8 .	LONG-TERM OBLIGATIONS

Long-term obligations consist of the following at

March 31, 2020

and

December 31, 2019:

	2020			2019
2019 senior secured credit facility due 2024	$	174,521		$	177,750
Debt discount		(2,033	)		(2,234	)
Debt issuance costs		(1,713	)		(1,863	)
Finance leases and other long-term obligations		2,717			2,729
Total long-term obligations		173,492			176,382
Less current portion		(7,931	)		(8,906	)
Long-term obligations, net of current portion	$	165,561		$	167,476

As of

March 31, 2020,

the aggregate maturities of long-term obligations were as follows:

2020 (April 1 - December 31)	$	5,666
2021 (January 1 - December 31)		9,067
2022 (January 1 - December 31)		11,333
2023 (January 1 - December 31)		15,851
2024 (January 1 - December 31)		133,018
Thereafter		2,303
Total maturities of long-term obligations	$	177,238

2019

Senior Credit Facility

The Company’s

2019

Senior Credit Facility consists of an Initial Term A Facility in the amount of

$180,000,

a Revolving Facility in an amount

not

to exceed

$20,000,

a Delayed-Draw Term A Facility in an amount

not

to exceed

$25,000,

and Incremental Term A Loans up to an aggregate principal amount of the greater of

$60,000

and trailing

twelve

month EBITDA, as defined in the Agreement. On

January 15, 2019,

proceeds from the Initial Term A Facility of

$178,335,

net of discounts of

$1,665,

were used to repay in full the outstanding principal balance of the Term A-

Facility and Term A-

Facility under the Company’s

2017

Senior Credit Facility of

$112,500

and

$59,250,

respectively, pay accrued and unpaid interest of

$590,

and pay fees and expenses associated with the transaction totaling

$2,270

2019.

The

2017

Senior Credit Facility was terminated on

January 15, 2019.

Discounts, debt issuance costs and fees associated with the

2019

Senior Credit Facility totaling

$2,683

were deferred and will be charged to interest expense over the term of the agreement.

Amounts outstanding under the Initial Term A Facility, Revolving Facility, Delayed-Draw Facility and Incremental Term A Loans bear interest at LIBOR plus

4.5%

per annum. The Company

may,

at its discretion and subject to certain limitations as defined in the Agreement, select an alternate base rate at a margin that is

1.0%

lower than the counterpart LIBOR margin.

Principal payments on the Initial Term A Facility, Delayed-Draw A Facility and any amounts outstanding under the Incremental Term A Loans are due commencing in the

third

quarter of

2019

as follows: the

third

quarter of

2019

through the

second

quarter of

2020

–

$1,125

per quarter; the

third

quarter of

2020

through the

second

quarter of

2022

–

$2,250

per quarter; the

third

quarter of

2022

through the

second

quarter of

2023

–

$3,375

per quarter; and the

third

quarter of

2023

through the

fourth

quarter of

2023

–

$4,500

per quarter. The remaining outstanding principal balance, including any amounts outstanding under the Revolving Facility, is due on

January 15, 2024.

This schedule is subject to mandatory prepayments under certain conditions, including the Company’s generation of excess cash flow as defined in the Agreement. As a result of the generation of excess cash flow in

2019,

a prepayment of principal in the amount of

$2,104

was required in the

first

quarter of

2020.

There were

amounts outstanding under the Revolving Facility, Delayed-Draw Term A Facility and Incremental Term A Loans at

March 31, 2020.

The obligations under the

2019

Senior Credit Facility are secured by substantially all the personal property and real property of the Company, subject to certain agreed exceptions.

The

2019

Senior Credit Facility contains customary representations, warranties and covenants, including covenants limiting the incurrence of debt, the payment of dividends and repurchase of the Company’s common stock.

The

2019

Senior Credit Facility provides for events of default customary for credit facilities of this type, including non-payment defaults on other debt, misrepresentation, breach of covenants, representations and warranties, change of control, and insolvency and bankruptcy.

Under the terms of the

2019

Senior Credit Facility, the Company is required to enter into or obtain an interest rate hedge sufficient to effectively fix or limit the interest rate on borrowings under the agreement of a minimum of

$90,000

with a weighted average life of at least

two

years. On

June 28, 2019,

the Company entered into

two

pay-fixed, receive-floating, interest rate swaps. Each swap is in the initial notional amount of

$67,500,

has an interest rate of

6.1735%

inclusive of a

4.5%

LIBOR spread, and a maturity date of

June 30, 2022.

The swaps are with different counter parties.

2017

Senior Credit Facility

January 15, 2019,

the Company utilized proceeds from the

2019

Senior Credit Facility to repay in full the outstanding principal balance of its

2017

Senior Credit Facility in the amount of

$171,750.

The Company recorded a loss totaling

$2,830

2019

on the extinguishment of debt associated with this transaction, including the write-off of debt issuance costs and

third

-party fees.