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Long-Term Debt And Credit Facility
6 Months Ended
Jun. 30, 2020
Long-Term Debt And Credit Facility [Abstract]  
Long-Term Debt And Credit Facility 14. Long-Term Debt and Credit Facility

Included within Long-Term Debt are the following:

As of

June 30,

December 31,

2020

2019

Current portion of long-term debt:

Revolving Credit Facility

$

200,000

$

Aircraft financing

808

3,218

Mortgage

403

395

Total current portion of long-term debt

$

201,211

$

3,613

Long-term debt:

Mortgage

$

21,899

$

22,098

Total long-term debt

$

21,899

$

22,098

Total

$

223,110

$

25,711

Revolving Credit Facility

On May 24, 2019, the Company entered into an amended and restated $200,000 senior unsecured revolving credit facility with a syndicated group of banks, with JPMorgan Chase Bank, N.A. acting as Administrative Agent (the “Revolving Credit Facility”). The Revolving Credit Facility has a maturity date of May 24, 2024. Applicable interest rates for the borrowings under the Revolving Credit Facility are based on the Company's current consolidated leverage ratio. As of June 30, 2020, our weighted-average LIBOR-based rate plus margin was 1.675%. The Company is required to pay a commitment fee calculated at a rate per annum of 0.175% on the average daily unused portion of the Revolving Credit Facility. Under the terms of the Revolving Credit Facility, the Company is subject to certain

financial covenants and restrictions, including restrictions on our ability to pay dividends and limitations with respect to our indebtedness, liens, mergers and acquisitions, dispositions of assets, investments, capital expenditures and transactions with affiliates.

On April 16, 2020, as a precautionary measure to further strengthen liquidity due to the impact of COVID-19, the Company borrowed $200,000 under its Revolving Credit Facility As of June 30, 2020, the Company was in compliance with the terms of the Revolving Credit Facility and had no available debt capacity under the Revolving Credit Facility. As of June 30, 2020 and December 31, 2019, there was $200,000 and $0 outstanding under the Revolving Credit Facility, respectively. As of June 30, 2020, the Company has the intent and ability to repay the amounts outstanding on the Revolving Credit Facility within one year, and as such, the outstanding balance has been classified as a current portion of long-term debt within our Consolidated Balance Sheets.

Mortgage

In September 2016, the Company acquired real property and assumed future obligations under a loan agreement, dated June 8, 2015, in the principal amount of $23,000, which loan is secured by a mortgage on the property. The loan bears interest at the rate of 4.50% per annum and requires monthly interest only payments of $86 until June 2018 and interest and principal payments of $117 per month thereafter, with a balloon payment upon maturity on July 5, 2025. There is a significant yield maintenance premium for prepayments. Pursuant to the loan agreement, since the assets of WWE Real Estate, a subsidiary of the Company, represent collateral for the underlying mortgage, these assets will not be available to satisfy debts and obligations due to any other creditors of the Company.

Aircraft Financing

In August 2013, the Company entered into a $31,568 promissory note (the “Aircraft Note”) with Citizens Asset Finance, Inc., for the purchase of a 2007 Bombardier Global 5000 aircraft and refurbishments. In August 2017, the Aircraft Note was assigned to Fifth Third Equipment Finance Company. The Aircraft Note bears interest at a rate of 2.18% per annum, is payable in monthly installments of $406, inclusive of interest, and has a final maturity of August 7, 2020. The Aircraft Note is secured by a first priority perfected security interest in the purchased aircraft.