Long-Term Debt and Lines of Credit

3 Months Ended

Mar. 31, 2020

Long-Term Debt and Lines of Credit

Long-Term Debt and Lines of Credit

(13)     Long-Term Debt and Lines of Credit

Credit Facility

The Company has entered into a first lien senior secured credit facility and a second lien senior secured credit facility pursuant to a credit agreement dated December 22, 2016, and amended on October 24, 2017, April 3, 2018, and June 14, 2018 (the “Senior Secured Credit Facilities”). On May 25, 2018, the Company repaid all outstanding amounts under the second lien credit facility using a portion of the proceeds from the IPO. As of March 31, 2020, the Senior Secured Credit Facilities include revolver commitments of $200.0 million and a term loan of $665.0 million that are scheduled to mature in June 2023 and December 2023, respectively.

As of March 31, 2020 and December 31, 2019, the Company’s long-term debt consists of the following:

	March 31,		December 31,
	2020		2019
	(In thousands)
First lien term loan	$	646,114	$	650,891
First lien revolver		75,950		60,987
Less debt issuance costs		(9,319)		(9,965)
Total long-term debt		712,745		701,913
Less current portion of long-term debt, including accrued interest(1) of $4.1 million as of December 31, 2019		(4,628)		(8,744)
Total long-term debt, net of current portion	$	708,117	$	693,169

(1) Accrued interest of approximately $0.5 million as of March 31, 2020 is presented within accrued expenses on the unaudited condensed consolidated balance sheet.

Principal payment requirements on the above obligations in each of the years remaining subsequent to March 31, 2020 are as follows:

	(In thousands)
Years ending March 31 :
2020 (remainder of the year)	$	4,945
2021		6,593
2022		6,593
2023		703,933
2024		—
2025 and thereafter		—
Total	$	722,064

The Senior Secured Credit Facilities contain certain customary representations and warranties, affirmative covenants and events of default. If an event of default occurs, the lenders under the Senior Secured Credit Facilities will be entitled to take various actions, including the acceleration of amounts due thereunder and exercise of the remedies on the collateral. As of March 31, 2020, the Company was in compliance with all its financial covenants. Refer to Note 21, “Subsequent Events”, for further information regarding the limited waiver obtained with respect to the Senior Secured Credit Facilities.

The Company maintains intraday and overnight facilities to fund its settlement obligations. These facilities are short-term in nature, have variable interest rates, are subject to annual review and are denominated in local currency but may, in some cases, facilitate borrowings in multiple currencies.

At March 31, 2020 and December 31, 2019, the Company had $18.7 million and $33.3 million outstanding under these lines of credit, respectively, with additional capacity of $137.9 million and $133.9 million, respectively, to fund its settlement obligations. The weighted-average interest rates on these borrowings were 3.6% and 4.3% as of March 31, 2020 and December 31, 2019, respectively.

Refer to Note 14, "Long-Term Debt and Lines of Credit" to the audited consolidated financial statements in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2019, for discussion regarding the Company’s long-term debt and lines of credit.