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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)



million (of which at least $20.0 million must be in cash or cash equivalents held in deposit accounts) as of the last day of any fiscal quarter, subject to certain exceptions and cure rights.
The weighted average interest rates on the outstanding borrowings under the Term Loan Facility for the year ended December 31, 2017 was as follows:
 
Year Ended December 31, 2017
Term Loan Facility
11.45
%

Long-Term Debt Principal Repayment and Interest Expense
Presented below is a schedule of the repayment requirements of long-term debt for each of the next five years and thereafter as of December 31, 2017 (in thousands):
 
Principal Amount of Long-Term Debt
2018
$
2,500

2019
2,500

2020
2,500

2021
240,000

Total long-term debt
$
247,500

 
Interest expense for the year ended December 31, 2017, the period from December 16, 2016 through December 31, 2016, the period from January 1, 2016 through December 15, 2016 and the year ended December 31, 2015 consisted of the following (in thousands):
 
Successor
 
 
Predecessor
 
Year Ended December 31, 2017
 
Period from December 16, 2016 through December 31, 2016
 
 
Period from January 1, 2016 through December 15, 2016
 
Year Ended December 31, 2015
Cash payments
$
30,397

 
$
1,312

 
 
$
69,134

 
$
68,105

Commitment and agency fees paid
924

 
35

 
 
772

 
1,097

Amortization of discount and premium on debt

 

 
 
1,086

 
547

Amortization of deferred financing costs
476

 
17

 
 
3,328

 
3,277

Write-off of deferred financing costs

 

 
 

 
821

Net interest expense
$
31,797

 
$
1,364

 
 
$
74,320

 
$
73,847


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