INDEBTEDNESS

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

INDEBTEDNESS

INDEBTEDNESS

Long-term debt consisted of the following as of September 30, 2022 (in thousands):

	Principal Amount		Discount		Debt Issuance Costs		Net Balance
Asset-based-lending (“ABL”) facility	$	—	$	—	$	—	$	—
First Lien Term Loan	595,500		(8,638)		(11,987)		574,875
Senior Notes	500,000		—		(10,269)		489,731
	$	1,095,500	$	(8,638)	$	(22,256)	1,064,606
Less: current portion							(6,000)
Total long-term debt							$	1,058,606

Long-term debt consisted of the following as of December 31, 2021 (in thousands):

	Principal Amount		Discount		Debt Issuance Costs		Net Balance
ABL facility	$	—	$	—	$	—	$	—
First Lien Term Loan	600,000		(9,605)		(13,331)		577,064
Senior Notes	500,000		—		(11,164)		488,836
	$	1,100,000	$	(9,605)	$	(24,495)	1,065,900
Less: current portion							(6,000)
Total long-term debt							$	1,059,900

The interest rate on the First Lien Term Loan was 5.27% and 3.25% as of September 30, 2022 and December 31, 2021, respectively. The weighted average interest rate incurred on the First Lien Term Loan was 4.94% and 3.90% for the three and nine months ended September 30, 2022, respectively. The weighted average interest rate incurred on the First Lien Term Loan was 3.84% and 5.87% for the three and nine months ended September 30, 2021, respectively. The interest rate on the Senior Notes was 4.375% as of both September 30, 2022 and December 31, 2021. The weighted average interest rate incurred on the Senior Secured Notes was 4.375% for both the three and nine months ended September 30, 2022.

Long-term debt matures as follows (in thousands):

Fiscal Year Ended December 31,	Minimum Payments
2022	$	1,500
2023	6,000
2024	6,000
2025	6,000
2026	6,000
Thereafter	1,070,000
Total	$	1,095,500

During the three and nine months ended September 30, 2022 and 2021, the Company engaged in hedging activities to limit its exposure to changes in interest rates. See Note 11, Derivative Instruments, for further discussion.

The following table presents the estimated fair values of the Company’s debt obligations as of September 30, 2022 (in thousands):

Financial Instrument	Carrying Value as of September 30, 2022		Markets for Identical Item (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
First Lien Term Loan	$	574,875	$	—	$	579,124	$	—
Senior Notes	489,731		—		420,000		—
Total debt instruments	$	1,064,606	$	—	$	999,124	$	—

See Note 12, Fair Value Measurements, for further discussion.