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10-K
KEY ENERGY SERVICES INC filed this Form 10-K on 02/28/2018
Entire Document
 
Key Energy Services, Inc. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)



for uncertain tax positions to reverse within the next twelve months. A reconciliation of the gross change in the unrecognized tax benefits is as follows (in thousands):
Predecessor:
 
Balance at January 1, 2015
$
1,449

Additions based on tax positions related to the current year

Reductions as a result of a lapse of the applicable statute of limitations
(883
)
Settlements

Balance at December 31, 2015
566

Additions based on tax positions related to the current period

Reductions as a result of a lapse of the applicable statute of limitations
(206
)
Settlements

Balance at December 15, 2016
$
360

 
 
 
 
Successor:
 
Balance at December 15, 2016
$
360

Additions based on tax positions related to the current period

Reductions as a result of a lapse of the applicable statute of limitations

Settlements

Balance at December 31, 2016
$
360

Additions based on tax positions related to the current period

Reductions as a result of a lapse of the applicable statute of limitations
(252
)
Settlements

Balance at December 31, 2017
$
108

NOTE 16.    LONG-TERM DEBT
The components of our long-term debt are as follows (in thousands):
 
December 31,
 
2017
 
2016
Term Loan Facility due 2021
$
247,500

 
$
250,000

Debt issuance costs and unamortized premium (discount) on debt, net
(1,897
)
 
(2,023
)
Total
245,603

 
247,977

Less current portion
(2,500
)
 
(2,500
)
Long-term debt
$
243,103

 
$
245,477

ABL Facility
On December 15, 2016, the Company and Key Energy Services, LLC, as borrowers (the “ABL Borrowers”), entered into the ABL Facility with the financial institutions party thereto from time to time as lenders (the “ABL Lenders”), Bank of America, N.A., as administrative agent for the lenders, and Bank of America, N.A. and Wells Fargo Bank, National Association, as co-collateral agents for the lenders. The ABL Facility provides for aggregate initial commitments from the ABL Lenders of $80 million, which, on February 3, 2017 was increased to $100 million, and matures on June 15, 2021.
The ABL Facility provides the ABL Borrowers with the ability to borrow up to an aggregate principal amount equal to the lesser of (i) the aggregate revolving commitments then in effect and (ii) the sum of (a) 85% of the value of eligible accounts receivable plus (b) 80% of the value of eligible unbilled accounts receivable, subject to a limit equal to the greater of (x) $35 million and (y) 25% of the Commitments. The amount that may be borrowed under the ABL Facility is subject to increase or reduction based on certain segregated cash or reserves provided for by the ABL Facility. In addition, the percentages of accounts receivable and unbilled accounts receivable included in the calculation described above is subject to reduction to the extent of certain bad debt write-downs and other dilutive items provided in the ABL Facility.

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