Quarterly report pursuant to Section 13 or 15(d)

Debt

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Debt
 3 Months Ended
Mar. 31, 2024
Debt [Abstract]  
DEBT

5. DEBT.

 

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

 

    March 31,
2024		     December 31,
2023		  
Kinergy line of credit   $ 32,210     $ 30,690  
Orion term loan     60,000       60,000  
      92,210       90,690  
Less unamortized debt discount     (3,693 )     (3,893 )
Less unamortized debt financing costs     (4,448 )     (4,700 )
Less current portion    
—
      
—
  
Long-term debt   $ 84,069     $ 82,097  

 

Excess Availability – As of March 31, 2024, Kinergy had $25.9 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 Orion term loan, subject to certain conditions.