Debt

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Debt

5. Debt

	June 30,		December 31,
(in thousands)	2022		2021
Term Loan Facility	$	1,305,125	$	1,311,750
Notes		775,000		775,000
Revolving Credit Facility		45,000		—
Government loans for COVID-19 relief		4,411		5,212
Other		1,585		1,113
Total long-term debt		2,131,121		2,093,075
Less: current portion		59,775		14,397
Less: debt issuance costs		45,368		49,796
Long-term debt, net of current portion	$	2,025,978	$	2,028,882

As of June 30, 2022, the Company had $1.3 billion of debt outstanding under the Term Loan Facility (as defined in the Annual Report on Form 10-K filed March 1, 2022 for the year ended December 31, 2021) and $775.0 million of debt outstanding under the Notes (as defined in the Annual Report on Form 10-K filed March 1, 2022 for the year ended December 31, 2021) with maturity dates of October 28, 2027 and November 15, 2028, respectively. The Company was in compliance with all of its affirmative and negative covenants under the Term Loan Facility and Notes as of June 30, 2022. In addition, the Company is required to repay the principal under the Term Loan Facility in the greater amount of its excess cash flow, as such term is defined in the agreement governing the Term Loan Facility, or $13.3 million, per annum, in quarterly payments. The Company made the minimum quarterly principal payments of $3.3 million and $6.6 million during the three and six months ended June 30, 2022 and 2021, respectively. No payments under the excess cash flow calculation were required in such periods.

As of June 30, 2022, the Company had $45.0 million of borrowing under the Revolving Credit Facility (as defined in the Annual Report on Form 10-K filed March 1, 2022 for the year ended December 31, 2021). All borrowings under the Revolving Credit Facility are subject to the satisfaction of certain customary conditions. Borrowings under the credit agreement bear interest at a floating rate, which at the option may be either (i) a base rate plus a margin ranging from 1.0% to 1.50% per annum or (ii) LIBOR plus a margin ranging from 2.00% to 2.50% per annum. The Company is required to pay a commitment fee ranging from 0.250% to 0.375% per annum in respect of the average daily unused commitments under the Revolving Credit Facility. The interest rate on the Revolving Credit Facility as of June 30, 2022 was 5.75%.