Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2020

Long-Term Debt

Long-Term debt

The following reflects outstanding long-term debt as of December 31 (in thousands):

	December 31,		December 31,
	2020		2019
Term Loan Facility (1)	$	1,130,356	$	1,148,115
Finance Lease Liabilities (2)		29,982		—
Real Estate Facility (3)		4,493		19,521
Subtotal		1,164,831		1,167,636
Less: current portion		(14,414)		(14,085)
Total	$	1,150,417	$	1,153,551

(1) Net of $3.2 million and $4.3 million of original issue discount at December 31, 2020 and 2019, respectively, and $7.9 million and $10.7 million of finance costs at December 31, 2020 and 2019, respectively.

(2) Consists of three real estate parcels with long-term leases and IT equipment contracts, which contain lease components that extend through the majority of the useful life of the asset. Certain IT equipment contracts also contain purchase options at the end of the term, which are likely to be exercised (see Note 10 – Lease Obligations).

(3) Net of $0.2 million of finance costs at December 31, 2019. Finance costs at December 31, 2020 were not significant.

Schedule of Aggregate Maturities of Long-term Debt

The aggregate future maturities of long-term debt at December 31, 2020, were as follows (in thousands):

Long-term debt instruments
2021	$	12,174
2022		12,176
2023		1,121,697
Subtotal		1,146,047
Finance Leases(1)		29,982
Total	$	1,176,029

(1) Current portion of finance leases was $2.2 million at December 31, 2020. See Note 10 - Lease Obligation.

Schedule of outstanding amounts and available borrowings under the Senior Secured Credit Facilities

As of December 31, 2020, the average interest rate on the Term Loan Facility was 3.50%. The following table details the outstanding amounts and available borrowings under the Senior Secured Credit Facilities as of (in thousands):

	December 31,		December 31,
	2020		2019
Senior Secured Credit Facilities:
Term Loan Facility:
Principal amount of borrowings	$	1,195,000	$	1,195,000
Less: cumulative principal payments		(53,459)		(31,898)
Less: unamortized original issue discount		(3,241)		(4,320)
Less: finance costs		(7,944)		(10,667)
		1,130,356		1,148,115
Less: current portion		(11,891)		(11,991)
Long-term debt, net of current portion	$	1,118,465	$	1,136,124
Revolving Credit Facility:
Total commitment	$	35,000	$	35,000
Less: outstanding letters of credit		(5,930)		(4,112)
Less: availability reduction due to Total Leverage Ratio		—		(21,622)
Additional borrowing capacity	$	29,070	$	9,266