Debt (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of Maturities of Long-term Debt

As of September 30, 2020, the amount payable in each year is set forth in the table below (in thousands):

2020 (remainder)	$	2,344
2021		12,500
2022		12,500
2023		15,625
2024		68,750
Total remaining principal payments	$	111,719

Summary of Company's Total Outstanding Borrowings

The following table summarizes the Company’s total outstanding borrowings as of the dates indicated (in thousands):

Description:	September 30, 2020			December 31, 2019
Term loan facility (1)	$	111,719		$	118,750
Revolving credit facility (2)		—			14,000
Principal amount outstanding (3)		111,719			132,750
Less: Deferred financing fees		(1,732	)		(2,205	)
Net carrying amount	$	109,987		$	130,545

(1)

The contractual annualized interest rate as of September 30, 2020 on the Term loan facility was 2.1875%, which consisted of LIBOR of 0.1875% plus a margin of 2.00%. However, the Company has an interest rate swap that effectively converts the floating LIBOR base rates on a portion of the amounts outstanding to a fixed base rate. Refer to Note 7 – Derivatives and Hedging for further information on the swap.

(2)	The Company had $74.1 million of available borrowing capacity on the revolver (not including the expansion feature) as of September 30, 2020.

(3)	The weighted average annual effective rate on the Company's total debt outstanding for the three and nine months ended September 30, 2020, was 2.1875% and 2.9006%, respectively.