facility and the Equify Bridge Note which refinanced these facilities subsequent to December 31, 2021, however the presented amounts due at maturity in the schedule above are limited by the balances outstanding as of December 31, 2021. See Note 11 - Subsequent Events for additional detail and a schedule of the full principal repayment obligations as of March 30, 2022.