Borrowings (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Summary of Borrowings under Credit Agreement

At September 30, 2020 and December 31, 2019, total borrowings under the New Credit Agreement consisted of the following, respectively:

	September 30, 2020		December 31, 2019
Non-current indebtedness:
Term Loan	$	264,369,659	$	208,937,500
Revolving Credit Facility		—		10,000,000
Total borrowings under credit facility (1)		264,369,659		218,937,500
Less: Current maturities of long-term debt (2)		6,760,650		5,500,000
Less: Long-term loan debt issuance cost (3)		6,301,804		5,494,795
Total non-current borrowings	$	251,307,205	$	207,942,705

⁽¹⁾ The Term Loan, Delayed Draw Term Loan and Revolving Credit Facility bear interest, at variable rates, which were 3.65% and 5.26% at September 30, 2020 and December 31, 2019, respectively

⁽²⁾ Pursuant to the terms of the New Credit Agreement, the Company is required to make quarterly principal payments equal to 0.625% of the initial principal amount of the Term Loan and Delayed Draw Term Loan (collectively the “Term Loans”).

⁽³⁾ The Company incurred $0.4 million, $1.1 million, and $0.2 million of interest expense for the amortization of deferred debt issuance costs for the three and nine months ended September 30, 2020 and the period from July 11, 2019 to September 30, 2019, respectively. The Predecessor incurred $0.0 million and $0.2 million for the periods from July 1, 2019 to July 10, 2019 and January 1, 2019 to July 10, 2019 respectively.

Summary of Principal Maturities of Long-term Debt

Following is a summary of principal maturities of long‑term debt for each of the next five years ending December 31 and in the aggregate:

2020	$	1,690,162
2021		6,760,650
2022		13,250,812
2023		19,561,462
2024		20,056,949
2025		203,049,624
	$	264,369,659