Examples of Second Lien Notes in a sentence
As of March 31, 2019, we had (i) long-term debt consisting of $147.0 million of borrowings under our Revolving Credit Facility and $696.9 million aggregate principal amount of Second Lien Notes, and (ii) $281.9 million in liquidity, consisting of $278.0 million of borrowing base availability under our Revolving Credit Facility and$3.9 million of cash on hand.
Prior to or substantially simultaneously with the initial extensions of credit hereunder, Borrowers shall have received the proceeds of the Second Lien Notes in the principal amount of $300,000,000, and the Administrative Agent shall have received the Second Lien Intercreditor Agreement duly executed by all parties and copies of all final Second Lien Documents to be effective as of the Effective Date.
The Second Lien Notes are secured by second priority security interests in substantially all assets of the Company, subject to certain exceptions.
Second Lien Notes due 2023 On May 15, 2018, the Company issued 8.500% senior secured second lien notes due 2023 (the “Second Lien Notes”) with an aggregate principal amount of $344.3 million (the “Original 2L Notes”) in exchange for certain previously outstanding 8.000% senior unsecured notes due June 1, 2020 (the “Unsecured Notes”).
The Second Lien Notes are the senior secured obligations of the Company and rank equal in right of payment to all existing and future senior indebtedness of the Company and its subsidiaries.