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DEBT (Tables)

9 Months Ended

Sep. 30, 2020

Debt consisted of the following:

	September 30, 2020			December 31, 2019
	(In thousands)
Revolving Credit Facility: Summit Holdings' variable rate senior secured Revolving Credit Facility (2.90% at September 30, 2020 and 4.55% at December 31, 2019) due May 2022	$	808,500		$	677,000
ECP Loans: Summit Holdings' 8.00% senior secured term loans due March 2021		—			—
2022 Senior Notes: Summit Holdings' 5.5% senior unsecured notes due August 2022		234,047			300,000
Less: unamortized debt issuance costs ⁽¹⁾		(997	)		(1,686	)
2025 Senior Notes: Summit Holdings' 5.75% senior unsecured notes due April 2025		355,071			500,000
Less: unamortized debt issuance costs ⁽¹⁾		(3,055	)		(5,015	)
SMPH Term Loan: SMP Holdings' variable rate senior secured term loan (7.00% at September 30, 2020 and 7.80% at December 31, 2019) due May 2022		155,200			161,500
Less: unamortized debt issuance costs ⁽¹⁾		(2,724	)		(3,974	)
Total debt		1,546,042			1,627,825
Less: current portion		(155,200)			(5,546)
Total long-term debt	$	1,390,842		$	1,622,279

⁽¹⁾ Issuance costs are being amortized over the life of the SMPH Term Loan and the Senior Notes.

Schedule of extinguishment of debt

	ECP Loan Repayment			Open Market Repurchases						Tender Offers						Total
				2022			2025			2022			2025
				Senior Notes			Senior Notes			Senior Notes			Senior Notes
	(in thousands)
Gain on repurchases of Senior Notes	$	-		$	11,554		$	46,003		$	9,223		$	15,479		$	82,259
Debt issue costs		(361	)		(143	)		(965	)		(125	)		(351	)		(1,945	)
Transaction cost		(249	)		(105	)		(105	)		(465	)		(465	)		(1,389	)
Gain (loss) on extinguishment	$	(610	)	$	11,306		$	44,933		$	8,633		$	14,663		$	78,925

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details