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Debt and Credit Facilities (Tables)
 3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Summary of Debt
Debt consisted of the following:

March 31, 2020
 
December 31, 2019
Term loan and security agreement 1, 2
$
155,572

 
$
156,384


1. 
Presented in the Condensed Consolidated Balance Sheets as current portion of long-term debt of $3.3 million, net of current prepaid debt financing costs of $0.5 million and current original issue discount of $0.6 million; and long-term debt of $152.3 million, net of long-term prepaid debt financing costs of $1.0 million and long-term original issue discount $1.1 million as of March 31, 2020.
2. 
Presented in the Condensed Consolidated Balance Sheets as current portion of long-term debt of $3.3 million, net of current prepaid debt financing costs of $0.5 million and current original issue discount of $0.6 million; and long-term debt of $153.1 million, net of long-term prepaid debt financing costs of $1.2 million and long-term original issue discount $1.3 million as of December 31, 2019.
Margin for Borrowings under Revolving Credit Facility
The applicable margin, which is set at Level III as of March 31, 2020, is based on average daily availability under the revolving credit facility as follows:
Level
 
Average Daily Availability
 
Tranche A
Base Rate
Loans
 
Tranche A
LIBOR
Revolver Loans
 
Tranche B
Base Rate
Loans
 
Tranche B
LIBOR
Revolver Loans
III
 
≥ $30,000,000
 
0.50
%
 
1.50
%
 
1.50
%
 
2.50
%
II
 
> $15,000,000 but < $30,000,000
 
0.75
%
 
1.75
%
 
1.75
%
 
2.75
%
I
 
≤ $15,000,000
 
1.00
%
 
2.00
%
 
2.00
%
 
3.00
%
As amended, loans outstanding under the Revolving Loan Agreement accrue interest at a per annum rate based on (at the Company’s election) the base rate or the LIBOR rate plus a margin determined by reference to availability under the Revolving Credit Facility as follows, subject to a LIBOR floor of 1.00%:
Level
 
Average Daily Availability
 
Tranche A
Base Rate
Loans
 
Tranche A
LIBOR
Revolver Loans
 
Tranche B
Base Rate
Loans
 
Tranche B
LIBOR
Revolver Loans
III
 
≥ $30,000,000
 
1.00
%
 
2.00
%
 
2.00
%
 
3.00
%
II
 
> $15,000,000 but < $30,000,000
 
1.25
%
 
2.25
%
 
2.25
%
 
3.25
%
I
 
≤ $15,000,000
 
1.50
%
 
2.50
%
 
2.50
%
 
3.50
%