Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

As of December 31, 2021, and 2020, outstanding long-term debt is summarized below:

	Key Terms				As of December 31,
(in thousands)	Character	Priority	Maturity	Coupon	2021		2020
Term Loan G	Term Loan	Senior Secured	6/7/2023	Variable	$	—	$	2,341,000
Term Loan B	Term Loan	Senior Secured	9/1/2028 (1)	Variable (2)	1,321,688		—
5.750% Notes	Notes	Senior Unsecured	11/1/2028	5.750%	1,300,000		1,300,000
5.50% Senior Secured Notes	Notes	Senior Secured	9/1/2028	5.50%	1,050,000		—
Senior Convertible PIK Notes	Convertible Notes (3)	Senior Unsecured	10/15/2027	Cash Interest 6.00%, PIK Interest 7.00%	1,300,000		1,300,000
Finance lease obligations, non-current	Other	Senior Secured	2022-2024	3.38% - 20.31%	71		92
Long-term debt					4,971,759		4,941,092
Less: current portion of long-term debt					(13,250)		—
Less: debt discounts, net					(40,579)		(333,325)
Less: debt issuance costs, net					(38,786)		(29,279)
Long-term debt, net					$	4,879,144	$	4,578,488

(1)Beginning December 31, 2021 and quarterly thereafter, we shall repay a principal amount of the Term Loan B equal to 0.25% of the initial aggregate principal of $1,325.0 million. These scheduled principal repayments may be reduced by any voluntary or mandatory prepayments made in accordance with the credit agreement.

(2)Interest on Term Loan B and Revolver B is calculated, at MPH's option, as (a) LIBOR (or, with respect to the term loan facility only, 0.50%, whichever is higher), plus the applicable margin, or (b) the highest rate of (1) prime rate, (2) the federal funds effective rate, plus 0.50%, (3) the LIBOR for an interest period of one month, plus 1.00% and (4) 0.50% for Term Loan B and 1.00% for Revolver B, in each case, plus an applicable margin of 4.25% for Term Loan B and between 3.50% and 4% for Revolver B, depending on MPH's first lien debt to consolidated EBITDA ratio. The interest rate in effect for Term Loan B was 4.75% as of December 31, 2021.

(3)The Senior Convertible PIK Notes are convertible into shares of Class A common stock based on a $13.00 conversion price, subject to customary anti-dilution adjustments.

Schedule of Maturities of Long-term Debt

As of December 31, 2021, the aggregate future principal payments for long-term debt, including non-current finance lease liabilities, for each of the next five years and thereafter are as follows:

($ in thousands)
2022	$	13,250
2023	13,307
2024	13,264
2025	13,250
2026	13,250
Thereafter	4,905,438
Total	$	4,971,759

Schedule of Debt Issuance Cost Amortization

The following table is a summary of the cost and accumulated amortization of debt issuances costs as of December 31, 2021 and 2020:

	Amortization Period	As of December 31,
		2021						2020
($ in thousands)		Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Term Loan G	84 months	$	—	$	—	$	—	$	32,324	$	(22,658)	$	9,666
Term Loan B	84 months	7,316		(308)		7,008		—		—		—
5.750% Notes	96 months	19,939		(2,349)		17,590		19,939		(326)		19,613
5.50% Senior Secured Notes	84 months	14,695		(507)		14,188		—		—		—
Revolver(1)	84 months	4,955		(290)		4,665		4,722		(1,076)		3,646
Total		$	46,905	$	(3,454)	$	43,451	$	56,985	$	(24,060)	$	32,925

Schedule of Debt Discount Cost Amortization

The following table is a summary of the cost and accumulated amortization of debt discounts as of December 31, 2021 and 2020:

	Original discount %	As of December 31,
		2021						2020
($ in thousands)		Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Term Loan G	0.5%	$	—	$	—	$	—	$	17,350	$	(13,519)	$	3,831
Term Loan B	1.0%	13,429		(565)		12,864		—		—		—
Senior Convertible PIK Notes	2.5%	32,500		(4,785)		27,715		337,501		(8,007)		329,494
Total		$	45,929	$	(5,350)	$	40,579	$	354,851	$	(21,526)	$	333,325