Quarterly report pursuant to Section 13 or 15(d)

DEBT

v3.22.2.2
DEBT
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
DEBT DEBT
The following is a summary of the Company's debt facilities and balances as of September 30, 2022 and December 31, 2021:
Total Commitment
 or Original Principal		 Quarterly Principal Payments September 30, 2022 December 31, 2021
Maturity
Date		 Amount Outstanding Interest
Rate		 Amount Outstanding Interest
Rate
Crimson Credit Facility:
Crimson Revolver $ 50,000,000  $ —  2/4/2024 $ 32,000,000  6.90  % $ 27,000,000  4.11  %
Crimson Term Loan 80,000,000  2,000,000  2/4/2024 68,000,000  5.58  % 74,000,000  4.10  %
Crimson Uncommitted Incremental Credit Facility 25,000,000  —  2/4/2024 —  —  % —  —  %
5.875% Unsecured Convertible Senior Notes
 120,000,000  —  8/15/2025 118,050,000  5.875  % 118,050,000  5.875  %
Total Debt $ 218,050,000  $ 219,050,000 
Less:
Unamortized deferred financing costs on 5.875% Convertible Senior Notes
 $ 239,405  $ 301,859 
Unamortized discount on 5.875% Convertible Senior Notes
 1,651,490  2,082,311 
Unamortized deferred financing costs on Crimson Credit Facility (1)
817,972  1,275,244 
Total Debt, net of deferred financing costs $ 215,341,133  $ 215,390,586 
Debt due within one year $ 8,000,000  $ 8,000,000 
(1) Unamortized deferred financing costs related to the Company's revolving credit facilities are included in Deferred Costs in the Assets section of the Consolidated Balance Sheets. Refer to the "Deferred Financing Costs" paragraph below.
Crimson Credit Facility Contractual Payments
The remaining contractual principal payments as of September 30, 2022 under the Crimson Credit Facility are as follows:
Year Crimson Term Loan Crimson Revolver Total
2022 $ 2,000,000  $ —  $ 2,000,000 
2023 8,000,000  —  8,000,000 
2024 58,000,000  32,000,000  90,000,000 
Total Remaining Contractual Payments $ 68,000,000  $ 32,000,000  $ 100,000,000 
Subsequent to September 30, 2022, Crimson Midstream Operating and Corridor MoGas, Inc. borrowed an additional $2.0 million under the Crimson Revolver on October 3, 2022.
Deferred Financing Costs
A summary of deferred financing cost amortization expenses for the three and nine months ended September 30, 2022 and 2021 is as follows:
For the Three Months Ended For the Nine Months Ended
September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021
Crimson Credit Facility $ 247,635  $ 247,635  $ 742,905  $ 651,669 
CorEnergy Credit Facility —  —  $ —  $ 47,879 
Total Deferred Debt Cost Amortization Expense (1)(2)
$ 247,635  $ 247,635  $ 742,905  $ 699,548 
(1) Amortization of deferred debt issuance costs is included in interest expense in the Consolidated Statements of Operations.
(2) For the amount of deferred debt cost amortization relating to the convertible notes included in the Consolidated Statements of Operations, refer to the Convertible Note Interest Expense table below.
On September 14, 2022, certain Company parties completed the first amendment to the Amended and Restated Credit Agreement (Crimson Credit Facility), which replaced the use of a LIBOR reference rate with SOFR.
Convertible Debt Interest Expense
The following is a summary of the impact of convertible notes on interest expense for the three and nine months ended September 30, 2022 and 2021:
Convertible Note Interest Expense
For the Three Months Ended For the Nine Months Ended
September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021
5.875% Convertible Notes:
Interest Expense $ 1,733,859  $ 1,733,859  $ 5,201,577  $ 5,201,577 
Discount Amortization 143,607  143,607  430,821  430,821 
Deferred Debt Issuance Amortization 20,818  20,818  62,454  62,454 
Total 5.875% Convertible Note Interest Expense
 $ 1,898,284  $ 1,898,284  $ 5,694,852  $ 5,694,852 
Including the impact of the convertible debt discount and related deferred debt issuance costs, the effective interest rate on the 5.875% Convertible Notes is approximately 6.4% for both the three and nine months ended September 30, 2022 and 2021.