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Debt (Tables)
 9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Schedules of Debt Components and Covenants
Our debt consists of the following ($ in thousands):
Outstanding Balance as of
Interest RateMaturity DateSeptember 30, 2020December 31, 2019
Revolving Credit Facilities
Revolving Credit Facility (1)
LIBOR + 3.00%
April 27, 2022$84,667 $60,000 
Senior Secured Credit Facilities
Term Loan (2)
LIBOR + 2.75%
April 27, 2024$978,873 $986,448 
Term A1 Loan11.4777%April 27, 202435,000 — 
Term A2 Loan11.4777%April 27, 202431,000 — 
Term A3 Loan (3)
LIBOR + 3.00%
April 27, 202428,000 — 
Total Term Loans (at stated value)1,072,873 986,448 
Unamortized discount(1,786)(2,168)
Unamortized debt issuance costs(6,471)(3,622)
Total Term Loans, net$1,064,616 $980,658 
Property Loan
Property Loan (at stated value)9.25%July 1, 2025$110,000 $— 
Unamortized discount(4,172)— 
Unamortized debt issuance costs(4,645)— 
Total Property Loan, net$101,183 $— 
Financing lease obligations$2,313 $— 
Total debt, net$1,252,779 $1,040,658 
________
(1)Undrawn balances bear interest between 0.5% to 0.25% depending on certain leverage ratios. We had available balances of $0 million and $40.0 million as of September 30, 2020 and December 31, 2019, respectively. The weighted-average interest rate on the outstanding balance of our Revolving Credit Facility was 3.15% and 4.72% as of September 30, 2020 and December 31, 2019, respectively.
(2)One-month London Interbank Offered Rate (“LIBOR”) rate is subject to a 1.0% floor. The interest rate was 3.75% and 4.55% as of September 30, 2020 and December 31, 2019, respectively. Our two interest rate swaps fix LIBOR at 2.85% on $800.0 million of our Term Loan (see Note 12).
(3)LIBOR rate is subject to a 1.0% floor. The interest rate was 4.00% as of September 30, 2020.
See a summary of our applicable covenants and restrictions below:
DebtCovenant Terms
Existing Credit Agreement
We are required to maintain a minimum liquidity balance of $60.0 million through the Relief Period.

If we have more than 35% drawn on the Revolving Credit Facility for periods subsequent to June 30, 2021, we will be subject to the following total net leverage ratio requirements:

▪6.50x for the period ended September 30, 2021;
▪6.00x for the period ended December 31, 2021; and
▪4.75x for periods thereafter.
Term A1 LoanSame terms as the Existing Credit Agreement.
Term A2 LoanNo applicable debt covenants.
Term A3 LoanNo applicable debt covenants.
Property Loan
No applicable debt covenants other than the requirement to maintain a cash reserve until the Properties achieve a debt service coverage ratio of 1.50x for two consecutive quarters.