Annual report pursuant to Section 13 and 15(d)

Borrowings (Tables)

v3.20.4
Borrowings (Tables)
12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Borrowings
The Company’s borrowings consisted of the following:
As of December 31,
2020 2019
(In thousands)
Senior Secured Revolving Credit Facility due 2024 $985,000  $1,285,000 
9.00% Second Lien Senior Secured Notes due 2025
516,659  — 
6.25% Senior Notes due 2023
542,720  650,000 
6.125% Senior Notes due 2024
460,241  600,000 
8.25% Senior Notes due 2025
187,238  250,000 
6.375% Senior Notes due 2026
320,783  400,000 
Total principal outstanding 3,012,641  3,185,000 
Unamortized discount on Second Lien Notes (41,820) — 
Unamortized premium for 6.25% Senior Notes
2,917  4,838 
Unamortized premium for 6.125% Senior Notes
3,236  5,344 
Unamortized premium for 8.25% Senior Notes
3,240  5,286 
Unamortized deferred financing costs for Second Lien Notes (3,931) — 
Unamortized deferred financing costs for Senior Notes (7,019) (14,359)
Total carrying value of borrowings (1)
$2,969,264  $3,186,109 

(1)    Excludes unamortized deferred financing costs related to the Company’s Credit Facility of $23.6 million and $22.2 million as of December 31, 2020 and 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 September 2020 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 —  %
The fair value of the November 2020 Warrants was calculated 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) 4.9
Expected volatility 98.4  %
Risk-free interest rate 0.4  %
Dividend yield —  %