Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of long-term debt

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

	December 31,
	2019			2018
Credit Facility	$	513,000		$	839,500
2028 Notes	500,000			—
Less: Deferred financing costs, net of amortization	(8,090		)	—
	491,910			—
2027 Notes	500,000			—
Less: Deferred financing costs, net of amortization	(7,999		)	—
	492,001			—
2022 Notes	350,000			350,000
Less: Debt discount, net of amortization	(2,046		)	(2,766		)
Less: Deferred financing costs, net of amortization	(2,316		)	(3,133		)
	345,638			344,101
2021 Notes	—			350,000
Less: Debt discount, net of amortization	—			(1,789		)
Less: Deferred financing costs, net of amortization	—			(2,311		)
	—			345,900
Long-term debt	$	1,842,549		$	1,529,501

We must maintain the following consolidated financial ratios, as defined in the Credit Facility agreement:

EBITDA to Interest Expense	2.5 to 1.0
Senior Secured Debt to EBITDA	3.5 to 1.0
Total Debt to EBITDA
Through fiscal year 2019	5.75 to 1.0
Through second quarter of 2020	5.50 to 1.0
Thereafter (1)	5.25 to 1.0

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Subject to a temporary increase to 5.5 to 1.0 for any quarter during which an acquisition satisfying certain thresholds is completed and for the two quarters immediately following such quarter.

Schedule of Maturities of Long-term Debt

Contractual maturities of long-term debt over the next five years, excluding interest to be accrued, at December 31, 2019 were as follows (in thousands):

2020	$	—
2021	—
2022 (1)	350,000
2023	—
2024	513,000
Long-term debt maturities through 2024 (1)	$	863,000

 

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⁽¹⁾ 

Includes the full face value of the 2022 Notes and has not been reduced by the aggregate unamortized discount of $2.0 million and the aggregate unamortized deferred financing costs of $2.3 million as of December 31, 2019.