Quarterly report pursuant to Section 13 or 15(d)

Debt

v3.24.1.1.u2
Debt
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Debt

Note 5 Debt

Long-term debt (including accrued interest to be paid-in-kind) as of the presented periods was comprised of the following:

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Description

 

Issued

 

Maturity

 

Interest Rate

 

Interest Payable

 

March 31, 2024

 

December 31, 2023

Francisco Partners Facility

 

November 2021

 

April 2026

 

9.25%

 

Quarterly

 

$120,023

 

$120,023

Lockheed Martin Rollover Debt

 

March 2021

 

April 2026

 

9.25%

 

Quarterly

 

25,000

 

25,000

Beach Point Rollover Debt

 

March 2021

 

April 2026

 

11.25%

 

Quarterly

 

32,541

 

32,380

Convertible Notes due 2027

 

October 2022

 

October 2027

 

10.00%

 

Quarterly

 

115,041

 

112,251

PIPE Investment Obligation

 

March 2022

 

December 2025

 

N/A

 

N/A

 

15,000

 

16,875

Equipment financings(1)

 

 

 

 

 

 

 

 

 

2,182

 

2,287

Finance leases(2)

 

 

 

 

 

 

 

 

 

6,873

 

4,988

Unamortized deferred issuance costs

(2,530)

 

(2,664)

Unamortized discount on debt

(121,870)

 

(128,367)

Total debt

 

 

 

 

 

 

 

 

 

192,260

 

182,773

Current portion of long-term debt

12,839

 

11,740

Long-term debt

 

 

 

 

 

 

 

 

 

$179,421

 

$171,033

 

(1) - Consists of equipment financing debt agreements with maturities through September 2030, annual interest rates ranging from 6.25% to 20.05%, and requiring monthly payments of interest and principal.

(2) - Refer to Note 14 “Leases” for further discussion.

There were no significant changes in the Company’s long-term debt during the three months ended March 31, 2024.

In April 2024, the Company paid $1.875 million of principal related to the PIPE Investment Obligation, which was outstanding as of March 31, 2024.