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LONG-TERM DEBT, NET (Tables)
 9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Long-term debt consists of:
September 30, 2020December 31, 2019
(In thousands)
Credit Facility due February 13, 2025
$— $— 
Term Loan due February 13, 2027 (the “Term Loan”)
425,000 425,000 
6.375% Senior Notes due June 1, 2024 (the “6.375% Senior Notes”); interest payable each June 1 and December 1
— 400,000 
5.00% Senior Notes due December 15, 2027 (the “5.00% Senior Notes”); interest payable each June 15 and December 15
450,000 450,000 
4.625% Senior Notes due June 1, 2028 (the “4.625% Senior Notes”); interest payable each June 1 and December 1, commencing December 1, 2020
500,000 — 
5.625% Senior Notes due February 15, 2029 (the “5.625% Senior Notes”); interest payable each February 15 and August 15
350,000 350,000 
4.125% Senior Notes due August 1, 2030 (the “4.125% Senior Notes”); interest payable each February 1 and August 1
500,000 — 
0.875% Exchangeable Senior Notes due October 1, 2022 (the “2022 Exchangeable Notes”); interest payable each April 1 and October 1
517,500 517,500 
0.875% Exchangeable Senior Notes due June 15, 2026 (the “2026 Exchangeable Notes”); interest payable each June 15 and December 15
575,000 575,000 
2.00% Exchangeable Senior Notes due January 15, 2030 (the “2030 Exchangeable Notes”); interest payable each January 15 and July 15
575,000 575,000 
Total debt3,892,500 3,292,500 
Less: Unamortized original issue discount
324,551 357,887 
Less: Unamortized debt issuance costs46,857 44,987 
Total long-term debt, net$3,521,092 $2,889,626 
The following table presents details of the exchangeable features under the amended Match Group terms:
Number of shares of the Company’s Common Stock into which each $1,000 of Principal of the Exchangeable Notes is Exchangeable(a)
Approximate Equivalent Exchange Price per Share(a)
Exchangeable Date
2022 Exchangeable Notes22.7331$43.99 July 1, 2022
2026 Exchangeable Notes11.4259$87.52 March 15, 2026
2030 Exchangeable Notes11.8739$84.22 October 15, 2029
______________________
(a)Subject to adjustment upon the occurrence of specified events.
Schedule of Exchangeable Notes Hedges and Warrants
The following tables sets forth the components of the Exchangeable Notes:
September 30, 2020
2022 Exchangeable Notes2026 Exchangeable Notes2030 Exchangeable Notes
(In thousands)
Liability component:
Principal$517,500 $575,000 $575,000 
Less: unamortized original issue discount30,204 116,207 171,912 
Net carrying value of the liability component$487,296 $458,793 $403,088 
Equity component$70,363 $138,796 $189,213 

December 31, 2019
2022 Exchangeable Notes2026 Exchangeable Notes2030 Exchangeable Notes
(In thousands)
Liability component:
Principal$517,500 $575,000 $575,000 
Less: unamortized original issue discount40,768 129,037 181,800 
Net carrying value of the liability component$476,732 $445,963 $393,200 
Equity component$70,363 $138,796 $189,213 
The following tables present details of the Exchangeable Notes Hedges and Warrants under the amended Match Group terms:
Number of Shares(a)
Approximate Equivalent Exchange Price per Share(a)
(Shares in millions)
2022 Exchangeable Notes Hedge11.8$43.99 
2026 Exchangeable Notes Hedge6.6$87.52 
2030 Exchangeable Notes Hedge6.8$84.22 
Number of Shares(a)
Weighted Average Strike Price per Share(a)
(Shares in millions)
2022 Exchangeable Notes Warrants11.8$68.22 
2026 Exchangeable Notes Warrants6.6$134.76 
2030 Exchangeable Notes Warrants6.8$134.82 
______________________
(a)Subject to adjustment upon the occurrence of specified events.
Schedule of Interest Expense, Exchangeable Notes
The following table sets forth interest expense recognized related to the Exchangeable Notes:

Three Months Ended September 30, 2020
2022 Exchangeable Notes2026 Exchangeable Notes2030 Exchangeable Notes
(In thousands)
Contractual interest expense$1,132 $1,257 $2,875 
Amortization of original issue discount3,575 4,378 3,369 
Amortization of debt issuance costs885 332 183 
Total interest expense recognized$5,592 $5,967 $6,427 

Nine Months Ended September 30, 2020
2022 Exchangeable Notes2026 Exchangeable Notes2030 Exchangeable Notes
(In thousands)
Contractual interest expense$3,396 $3,773 $8,625 
Amortization of original issue discount10,564 12,830 9,888 
Amortization of debt issuance costs2,615 972 537 
Total interest expense recognized$16,575 $17,575 $19,050 
Three Months Ended September 30, 2019
2022 Exchangeable Notes2026 Exchangeable Notes2030 Exchangeable Notes
(In thousands)
Contractual interest expense$1,132 $1,258 $2,875 
Amortization of original issue discount3,006 4,109 3,124 
Amortization of debt issuance costs375 294 148 
Total interest expense recognized$4,513 $5,661 $6,147 

Nine Months Ended September 30, 2019
2022 Exchangeable Notes2026 Exchangeable Notes2030 Exchangeable Notes
(In thousands)
Contractual interest expense$3,396 $1,705 $3,897 
Amortization of original issue discount9,765 5,608 4,270 
Amortization of debt issuance costs2,117 425 233 
Total interest expense recognized$15,278 $7,738 $8,400 
Schedule of If-Converted Value in Excess of Principal
The following table presents the if-converted value that exceeded the principal of each note based on the Company’s stock price September 30, 2020 and December 31, 2019, respectively. The amounts for September 30, 2020 represent the exchange occurring under the Match Group terms and for December 31, 2019 represent the exchange occurring under Former IAC terms.
September 30, 2020December 31, 2019
(In millions)
2022 Exchangeable Notes$784.2 $329.6 
2026 Exchangeable Notes$152.0 N/A
2030 Exchangeable Notes$180.5 N/A