LONG-TERM DEBT (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Debt Disclosure [Abstract] |
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| Schedule of Long-term Debt Instruments |
Long-term debt in the accompanying consolidated balance sheets at December 31, 2016 and 2015 consists of the following:
| | | | | | | | | | (Amounts in thousands) | | | | | | | December 31, 2016 | | December 31, 2015 | Senior secured asset based revolving credit facility | | $ | — |
| | $ | — |
| Term Loan due 2021, net of unamortized early tender premium, discount, | | | | | and debt issuance costs of $17,854 and $35,106, respectively | | 240,321 |
| | 387,369 |
| 6.50% Senior notes due 2022, net of unamortized early tender premium, discount, | | | | | and debt issuance costs of $49,935 and $57,538, respectively | | 600,065 |
| | 592,462 |
| | | $ | 840,386 |
| | $ | 979,831 |
| Less current portion of long-term debt | | (4,300 | ) | | (4,300 | ) | | | $ | 836,086 |
| | $ | 975,531 |
|
|
| Schedule of Extinguishment and Modification of Debt |
Based on these financing transactions, the Company recognized a loss on debt modification or extinguishment of approximately $11.7 million, $0.0 million and $21.4 million for the years ended December 31, 2016, 2015, and 2014, respectively, as summarized in the table below.
| | | | | | | | | | | | | | (Amounts in thousands) | | For the year ended | | | December 31, 2016 | | December 31, 2015 | | December 31, 2014 | Loss on extinguishment of debt: | | | | | | | 8.25% Senior Secured Notes and 9.375% Senior Notes tender premium | | $ | — |
| | $ | — |
| | $ | (8,493 | ) | 8.25% Senior Secured Notes and 9.375% Senior Notes unamortized discount | | — |
| | — |
| | (4,773 | ) | 8.25% Senior Secured Notes and 9.375% Senior Notes unamortized debt issuance costs | | — |
| | — |
| | (2,067 | ) | Term Loan Facility unamortized discount | | — |
| | — |
| | (255 | ) | | | — |
| | — |
| | (15,588 | ) | | | | | | | | Loss on modification of debt: | | |
| | |
| | | Term Loan Facility unamortized discount | | (9,375 | ) | | — |
| | — |
| Term Loan Facility unamortized debt issuance costs | | (2,372 | ) | | — |
| | — |
| Third party fees for 8.25% Senior Secured Notes and 9.375% Senior Notes | | — |
| | — |
| | (302 | ) | Third party fees for 6.50% Senior Notes and Term Loan Facility | | — |
| | — |
| | (5,474 | ) | | | (11,747 | ) | | — |
| | (5,776 | ) | | | | | | | | Total loss on modification or extinguishment of debt | | $ | (11,747 | ) | | $ | — |
| | $ | (21,364 | ) |
|
| Schedule of Maturities of Long-term Debt |
The following table summarizes the Company’s long-term debt maturities due in each fiscal year after December 31, 2016: | | | | | | | | As of | (Amounts in thousands) | | December 31, 2016 | 2017 | | $ | 4,300 |
| 2018 | | 4,300 |
| 2019 | | 4,300 |
| 2020 | | 4,300 |
| 2021 | | 4,300 |
| Thereafter | | 886,675 |
| | | $ | 908,175 |
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