| 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:
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As of December 31, 2020 |
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| (dollar amounts in thousands) |
2020 |
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2019 |
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| Senior Credit Agreement: |
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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 |
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$ |
388,837 |
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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). |
— |
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11,500 |
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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)
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102,623 |
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95,142 |
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| Total debt obligations |
382,040 |
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495,479 |
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| Less: current portion of long-term debt |
(19,442) |
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(4,007) |
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| Less: unamortized debt discounts and deferred financing costs |
(4,725) |
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(5,894) |
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| Total long-term debt, net |
$ |
357,873
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$ |
485,578
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The following table summarizes changes made as the results of key amendments to the 2017 credit agreements through December 31, 2020:
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| (in millions) |
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GS Credit |
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Senior Credit Agreement |
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Agreement |
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Discounts and Costs |
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Additional |
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Additional |
Revolving |
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Principal |
Line |
Amendment |
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Principal |
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Issue |
Costs |
Costs |
| Amendment |
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Established |
Established |
Type |
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Established (a) |
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Discount |
Expensed (b) |
Capitalized |
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| January 2017 |
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$ |
200.0 |
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$ |
25.0 |
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Extinguishment |
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$ |
80.0 |
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$ |
3.7 |
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$ |
1.8 |
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$ |
3.3 |
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| January 2018 |
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67.5 |
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— |
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Modification |
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— |
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$ |
0.4 |
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$ |
0.8 |
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$ |
0.7 |
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| December 2018 |
|
130.0 |
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— |
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Modification |
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— |
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$ |
0.3 |
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$ |
1.2 |
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$ |
0.1 |
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| March 2020 |
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— |
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— |
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Modification |
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— |
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$ |
— |
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$ |
0.4 |
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$ |
2.7 |
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$ |
397.5 |
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$ |
25.0 |
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$ |
80.0 |
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(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.
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| 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:
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| (in thousands) |
Principal Due |
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Senior Credit Agreement |
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GS Credit Agreement |
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Total |
| Year Ending December 31, |
Term |
Revolver |
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Term |
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2021 (current)
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$ |
19,442 |
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$ |
— |
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$ |
— |
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$ |
19,442 |
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| 2022 |
38,884 |
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— |
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— |
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|
38,884 |
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| 2023 |
221,091 |
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— |
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|
102,623 |
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|
323,714 |
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| Total |
$ |
279,417
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$ |
—
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|
$ |
102,623
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$ |
382,040
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| 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:
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| Test Period Ending |
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Total Net Leverage Ratio Maximum Permitted |
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| December 31, 2020 |
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7.75 : 1.00 |
| March 31, 2021 |
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7.71 : 1.00 |
| June 30, 2021 |
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7.44 : 1.00 |
| September 30, 2021 |
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7.19 : 1.00 |
| December 31, 2021 |
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7.00 : 1.00 |
| March 31, 2022 |
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6.75 : 1.00 |
| June 30, 2022 |
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6.72 : 1.00 |
| September 30, 2022 to December 31, 2022 |
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6.50 : 1.00 |
| Each test period thereafter |
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5.50 : 1.00 |
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