Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt as of December 31, 2015 and 2014 was as follows:

	2015		2014
	(in thousands)
Current portion of term facility	$	17,514	$	19,001
Long-term portion of term facility		1,694,585		1,840,510
Total long term debt	$	1,712,099	$	1,859,511

(1) As of December 31, 2015 and 2014, the 30 day United States dollar London Interbank Offering Rate (“LIBOR”) was 0.36% and 0.16%, respectively. As of December 31, 2015, the interest rate, maturity date and principal payments on the Term Facility were as follows:

· The terms of the Term Facility require us to make certain scheduled principal payments quarterly beginning September 30, 2014. Final maturity is April 2021. During year ended December 31, 2015, we made voluntary principal prepayments totaling $135.0 million and quarterly scheduled principal payments totaling $17.7 million.

· The interest rate for the Term Facility through July 31, 2015 was LIBOR with a floor of 1.0% plus a spread of 3.0%. As of July 31, 2015, we achieved a consolidated first lien net leverage ratio of less than 4.50 to 1.00, and as a result the rate decrease to LIBOR with a floor of 1.0% plus a spread of 2.75% for the period from August 1, 2015 to December 31, 2015.  Included in the Term Facility as of December 31, 2015 and 2014 is an unamortized original issue discount of $8.2 million and $9.6 million, respectively. As of December 31, 2015 and 2014, we had $16.5 million and $18.6 million, respectively, in accrued interest included within accrued expenses and other liabilities in the accompanying condensed

Summary of Contractual Maturity Term Facility

The contractual maturity of our Term Facility as of December 31, 2015 was as follows ⁽¹⁾:

(in thousands)
Year
2016	$	17,514
2017		17,514
2018		17,514
2019		17,514
2020		17,514
Thereafter		1,655,093
	$	1,742,663

(1) Excludes the deduction of debt issuance costs of $22.4 million and includes the unamortized portion of the original issue discount of $8.2 million.

Schedule of Interest Expense, Net

Net interest expense, including the impact of our interest rate swap (see Note 8), consisted of the following for years ended December 31, 2015, 2014 and 2013:

Description	2015			2014			2013
	(in thousands)
Term Facility	$	81,394		$	65,994		$	—
Mortgage Loan		—			23,754			69,203
Holdco III Mortgage Loan		—			3,206			12,121
Mezzanine Loans:
Current		—			3,107			9,025
Deferred		—			18,601			52,877
Amortization of long-term debt reduction		—			(1,532	)		(4,595	)
Amortization of deferred financing costs		3,810			6,938			10,155
Amortization of original issue discount		1,400			912			—
Other interest		10			14			22
Interest income		(110	)		(49	)		(193	)
Total interest expense, net	$	86,504		$	120,945		$	148,615