Quarterly report pursuant to Section 13 or 15(d)

Debt

v3.23.3
Debt
 9 Months Ended
Sep. 30, 2023
Debt [Abstract]  
DEBT
5. DEBT.

 

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

 

    September 30,
2023		     December 31,
2022		  
Kinergy line of credit   $ 24,923     $ 18,076  
Orion term loan     60,000       60,000  
      84,923       78,076  
Less unamortized debt discount     (4,095 )     (4,686 )
Less unamortized debt financing costs     (4,950 )     (5,034 )
Less current portion    
—
      
—
  
Long-term debt   $ 75,878     $ 68,356  

 

Excess Availability – As of September 30, 2023, the Company had $53.4 million in unused borrowing availability under Kinergy’s line of credit and $40.0 million available under the Orion term loan. The Company also has an option to expand the Orion term loan by up to $25.0 million upon the satisfaction of certain conditions.