Debt

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Debt

(7) Debt

As of September 30, 2021, the Company had no debt obligations. During the first half of 2021, the Company paid off the outstanding balance of debt with related parties, foreign banks and other lending institutions. The Company has no contractual principal payments due in the next five years.

The following tables summarize the Company’s debt as of the beginning of the period (in thousands):

	December 31, 2020
	Short-term		Long-term			Total
Bank and Trade Facilities - Foreign Operations	$	13,787	$	—		$	13,787
Related Party		—		29,766			29,766
		13,787		29,766			43,553
Less: unamortized deferred financing costs		—		(12	)		(12	)
	$	13,787	$	29,754		$	43,541

Bank and Trade Facilities - Foreign Operations

During prior periods, certain of the Company's foreign subsidiaries entered into financing arrangements with foreign banks and other lending institutions consisting primarily of revolving lines of credit, trade facilities, term loans and export development loans. As of December 31, 2020, the Company had an aggregate outstanding balance of $13.8 million under such financing arrangements. The weighted average borrowing rates as of December 31, 2020 was 1.8%. During the first two quarters of 2021, the Company paid the entire outstanding balance under such financing arrangements. As of September 30, 2021, the Company had no borrowings outstanding from banks and other lending institutions.   

As of December 31, 2020, the Company had $19.0 million available to draw under its letter of credit facilities with NongHyup Bank and Korea Development Bank. These letter of credit facilities expired in the third quarter of 2021.  

Related Party Debt

During prior periods, certain of the Company's subsidiaries entered into term loan arrangements with DASAN Networks, Inc. (“DNI”). As of December 31, 2020, the Company had an aggregate outstanding balance of $29.8 million under such financing arrangements. In the first quarter of 2021, the entire outstanding balance on these term loans was repaid.   

Interest expense on related party borrowings was $0.1 million and $0.8 million for the nine months ended September 30, 2021 and 2020, respectively. As of September 30, 2021, the Company had no borrowings outstanding from related parties.

PNC Credit Facilities

On February 27, 2019, the Company entered into a Revolving Credit, Term Loan, Guaranty and Security Agreement with PNC Bank, National Association (“PNC”) and Citibank, N.A. as lenders, and PNC as agent for the lenders (the “PNC Credit Facilities”).

On March 26, 2020, the Company paid the outstanding term loan borrowings in full and terminated the PNC Credit Facilities. In association with this debt repayment, the Company recorded a loss on extinguishment of debt of $1.4 million during the three months ended March 31, 2020.