Quarterly report pursuant to Section 13 or 15(d)

Debt

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Debt
 6 Months Ended
Jun. 30, 2024
Debt [Abstract]  
DEBT

5. DEBT.

 

Long-term borrowings are summarized as follows (in thousands):

 

    June 30,
2024		     December 31,
2023		  
Kinergy line of credit   $ 38,648     $ 30,690  
Orion term loan     60,000       60,000  
      98,648       90,690  
Less unamortized debt discount     (3,493 )     (3,893 )
Less unamortized debt financing costs     (4,195 )     (4,700 )
Less current portion    
—
      
—
  
Long-term debt   $ 90,960     $ 82,097  

 

Excess Availability – As of June 30, 2024, Kinergy had $30.3 million in unused borrowing availability under its line of credit and the Company had $65.0 million that may be available for capital improvement projects under its term loan with Orion Infrastructure Capital, subject to certain conditions. At June 30, 2024, the interest rates for the Kinergy line of credit and the Orion term loan were 6.94% and 10.00%, respectively.