Borrowings

6 Months Ended

Jun. 30, 2020

The following tables summarizes the Company’s debt position as of June 30, 2020 and December 31, 2019.


	As of June 30, 2020
	Revolver Credit Facility		Structured Payables		Notes		Total
Current portion of long-term borrowings	$	20,000	$	657	$	—	$	20,657

Long-term borrowings	79,000		—		150,000		229,000
Unamortized debt discount	—		—		(12,562)		(12,562)
Unamortized debt issuance costs*	—		—		(911)		(911)
Long-term borrowings	79,000		—		136,527		215,527

Total borrowings	$	99,000	$	657	$	136,527	$	236,184


	As of December 31, 2019
	Revolver Credit Facility		Structured Payables		Notes		Total
Current portion of long-term borrowings	$	40,000	$	867	$	—	$	40,867

Long-term borrowings	59,000		—		150,000		209,000
Unamortized debt discount	—		—		(13,851)		(13,851)
Unamortized debt issuance costs*	—		—		(1,018)		(1,018)
Long-term borrowings	59,000		—		135,131		194,131

Total borrowings	$	99,000	$	867	$	135,131	$	234,998

*Unamortized debt issuance costs for the Company’s revolver Credit Facility of $619 and $748 as of June 30, 2020 and December 31, 2019, respectively, is presented under “Other current assets” and “Other assets” in the consolidated balance sheets.

Revolver Credit Agreement

The Company’s $300,000 revolving credit facility pursuant to its credit agreement (the “Credit Agreement”) with certain lenders and Citibank N.A. as Administrative Agent (the “Credit Facility”) carried an effective interest rate as shown below.


	Three months ended June 30,						Six months ended June 30,
	2020		2019		2020		2019
Effective interest rate	2.2	%	4.2	%	2.6	%	4.0	%

As of June 30, 2020 and December 31, 2019, the Company was in compliance with all financial and non-financial covenants listed under the Credit Agreement.

Convertible Senior Notes

On October 1, 2018, the Company entered into an investment agreement (the “Investment Agreement”) with Orogen Echo LLC (the “Purchaser”), an affiliate of The Orogen Group LLC, relating to the issuance to the Purchaser of $150,000 in an aggregate principal amount of 3.50% Convertible Senior Notes due October 1, 2024 (the “Notes”). The transactions contemplated by the Investment Agreement, including the issuance of the Notes, closed on October 4, 2018. The Notes bear interest at a rate of 3.50% per annum, payable semi-annually in arrears in cash on April 1 and October 1 of each year.

During the three and six months ended June 30, 2020 and 2019, the Company recognized interest expense and amortization of debt discount, on the Notes as below:


	Three months ended June 30,						Six months ended June 30,
	2020		2019		2020		2019
Interest expense on Notes	$	1,313	$	1,269	$	2,625	$	2,581
Amortization of debt discount on Notes	$	654	$	618	$	1,289	$	1,218

Future principal payments/maturities for all of the Company's borrowings as of June 30, 2020 were as follows:


	Notes		Revolver Credit Facility		Structured Payables		Total
2020 (July - December)	$	—	$	20,000	$	657	$	20,657
2021	—		20,000		—		20,000
2022	—		59,000		—		59,000
2023	—		—		—		—
2024	150,000		—		—		150,000
Total	$	150,000	$	99,000	$	657	$	249,657

Letters of Credit

In the ordinary course of business, the Company provides standby letters of credit to third parties primarily for facility leases. As of June 30, 2020 and December 31, 2019, the Company had outstanding letters of credit of $461 each, that were not recognized in the consolidated balance sheets.