Annual report pursuant to Section 13 and 15(d)

LONG-TERM DEBT AND WARRANT LIABILITY - (Tables)

v3.21.1
LONG-TERM DEBT AND WARRANT LIABILITY - (Tables)
12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Long-term debt owed by certain subsidiaries (the "Borrowers") of the Company consisted of the following as of December 31, 2012 and December 31, 2019:
As of December 31, 2020
(dollar amounts in thousands) 2020 2019
Senior Credit Agreement:
Term Loan - Matures January 3, 2023 and bears interest at LIBOR (with a LIBOR "floor" of 1.00% beginning March 8, 2020) plus 6.50% and 5.0% at December 31, 2020 and 2019, respectively (actual rate of 7.50% and 6.71% at December 31, 2020 and 2019, respectively)
$ 279,417  $ 388,837 
Revolving credit facility - $25.0 million line, matures January 22, 2022, and bears interest at LIBOR plus 6.50% and 5.0% at December 31, 2020 and 2019, respectively (actual rate of 6.65% and 6.71% at December 31, 2020 and 2019, respectively).
—  11,500 
Term Loan - Subordinated, matures July 3, 2023 and bears interest at 5.0% plus an applicable margin at December 31, 2020 and 2019 (actual rate of 12.50% and 10.50% at December 31, 2020 and 2019, respectively)
102,623  95,142 
Total debt obligations 382,040  495,479 
Less: current portion of long-term debt (19,442) (4,007)
Less: unamortized debt discounts and deferred financing costs (4,725) (5,894)
Total long-term debt, net $ 357,873  $ 485,578 
The following table summarizes changes made as the results of key amendments to the 2017 credit agreements through December 31, 2020:
(in millions) GS Credit
Senior Credit Agreement Agreement Discounts and Costs
Additional
Additional Revolving
Principal Line Amendment Principal Issue Costs Costs
Amendment Established Established Type Established (a) Discount Expensed (b) Capitalized
January 2017 $ 200.0  $ 25.0  Extinguishment $ 80.0  $ 3.7  $ 1.8  $ 3.3 
January 2018 67.5  —  Modification —  $ 0.4  $ 0.8  $ 0.7 
December 2018 130.0  —  Modification —  $ 0.3  $ 1.2  $ 0.1 
March 2020 —  —  Modification —  $ —  $ 0.4  $ 2.7 
$ 397.5  $ 25.0  $ 80.0 

(a) The GS Credit Agreement allows for payment-in-kind interest which subsequently increases the amount outstanding. Beginning with the Sixth Amendment, the Senior Credit Agreement began to allow certain amounts of interest to be treated as payment-in-kind interest and added to the outstanding borrowings balance, as discussed below under the header "Changes to Applicable Interest Rate Margins."

(b) Reported within "Debt extinguishment and modification expenses" on the Company's consolidated statements of operations.
Schedule of Maturities of Long-Term Debt
Principal outstanding at December 31, 2020 for term debt under the Senior Credit Agreement and the GS Credit Agreement are scheduled to be paid as follows:

(in thousands) Principal Due
Senior Credit Agreement GS Credit Agreement Total
Year Ending December 31, Term Revolver Term
2021 (current)
$ 19,442  $ —  $ —  $ 19,442 
2022 38,884  —  —  38,884 
2023 221,091  —  102,623  323,714 
Total $ 279,417  $   $ 102,623  $ 382,040 
Schedule of Maximum Net Leverage Ratios By Period
The table below sets forth the maximum permitted Total Net Leverage Ratio for the indicated test periods:
Test Period Ending Total Net Leverage Ratio Maximum Permitted
December 31, 2020 7.75 : 1.00
March 31, 2021 7.71 : 1.00
June 30, 2021 7.44 : 1.00
September 30, 2021 7.19 : 1.00
December 31, 2021 7.00 : 1.00
March 31, 2022 6.75 : 1.00
June 30, 2022 6.72 : 1.00
September 30, 2022 to December 31, 2022 6.50 : 1.00
Each test period thereafter 5.50 : 1.00