Term and Revolving Loan

3 Months Ended

Mar. 31, 2021


	March 31,		December 31,
	2021		2020
Term loan facility	$	430,000	$	460,000


Revolving credit facility	—		—
	430,000		460,000
Less discount and issuance costs	(34,018)		(31,717)
Long term debt, net of debt discount and issuance costs	395,982		428,283
Less current portion of long-term debt	(4,300)		(4,313)
Long-term debt, net of current portion, debt discount and issuance costs	$	391,682	$	423,970

Senior Secured Credit Facility

On October 14, 2020, the Company entered into a senior secured credit facility consisting of (i) a $575 million senior secured seven-year term loan facility (the “Term Loan Facility”) and (ii) a $150 million senior secured 5-year revolving credit facility (the “Revolving Credit Facility” and, together with the Term Loan Facility, the “Senior Secured Credit Facility”). As of March 31, 2021, the Term Loan Facility had a balance of $430 million. On February 23, 2021 the Company entered into the First Amendment (“First Amendment”) to it’s Senior Secured Credit Facility. The First Amendment, in the case of the Eurocurrency borrowings, lowers the London interbank offered rate floor to 50 basis points from 100 basis points and lowers the applicable margin to 325 basis points from 400 basis points per annum. This results in the current rate on the Term Loan Facility of 3.75%. On February 26, 2021, we entered into the incremental facility amendment No. 2 (the “Second Amendment”) to the Senior Secured Credit Facility. The Second Amendment increases the $150.0 million Revolving Credit Facility from $150.0 million to $200.0 million. The balance of the Term Loan Facility is presented in the accompanying condensed consolidated balance sheets net of debt discount and issuance costs of $34.0 million at March 31, 2021. The debt discount and issuance costs are being amortized using the effective interest method and the rate as of March 31, 2021 is 5.01%. The Term Loan Facility has an annual excess cash flow calculation beginning with the year ended December 31, 2021 which could require the Company to make advance principal payments.

Letters of Credit

Under the Revolving Credit Facility, the Company had no outstanding balance, $39.7 million in standby letters of credit and availability of $160.3 million under the Revolving Credit Facility as of March 31, 2021.