Quarterly report pursuant to Section 13 or 15(d)

Borrowings (Tables)

v3.20.2
Borrowings (Tables)
9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Schedule of Borrowings
The Company’s borrowings consisted of the following:
September 30, 2020 December 31, 2019
(In thousands)
Senior Secured Revolving Credit Facility due 2024 $1,025,000  $1,285,000 
9.00% Second Lien Senior Secured Notes due 2025
300,000  — 
6.25% Senior Notes due 2023
650,000  650,000 
6.125% Senior Notes due 2024
600,000  600,000 
8.25% Senior Notes due 2025
250,000  250,000 
6.375% Senior Notes due 2026
400,000  400,000 
Total principal outstanding 3,225,000  3,185,000 
Unamortized premium on 6.125% Senior Notes
4,500  5,344 
Unamortized premium on 6.25% Senior Notes
3,818  4,838 
Unamortized premium on 8.25% Senior Notes
4,571  5,286 
Unamortized discount on 9.00% Second Lien Notes
(35,270) — 
Unamortized deferred financing costs for Senior Notes (12,346) (14,359)
Total carrying value of borrowings (1)
$3,190,273  $3,186,109 

(1)    Excludes unamortized deferred financing costs related to the Company’s senior secured revolving credit facility of $24.9 million and $22.2 million as of September 30, 2020 and December 31, 2019, respectively, which are classified in “Deferred financing costs” in the consolidated balance sheets.
Fair Value Measurement Inputs and Valuation Techniques The fair value of the Warrants was calculated by a third-party valuation specialist using a Black Scholes-Merton option pricing model, incorporating the following assumptions at the issuance date:
Issuance Date Fair Value Assumptions
Exercise price $5.60
Expected term (in years) 5.0
Expected volatility 116.3  %
Risk-free interest rate 0.3  %
Dividend yield —  %