Long-term Debt and Other Borrowings, Net

3 Months Ended

Mar. 31, 2020

Long-term Debt and Other Borrowings, Net

As of March 31, 2020, our Long-term debt and other borrowings, net consisted of the following:



	Commencement Date	Maturity Date	March 31, 2020			December 31, 2019
Revolving line of credit	February 2019	February 2024	$	190		$	—
Term loan payable in quarterly installments of $15 million beginning March 31, 2020	February 2019	February 2024	1,185			1,200
Loan payable with balloon payment due at maturity	February 2019	March 2023	5			6
Finance lease obligations			1			1
Total			1,381			1,207
Less: current maturities			(61		)	(62		)
Total Long-term debt and other borrowings			1,320			1,145
Less: unamortized debt discount			(22		)	(20		)
Total Long-term debt and other borrowings, net			$	1,298		$	1,125

The amount available for borrowing under the revolving line of credit as of March 31, 2020, was $100 million, subject to covenant restrictions. See Note 16 - Subsequent Events.

In February 2020, our credit facility was amended primarily to delay the step down of our leverage covenant from 5.50x to 5.00x until our second quarter ending June 30, 2021.

On April 10, 2020, we used $45 million in proceeds from the sale of scil (see Note 3 - Held for Sale) to prepay our remaining quarterly principal amortization term loan payments for 2020. Following this prepayment, the next quarterly principal amortization term loan payment of $15 million is due on March 31, 2021.