| Components of Debt |
The following table summarizes the components of our debt as of March 31, 2022 and December 31, 2021:
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| |
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| |
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Old ABL Credit Facility |
|
$ |
— |
|
|
$ |
69,000 |
|
Old Term Loan |
|
|
— |
|
|
|
171,355 |
|
First Financial loan |
|
|
26,377 |
|
|
|
30,000 |
|
New ABL Credit Facility |
|
|
70,706 |
|
|
|
— |
|
New Term Loan Credit Facility |
|
|
450,000 |
|
|
|
— |
|
Backstop Note(1) |
|
|
22,000 |
|
|
|
— |
|
Closing Date Note(1) |
|
|
22,000 |
|
|
|
— |
|
Equify Bridge Note(1) |
|
|
45,800 |
|
|
|
— |
|
Best Flow Credit Facility(1) |
|
|
— |
|
|
|
7,101 |
|
Best Flow Note(1) |
|
|
— |
|
|
|
10,827 |
|
Alpine Promissory Note(1) |
|
|
— |
|
|
|
16,717 |
|
Other |
|
|
11,129 |
|
|
|
1,695 |
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| |
|
|
|
|
|
|
|
|
Total gross debt |
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|
648,012 |
|
|
|
306,695 |
|
Less: unamortized debt issuance costs |
|
|
(22,388 |
) |
|
|
(5,129 |
) |
Less: current portion of long-term debt |
|
|
(47,620 |
) |
|
|
(31,793 |
) |
| |
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Total long-term debt |
|
$ |
578,004 |
|
|
$ |
269,773 |
|
| (1) |
|
Related party debt agreements. |
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The following table summarizes the components of our debt as of December 31, 2021 and December 31, 2020:
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| |
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| |
|
December 31, |
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|
December 31, |
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| |
|
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 |
|
|
|
|
|
|
|
|
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|
Total gross debt |
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|
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 March 31, 2022:
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| |
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| |
|
2022 |
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|
2023 |
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|
2024 |
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|
2025 |
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|
2026 |
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|
Thereafter |
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Total |
|
First Financial loan |
|
$ |
11,086 |
|
|
$ |
15,291 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
26,377 |
|
New ABL Credit Facility |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
70,706 |
|
|
|
70,706 |
|
New Term Loan Credit Facility |
|
|
16,875 |
|
|
|
22,500 |
|
|
|
22,500 |
|
|
|
388,125 |
|
|
|
— |
|
|
|
— |
|
|
|
450,000 |
|
Backstop Note(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
22,000 |
|
|
|
22,000 |
|
Closing Date Note(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
22,000 |
|
|
|
22,000 |
|
Equify Bridge Note(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
45,800 |
|
|
|
45,800 |
|
Other |
|
|
10,223 |
|
|
|
167 |
|
|
|
166 |
|
|
|
108 |
|
|
|
79 |
|
|
|
386 |
|
|
|
11,129 |
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|
|
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|
Total |
|
$ |
38,184 |
|
|
$ |
37,958 |
|
|
$ |
22,666 |
|
|
$ |
388,233 |
|
|
$ |
79 |
|
|
$ |
160,892 |
|
|
$ |
648,012 |
|
| (1) |
|
Related party debt agreements. |
|
The following table summarizes the principal maturity schedule for our long-term debt outstanding as of December 31, 2021:
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| |
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| |
|
2022 |
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|
2023 |
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|
2024 |
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|
2025 |
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|
2026 |
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|
Thereafter |
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|
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 |
|
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|
|
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|
|
|
|
|
|
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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. |
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