Long-Term Debt

12 Months Ended

Dec. 31, 2021

Long-term debt consists of the following (in thousands):


	December 31,
	2021		2020
2020 Credit Facility - Term Loan	$	—	$	20,000



Long-term debt	$	—	$	20,000

Credit Facility. On November 30, 2020 the Company entered into the $30 million 2020 Credit Facility with a related party and affiliate of Icahn Enterprises, as Lender and Icahn Agency Services LLC, as administrative agent (the “New Administrative Agent”). The 2020 Credit Facility consisted of a $10.0 million revolving loan facility and a $20 million term loan facility.

The 2020 Credit Facility replaced the Company’s 2017 Credit Facility, dated February 10, 2017, as amended which was terminated effective November 30, 2020 and otherwise would have matured on April 1, 2021. The Company used the $20.0 million term loan proceeds to repay the $12.0 million outstanding on the 2017 Credit Facility on November 30, 2020.

On September 2, 2021, the Company repaid its $20.0 million, term loan in full and terminated all commitments and obligations under the 2020 Credit Facility. The Company’s payment to the Lender under the Credit Agreement satisfied all of the Company’s remaining term debt and revolving debt obligations. The Company did not incur any early termination penalties as a result of the repayment of indebtedness or termination of the Credit Agreement. The 2020 Credit Facility would have matured on November 30, 2023.

At December 31, 2021, the Company did not have any term or revolving debt obligations and as of December 31, 2020, the Company had a $20.0 million term loan outstanding under the 2020 Credit Facility.

During the year ended December 31, 2021, the weighted average interest rate paid for borrowings outstanding under the 2020 Credit Facility was approximately 2.6%. During the year ended December 31, 2020, the weighted average interest rate paid for borrowings outstanding under both the outstanding 2017 Credit Facility and the 2020 Credit Facility was approximately 3.2%.

As a result of the termination of the 2020 Credit Facility, the company does not have any covenants to maintain.

During the year ended December 31, 2021, the Company paid a related party, an affiliate of Icahn Enterprises, $0.4 million of interest expense which is included on the Interest expense, net line item on the Consolidated Statement of Operations. During the year ended December 31, 2020, the Company paid a related party, an affiliate of Icahn Enterprises, an immaterial amount of interest expense which is included on the Interest expense, net line item on the Consolidated Statement of Operations. The total outstanding balance of the 2020 Credit facility is recorded in long-term debt on the consolidated balance sheet as of December 31, 2020.