After buying back $72 million of our bonds at about $0.40 on the dollar in the first half of 2020, under our exchange, $350 million of the $328 million of our debt was due in 2021 was rolled into a new security.
This new debt has a cash coupon of 6.25%, the same as the old debt, plus another 2.75% that is payable at the company's option in cash or in kind additional notes.
$150 million principal amount of the new notes are convertible at a conversion price of $1.35 per share and are automatically and mandatorily convertible once form stock price trades through $1.50 for 20 business days.
The conversion of $150 million of new debt at a conversion price that is more than 2.5 times the current stock price would represent about 50% dilution to current shareholders, while ensuring a strong and sustainable capital structure for the company.
Compared to the year ago quarter, our second quarter cash costs, excluding our purchased materials costs, are down about $150 million or 39%, with most of that savings happening in the most recent quarter.
Our total revenue for the quarter was $113 million, down 38% from the first quarter.
Our book-to-bill ratio was 76% as orders for our consumable products, which are typically booked and shipped in the same period, were most severely impacted.
In total, we reduced these costs by $24 million compared to the first quarter, a 30% reduction.
These cost reductions, which have all occurred since March, amount to approximately $100 million in total savings on an annualized basis.
As a direct result of these cost savings, sequential decremental EBITDA margins were limited to 23%, resulting in adjusted EBITDA of negative $11 million for the second quarter.
For clarity, adjusted EBITDA results exclude roughly $3 million of noncash stock compensation expense for the second quarter.
Our free cash flow after net capital expenditures in the second quarter was negative $3.5 million as the impact of lower earnings was mostly offset by reductions in working capital from strong collections of receivables and inventory management.
Included in this result were approximately $5 million of cash severance and other restructuring costs paid in the quarter.
Over this period, Forum generated $109 million of free cash flow.
In the quarter, we decreased our net inventory position by $15 million and expect the monetization of excess inventory to continue in 2020 and beyond.
Net loss for the quarter was $5 million or $0.05 per diluted share.
Excluding a $39 million gain on extinguishment of debt and $9 million of special items, adjusted net loss was $0.29 per diluted share.
Special items for the quarter on a pre-tax basis included $4 million of severance and other restructuring costs, $4 million of inventory and other working capital impairments and $1 million of foreign exchange loss.
In our Drilling & Downhole segment, orders were $42 million, a 40% decrease from the first quarter, resulting from significant declines in drilling and well construction activity in North America.
Orders for the second quarter include $14 million for this award with additional orders under the award anticipated in the second half of the year.
Segment revenue was $47 million, a $29 million or 38% sequential decrease as book and ship activity across the segment was impacted by lower activity levels and lockdowns due to the COVID-19 pandemic.
Adjusted EBITDA for the segment was negative $3 million in the second quarter, a sequential decrease of $10 million.
In our Completions segment, orders decreased 72% to $14 million.
Segment revenue was $18 million, a sequential decrease of $33 million or 65% due to the virtual standstill and well completion activity in the quarter.
Adjusted EBITDA for the segment was negative $6 million, a $10 million sequential decrease.
Production segment orders were $29 million, a sequential decrease of 43%, primarily due to a significant decline in customer bookings activity for our valves product line as customer activity ground to a halt due to the pandemic due to pandemic-related lockdowns and significant distributor destocking.
Segment revenue was $49 million, a 13% decrease due to lower sales of valves.
Adjusted EBITDA for the segment was $2 million, up $2 million sequentially due to lower overhead expenses from cost reductions.
Our capital expenditures in the second quarter were less than $1 million.
We are a capital-light business, and we expect our total capital expenditures for 2020 to be less than $5 million.
In the second quarter, we reduced net debt by $32 million, primarily due to the repurchase of $72 million principal amount of senior notes at a discount.
We ended June with $110 million of cash on the balance sheet and availability under our revolving credit facility of $84 million, resulting in total liquidity of $194 million.
Our debt at the end of June included $85 million outstanding on our revolving credit facility and $328 million of unsecured notes due 2021.
Following the debt exchange completed earlier this week, we now have $315 million of new secured notes due in 2025 and $13 million remaining on the old unsecured notes.
The changes include: a reduction in the size of commitments from $300 million to $250 million, an increase in the interest rate margin, a limit on the amount of availability derived from our inventory collateral and certain other administrative changes.
Pro forma for the credit facility amendment, our liquidity at the end of the second quarter would have been $126 million.
Interest expense was $6 million in the second quarter.
While we do expect higher interest expense following our debt exchange, the 6.25% of cash interest on the new convertible notes is consistent with cash interest on the previous notes.
In the second quarter, depreciation and amortization and stock-based compensation were $12 million and $3 million, respectively.
Adjusted corporate expenses were $6 million in the second quarter, and we expect them to be similar in the third quarter as well.
As Cris and Lyle have mentioned, the unprecedented decline in drilling and completions activity due to COVID-19 significantly reduced demand for many of our products.
Among the key components in that picture, seven were supplied by Forum, 7: our 3,000-horsepower pumps, our JumboTron radiators, our ICBM single-line manifold, our high-pressure flow wire, our AMT wireline pressure control equipment, our Hydraulic Latch Assemblies and our newest product from quality wireline and wireline cables.

Summary:
Our total revenue for the quarter was $113 million, down 38% from the first quarter.
Net loss for the quarter was $5 million or $0.05 per diluted share.
Excluding a $39 million gain on extinguishment of debt and $9 million of special items, adjusted net loss was $0.29 per diluted share.
As Cris and Lyle have mentioned, the unprecedented decline in drilling and completions activity due to COVID-19 significantly reduced demand for many of our products.