Annual report pursuant to Section 13 and 15(d)

Borrowings (Tables)

v3.22.0.1
Borrowings (Tables)
12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Borrowings
The Company’s borrowings consisted of the following:
As of December 31,
2021 2020
(In thousands)
6.25% Senior Notes due 2023
$—  $542,720 
6.125% Senior Notes due 2024
460,241  460,241 
Senior Secured Revolving Credit Facility due 2024 785,000  985,000 
9.00% Second Lien Senior Secured Notes due 2025
319,659  516,659 
8.25% Senior Notes due 2025
187,238  187,238 
6.375% Senior Notes due 2026
320,783  320,783 
8.00% Senior Notes due 2028
650,000  — 
Total principal outstanding 2,722,921  3,012,641 
Unamortized premium on 6.25% Senior Notes
—  2,917 
Unamortized premium on 6.125% Senior Notes
2,373  3,236 
Unamortized discount on Second Lien Notes (14,852) (41,820)
Unamortized premium on 8.25% Senior Notes
2,477  3,240 
Unamortized deferred financing costs for Second Lien Notes (2,910) (3,931)
Unamortized deferred financing costs for Senior Notes (15,894) (7,019)
Total carrying value of borrowings (1)
$2,694,115  $2,969,264 
(1)    Excludes unamortized deferred financing costs related to the Company’s senior secured revolving credit facility of $18.1 million and $23.6 million as of December 31, 2021 and 2020, 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 —  %