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Debt
6 Months Ended
Jun. 30, 2022
Debt  
Debt

8. Debt

Debt, net of current portion, consists of the following (in thousands):

June 30, 2022

December 31, 2021

Senior Secured Credit Facility

$

455,400

$

457,700

Less unamortized debt issuance costs

(3,852)

(4,168)

Less unamortized debt discount costs

(1,362)

(1,473)

Less current portion

(4,600)

(4,600)

$

445,586

$

447,459

As of June 30, 2022, maturities of debt are as follows (in thousands):

Remainder of 2022

$

2,300

2023

4,600

2024

4,600

2025

4,600

2026

4,600

Thereafter

434,700

$

455,400

Senior Secured Credit Facility

On July 21, 2021, the Company amended and restated its Senior Secured Credit Facility to fund the acquisition of INTEGRA and refinance its existing facility. The revised facility provides for a seven-year $460.0 million term loan facility which matures on July 21, 2028, and a $50.0 million revolving loan facility which must be repaid on July 21, 2026. The Senior Secured Credit Facility requires RE/MAX, LLC to repay term loans at $1.2 million per quarter.

Borrowings under the term loans and revolving loans accrue interest, at the Company’s option on (a) LIBOR, provided LIBOR shall be no less than 0.50% plus an applicable margin of 2.50% and, provided further that such rate shall be adjusted for reserve requirements for eurocurrency liabilities, if any (the “LIBOR Rate”) or (b) the greatest of (i) the prime rate as quoted by the Wall Street Journal, (ii) the NYFRB Rate (as defined in the Senior Secured Credit Facility) plus

0.50% and (iii) the one-month Eurodollar Rate plus 1.00%, (such greatest rate, the “ABR”) plus, in each case, an applicable margin of 1.50%. As of June 30, 2022, the interest rate on the term loan facility was 4.2%.

A commitment fee of 0.5% per annum (subject to reductions) accrues on the amount of unutilized revolving line of credit. As of the date of this report, no amounts were drawn on the revolving line of credit.