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LONG-TERM DEBT, NET (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Long-term debt, net consists of:
December 31,
20202019
(In thousands)
Credit Facility due February 13, 2025$— $— 
Term Loan due February 13, 2027
425,000 425,000 
6.375% Senior Notes (the “6.375% Senior Notes”)
— 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
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 long-term debt3,892,500 3,292,500 
Less: Unamortized original issue discount6,029 6,283 
Less: Unamortized debt issuance costs45,541 46,201 
Total long-term debt, net$3,840,930 $3,240,016 
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 Debt Instrument Redemption
The 4.625% Senior Notes were issued on May 19, 2020. The proceeds from these notes were used to redeem the outstanding 6.375% Senior Notes, to pay expenses associated with the offering, and for general corporate purposes. At any time prior to June 1, 2023, these notes may be redeemed at a redemption price equal to the sum of the principal amount, plus accrued and unpaid interest and a make-whole premium set forth in the indenture governing the notes. Thereafter, these notes may be redeemed at redemption prices set forth in the indenture governing the notes, together with accrued and unpaid interest to the applicable redemption date, if redeemed during the twelve-month period beginning on June 1 of the years indicated below:
Beginning June 1,Percentage
2023102.313%
2024101.156%
2025 and thereafter100.000%
The 4.125% Senior Notes were issued on February 11, 2020. The proceeds from these notes were used to fund a portion of the $3.00 per common share of Former Match Group that was payable in connection with the Separation. At any time prior to May 1, 2025, these notes may be redeemed at a redemption price equal to the sum of the principal amount, plus accrued and unpaid interest and a make-whole premium set forth in the indenture governing the notes. Thereafter, these notes may be redeemed at redemption prices set forth in the indenture governing the notes, together with accrued and unpaid interest to the applicable redemption date, if redeemed during the twelve-month period beginning on May 1 of the years indicated below:
Beginning May 1,Percentage
2025102.063%
2026101.375%
2027100.688%
2028 and thereafter100.000%
The 5.625% Senior Notes were issued on February 15, 2019. The proceeds from these notes were used to repay outstanding borrowings under the Credit Facility, to pay expenses associated with the offering, and for general corporate purposes. At any time prior to February 15, 2024, these notes may be redeemed at a redemption price equal to the sum of the principal amount, plus accrued and unpaid interest and a make-whole premium set forth in the indenture governing the notes. Thereafter, these notes may be redeemed at redemption prices set forth below, together with accrued and unpaid interest to the applicable redemption date, if redeemed during the twelve-month period beginning on February 15 of the years indicated below:
Beginning February 15,Percentage
2024102.813%
2025101.875%
2026100.938%
2027 and thereafter100.000%
The 5.00% Senior Notes were issued on December 4, 2017. The proceeds, along with cash on hand, were used to redeem then outstanding senior notes and pay the related call premium. At any time prior to December 15, 2022, these notes may be redeemed at a redemption price equal to the sum of the principal amount, plus accrued and unpaid interest and a make-whole premium set forth in the indenture governing the notes. Thereafter, these notes may be redeemed at the redemption prices set forth below, together with accrued and unpaid interest thereon to the applicable redemption date, if redeemed during the twelve-month period beginning on December 15 of the years indicated below:
Beginning December 15,Percentage
2022102.500%
2023101.667%
2024100.833%
2025 and thereafter100.000%
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 December 31, 2020 and December 31, 2019, respectively. The amounts for December 31, 2020 represent the exchange occurring under the Match Group terms and for December 31, 2019 represent the exchange occurring under Former IAC terms.
December 31, 2020December 31, 2019
(In millions)
2022 Exchangeable Notes$1,261.2 $329.6 
2026 Exchangeable Notes$418.3 N/A
2030 Exchangeable Notes$457.2 N/A
Schedule fo Exchangeable Notes Hedge and Warrants
The following tables sets forth the components of the Exchangeable Notes:
December 31, 2020
2022 Exchangeable Notes2026 Exchangeable Notes2030 Exchangeable Notes
(In thousands)
Liability component:
Principal$517,500 $575,000 $575,000 
Less: unamortized debt issuance costs6,511 8,700 9,627 
Net carrying value included in long-term debt, net$510,989 $566,300 $565,373 
December 31, 2019
2022 Exchangeable Notes2026 Exchangeable Notes2030 Exchangeable Notes
(In thousands)
Liability component:
Principal$517,500 $575,000 $575,000 
Less: unamortized debt issuance costs10,157 10,232 10,577 
Net carrying value included in long-term debt, net$507,343 $564,768 $564,423 
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:
Year Ended December 31, 2020
2022 Exchangeable Notes2026 Exchangeable Notes2030 Exchangeable Notes
(In thousands)
Contractual interest expense$4,528 $5,031 $11,500 
Amortization of debt issuance costs3,646 1,533 950 
Total interest expense recognized$8,174 $6,564 $12,450 
Year Ended December 31, 2019
2022 Exchangeable Notes2026 Exchangeable Notes2030 Exchangeable Notes
(In thousands)
Contractual interest expense$4,528 $2,963 $6,772 
Amortization of debt issuance costs3,578 897 550 
Total interest expense recognized$8,106 $3,860 $7,322 
Year Ended December 31, 2018
2022 Exchangeable Notes
(In thousands)
Contractual interest expense$4,528 
Amortization of debt issuance costs3,509 
Total interest expense recognized$8,037 
Schedule of Long-term Debt Maturities Long-term debt maturities
Years Ending December 31,(In thousands)
2022$517,500 
2026575,000 
2027875,000 
2028500,000 
2029350,000 
20301,075,000 
Total3,892,500 
Less: Unamortized original issue discount6,029 
Less: Unamortized debt issuance costs45,541 
Total long-term debt, net$3,840,930