Notes Payable (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

As of December 31, 2019 and March 31, 2020, notes payable, net of original issue discounts and deferred financing costs, consisted of the following:

	December 31, 2019		March 31, 2020
			(unaudited)
	(in thousands)
Term Loan	$	1,347,056	$	1,341,188
Notes	334,417		332,356
Revolving credit facilities	—		—
Total notes payable	1,681,473		1,673,544
Current portion of notes payable	31,606		31,606
Notes payable - long term	$	1,649,867	$	1,641,938

As of December 31, 2019 and March 31, 2020, the Senior Notes had an outstanding balance of:

	December 31, 2019			March 31, 2020
				(unaudited)
	(in thousands)
Senior Notes	$	350,000		$	347,025
Unamortized deferred financing costs	(11,359		)	(10,711		)
Unamortized original issue discount	(4,224		)	(3,958		)
Net Senior Notes	334,417			332,356
Current portion of Senior Notes	—			—
Senior Notes - long term	$	334,417		$	332,356

As of December 31, 2019 and March 31, 2020, the Term Loan had an outstanding balance of:

	December 31, 2019			March 31, 2020
				(unaudited)
	(in thousands)
Term Loan	$	1,374,022		$	1,366,121
Unamortized deferred financing costs	(14,331		)	(13,251		)
Unamortized original issue discount	(12,635		)	(11,682		)
Net Term Loan	1,347,056			1,341,188
Current portion of Term Loan	31,606			31,606
Term Loan - long term	$	1,315,450		$	1,309,582

Summary of Future Debt Maturities

The maturity of the notes payable at March 31, 2020 is as follows:

Amounts maturing in:	Amounts
	(unaudited)
	(in thousands)
Remainder of 2020	$	23,705
2021	31,606
2022	31,606
2023	1,279,204
2024	347,025
Thereafter	—
Total	$	1,713,146

Summary of Interest Rates and Interest Expense

The following table provides a summary of interest rates and interest expense for the three months ended March 31, 2019 and 2020:

	Three Months Ended March 31, 2019			Three Months Ended March 31, 2020
	(unaudited)
	(percentage per annum)
Interest rate—LIBOR	6.23%-6.44%			5.36%-5.67%
Interest rate—alternate base rate	*			*
Interest rate—Senior Notes	10.875		%	10.875		%
Non-refundable fee—unused facility	0.50		%	0.50		%
	(in thousands)
Interest expense and service fees	$	34,224		$	29,519
Amortization of deferred financing fees	1,733			1,853
Amortization of original issue discounts	1,087			1,184
Amortization of net present value of deferred consideration	61			24
Gain on extinguishment of debt	—			(11		)
Other interest expense	109			165
Total interest expense	$	37,214		$	32,734

* The Company did not have debt-bearing interest based on the alternate base rate for the three months ended March 31, 2019 and 2020.