LONG-TERM DEBT (Tables)
|3 Months Ended|
Mar. 31, 2019
|Long-term Debt, Unclassified [Abstract]|
|Summary of long-term debt||
Long-term debt consisted of the following items as of March 31, 2019 and December 31, 2018:
The Company capitalized approximately $0.8 million in interest expense to undeveloped oil and natural gas properties during each of the three months ended March 31, 2019 and 2018.
(1) The Company has entered into a senior secured revolving credit facility, as amended, with The Bank of Nova Scotia, as the lead arranger and administrative agent and certain lenders from time to time party thereto.
As of March 31, 2019, $45.0 million was outstanding under the revolving credit facility and the total availability for future borrowings under this facility, after giving effect to an aggregate of $271.1 million of letters of credit, was $683.9 million. The Company’s wholly-owned subsidiaries have guaranteed the obligations of the Company under the revolving credit facility.
At March 31, 2019, amounts borrowed under the revolving credit facility bore interest at a weighted average rate of 3.99%.
The Company was in compliance with its financial covenants under the revolving credit facility at March 31, 2019.
(2) Loan issuance costs related to the 6.625% Senior Notes due 2023 (the "2023 Notes"), the 6.000% Senior Notes due 2024 (the "2024 Notes"), the 6.375% Senior Notes due 2025 (the "2025 Notes") and the 6.375% Senior Notes due 2026 (the "2026 Notes") (collectively the “Notes”) have been presented as a reduction to the Notes. At March 31, 2019, total unamortized debt issuance costs were $4.2 million for the 2023 Notes, $8.4 million for the 2024 Notes, $12.1 million for the 2025 Notes and $4.9 million for the 2026 Notes. In addition, loan commitment fee costs for the Company's construction loan agreement were $0.1 million at March 31, 2019.
No definition available.
Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef