Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt as of March 31, 2017 and December 31, 2016 was as follows:

	March 31, 2017		December 31, 2016
	(in thousands)
Current portion of long-term debt	$	17,514	$	17,514
Long-term debt		1,679,423		1,682,436
Total long-term debt (1)	$	1,696,937	$	1,699,950

⁽¹⁾ As of March 31, 2017 and December 31, 2016, the 30 day United States dollar London Interbank Offering Rate (“LIBOR”) was 0.93% and 0.72%, respectively. As of March 31, 2017, the interest rate, maturity date and principal payments on the Term Facility (as defined below) were as follows:

• During the three months ended March 31, 2017, we made a quarterly scheduled principal payment of $4.4 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 decreased to LIBOR with a floor of 1.0% plus a spread of 2.75% for the period from August 1, 2015 to March 31, 2017. Included in the Term Facility as of March 31, 2017 and December 31, 2016 is an unamortized original issue discount of $6.4 million and $6.7 million, respectively. Included in the Term Facility, as of March 31, 2017 and December 31, 2016, is the deduction of debt issuance costs of $17.5 million and $18.5 million, respectively. As of March 31, 2017 and December 31, 2016, we had $15.2 million and $16.2 million, respectively, in accrued interest included within accrued expenses and other liabilities in the accompanying condensed consolidated balance sheets.

Schedule of Interest Expense, Net

Net interest expense, including the impact of our interest rate swap (see Note 6), consisted of the following for the three months ended March 31, 2017 and 2016:

	For the three months ended March 31,
Description	2017			2016
Term Facility	$	18,739		$	19,031
Amortization of deferred financing costs		999			970
Amortization of original issue discount		367			356
Other interest		3			7
Interest income		(128	)		(58	)
Total interest expense, net	$	19,980		$	20,306