Quarterly report pursuant to Section 13 or 15(d)

Debt and Interest (Tables)

v3.21.1
Debt and Interest (Tables)
3 Months Ended
Mar. 31, 2021
Debt and Interest  
Schedule of Debt

Total debt consists of the following as of March 31, 2021 and December 31, 2020:

    

March 31, 

    

December 31,

    

    

($ in thousands)

2021

2020

Interest rate

Maturity

(Unaudited)

Total notes payable - Oaktree Note

$

60,000

$

60,000

 

11.00

%

August - 2025

Less: Discount on notes payable

 

(8,014)

 

(8,323)

 

  

 

  

Total notes payable

$

51,986

$

51,677

 

  

 

  

Interest Expense for all Debt Arrangements

The following table shows the details of interest expense for all debt arrangements during the periods presented. Interest expense includes contractual interest; fees include amortization of the debt discount and amortization of fees associated with loan transaction costs, amortized over the life of the loan:

Three Months Ended March 31, 

2021

2020

($ in thousands)

    

Interest

    

Fees

    

Total

    

Interest

    

Fees

    

Total

IDB Note1

$

$

$

$

84

$

-

$

84

2017 Subordinated Note Financing2

 

 

 

 

1,084

 

312

 

1,396

2019 Notes3

 

 

 

 

269

 

269

2018 Venture Notes4

 

 

 

 

433

 

176

 

609

LOC Fees

 

9

 

 

9

 

15

 

 

15

Mustang Horizon Notes5

 

 

 

 

341

 

259

 

600

Oaktree Note

1,650

309

1,959

Note Payable6

221

221

150

150

Other

 

 

 

 

2

2

Total Interest Expense and Financing Fee

$

1,880

$

309

$

2,189

$

2,378

$

747

$

3,125

Note 1:

During August 2020, the Company repaid the IDB Note utilizing the cash collateral securing the IDB Note, which was classified   as restricted cash on the Company’s Condensed Consolidated Balance Sheet.

Note 2: In August 2020, the Company used certain proceeds from the Oaktree Note to pay off the $28.4 million balance previously outstanding under the 2017 Subordinated Note Financing.

Note 3: August 2020, the Company used certain proceeds from the Oaktree Note to pay off the $9.0 million balance previously outstanding under the 2019 Notes.  

Note 4: In August 2020, the Company used certain proceeds from the Oaktree Note to pay off the $21.7 million balance previously outstanding under the 2018 Venture Notes.

Note 5: In September 2020, Mustang repaid the amount outstanding under the Horizon Notes in full, which was comprised of $15.0 million face value of the outstanding notes, $0.1 million in accrued and unpaid interest, a $0.8 million final payment fee and prepayment penalties of $0.6 million.

Note 6: Imputed interest expense related to Journey’s agreements for Ximino and Accutane.