Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt

7. Debt

We have a term loan with an original principal amount of $700.0 million (the “First Lien Term Loan Facility”) under our first lien credit agreement (the “First Lien Credit Agreement”) obtained through our wholly owned subsidiary GoodRx as borrower and collateralized by substantially all of our assets and 100% of the equity of GoodRx. The First Lien Term Loan Facility requires quarterly payments through September 2025, with any unpaid principal and interest due upon maturity in October 2025, and bears interest at a rate per annum equal to the LIBO Screen Rate plus a variable margin ranging from 2.75% to 3.00%. The effective interest rate on the First Lien Term Loan Facility for each of the three months ended March 31, 2022 and 2021 was 3.39%.

We also have a line of credit with a maximum principal amount of $100.0 million (the “Revolving Credit Facility”) which matures in October 2024 and bears interest at LIBO Screen Rate plus rates ranging from 2.50% to 3.00% on used amounts and 0.25% to 0.50% on unused amounts. There was no borrowing outstanding and the outstanding letters of credit issued were $9.2 million as of March 31, 2022, which reduces our available borrowings under the Revolving Credit Facility.

Our debt consisted of the following:

(in thousands)	March 31, 2022			December 31, 2021
Principal balance under First Lien Term Loan Facility	$	672,339		$	674,097
Less: Unamortized debt issuance costs and discounts		(10,465	)		(11,210	)
	$	661,874		$	662,887

As of March 31, 2022, we are subject to a financial covenant requiring maintenance of a Net Leverage Ratio not to exceed 8.2 to 1.0 and other nonfinancial covenants under the First Lien Credit Agreement. Additionally, GoodRx is restricted from making dividend payments, loans or advances to us. At March 31, 2022, we were in compliance with our covenants.