DEBT

6 Months Ended

Jun. 30, 2022

DEBT

DEBT

7 – DEBT

Long-term debt, net consists of the following:

	June 30,		December 31,
	2022		2021
Principal amount	$	188,500	$	246,000
Less: Unamortized debt financing costs		(6,932)		(7,771)
Less: Current portion		—		—
Long-term debt, net	$	181,568	$	238,229

	June 30, 2022				December 31, 2021
			Unamortized				Unamortized
			Debt Issuance				Debt Issuance
	Principal		Cost		Principal		Cost
$450 Million Credit Facility	$	188,500	$	6,932	$	246,000	$	7,771
Total debt	$	188,500	$	6,932	$	246,000	$	7,771

As of June 30, 2022 and December 31, 2021, $6,932 and $7,771 of deferred financing costs, respectively, were presented as a direct deduction within the outstanding debt balance in the Company’s Condensed Consolidated Balance Sheets.

$450 Million Credit Facility

On August 3, 2021, the Company entered into the $450 Million Credit Facility, a five-year senior secured credit facility which is allocated between an up to $150,000 term loan facility and an up to $300,000 revolving credit facility which was used to refinance the Company’s two prior credit facilities into one facility.

As of June 30, 2022, there was $218,870 of availability under the $450 Million Credit Facility. Total debt repayments of $8,750 and $57,500 were made during the three and six months ended June 30, 2022, respectively, under the $450 Million Credit Facility.

As of June 30, 2022, the Company was in compliance with all of the financial covenants under the $450 Million Credit Facility.

Interest rates

The following table sets forth the effective interest rate associated with the interest expense for the Company’s debt facilities noted above, including the cost associated with unused commitment fees, if applicable. The following table also includes the range of interest rates on the debt, excluding the impact of unused commitment fees, if applicable:

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Effective Interest Rate	3.96	%	3.22	%	3.43	%	3.20	%
Range of Interest Rates (excluding unused commitment fees)	2.61% to 3.84	%	2.59 % to 3.44	%	2.26% to 3.84	%	2.59 % to 3.48	%