Long-Term Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Long-Term Debt

LONG-TERM DEBT

Pursuant to the ninth amendment to the credit agreement, the lenders also provided the Company with a senior secured term loan facility (“term loan facility”) commitment of up to $50,000. The Company drew down the full $50,000 of the term loan facility on December 4, 2020. The term loan facility bears interest at one-month LIBOR plus 8% per annum, (with a 1% floor on the LIBOR Rate). The interest rate for PIK interest on the term loan (as defined in the credit agreement) is (A) if Liquidity is greater than $50,000, 4.5% or (B) if Liquidity is less than $50,000, 6%. The term loan maturity date is December 4, 2023. The term loan facility is subject to the same representations, affirmative and negative covenants and financial covenants.

A reconciliation of the outstanding principal to the carrying amount of long term debt is as follows:

	September 30,		December 31,
	2022		2021
Outstanding principal	$	50,000	$	50,000
PIK	3,172		1,664
Debt discount	(9,873)		(11,003)
Total carrying amount	$	43,299	$	40,661

Total amortization expense related to the term loan facility discount was $115 and $678 for the three months ended September 30, 2022 and 2021, respectively. Total amortization expense related to the term loan facility was $1,130 and $2,068 for the nine months ended September 30, 2022 and 2021, respectively. Amortization of debt issuance costs is shown within interest expense and other fees on the condensed consolidated statements of operations and comprehensive (loss) income.