Specifically, we were able to negotiate the assignment Of approximately $91,000,000 of our senior debt from certain of our lenders to a primary lender at $0.8725 on the dollar, resulting in a discount of approximately $12,000,000 We also negotiated the exchange of our preferred stock, which is held by one of our lenders For additional principal of our senior debt at a $7,000,000 discount to the current liquidation value, in order to accommodate the restructuring of our senior debt and preferred We amended and restated our senior debt agreement with Fortress and our other lenders. The restated facility actually lowers our total cost of capital By lowering the interest rate, so that in total, our cash interest costs remain substantially the same, while eliminating the accrual and payment in time features of the preferred stock. Fortress has also made available to us the $12,000,000 discount obtained from the other lenders as new cash on our balance sheet. In total, we will have $210,000,000 of gross debt outstanding down from our $216,000,000 before, inclusive of the preferred stock. But we now have an additional $12,000,000 of cash on our balance sheet, bringing total cash to an excess of $35,000,000 The bulk of the restated facility has no amortization payments, thus saving the company over $2,000,000 of cash during such period and has no leverage covenants until Q1 2025.
