Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

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

	2017		2016
	(in thousands)
Current portion of term facility	$	17,514	$	17,514
Long-term portion of term facility		1,670,447		1,682,436
Total long term debt (1)	$	1,687,961	$	1,699,950

(1) As of December 31, 2017 and 2016, the 30 day United States dollar London Interbank Offering Rate (“LIBOR”) was 1.56% and 0.72%, respectively. As of December 31, 2017, the interest rate, maturity date and principal payments on the Term Facility were as follows:

• During the years ended December 31, 2017 and 2016, we made quarterly scheduled principal payments totaling $17.5 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 December 31, 2017.  Included in the Term Facility as of December 31, 2017 and 2016 is an unamortized original issue discount of $5.3 million and $6.7 million, respectively. As of December 31, 2017 and 2016, we had $16.2 million, respectively, in accrued interest included within accrued expenses and other liabilities in the accompanying consolidated balance sheets.

Summary of Contractual Maturity Term Facility

The contractual maturity of our Term Facility as of December 31, 2017 was as follows ⁽¹⁾:

(in thousands)
Year
2018	$	17,514
2019		17,514
2020		17,514
2021		1,655,093
	$	1,707,635

⁽¹⁾ Excludes the deduction of debt issuance costs of $14.4 million and includes the unamortized portion of the original issue discount of $5.3 million.

Schedule of Interest Expense, Net

Net interest expense, including the impact of our interest rate swap (see Note 7), consisted of the following for the years ended December 31, 2017, 2016 and 2015:

Description	2017			2016			2015
	(in thousands)
Term Facility	$	77,064		$	76,289		$	81,394
Amortization of deferred financing costs		4,044			3,925			3,810
Amortization of original issue discount		1,482			1,440			1,400
Other interest		18			12			10
Interest income		(991	)		(247	)		(110	)
Total interest expense, net	$	81,617		$	81,419		$	86,504