Borrowings (Tables)

6 Months Ended

Jun. 30, 2021

Summary of Carrying Amount of Principal Borrowings

Carrying amount of principal borrowings consist of the following (in thousands):

	June 30, 2021		December 31, 2020
Senior convertible notes	$	223,217	$	—
MidCap credit facility		38,614		49,335
Mann Group promissory notes⁽¹⁾		18,425		63,027
PPP loan		4,873		4,873
2024 convertible notes		—		5,000
Total debt — net carrying amount	$	285,129	$	122,235

___________________

(1)

The amendment to the Mann Group convertible note resulted in a substantial premium of $22.1 million based on the fair value post modification, which contributed to the loss on extinguishment in the condensed consolidated statement of operations for the three and six months ended June 30, 2021 and was recognized as additional paid-in capital in the condensed consolidated balance sheet as of June 30, 2021. The accounting for the $22.1 million loss on extinguishment did not result in a change in the financial position of the Company.

Schedule of Line of Credit Facility Debt and Key Terms

The following table provides a summary of the Company’s debt and key terms as of June 30, 2021:

Amount Due

Terms

June 30, 2021

December 31, 2020

Annual Interest Rate

Maturity Date

Conversion Price

Senior convertible notes

$230.0 million

—

2.50%

March 2026

$5.21

per share

MidCap credit facility⁽¹⁾

$40.0 million

$50.0 million

one-month

LIBOR (1% floor)

plus 6.25%

)

August 2025

)

N/A

Mann Group convertible note

$18.4 million (plus $0.2 million accrued interest paid-in-kind)

$28.0 million (plus $0.6 million accrued interest paid-in-kind)

2.50%

)

December 2025

)

$2.50

per share

Mann Group non-convertible note⁽³⁾

$ —

$35.1 million (plus $3.6 million accrued interest paid-in-kind)

7.00%

November 2024

N/A

PPP loan⁽⁴⁾

$4.9 million

0.98%

April 2022

N/A

2024 convertible notes⁽⁵⁾

$ —

$5.0 million

5.75%

November 2024

$3.00

per share

____________________

(1)	In April 2021, the Company prepaid $10.0 million principal balance and amended the MidCap credit facility. The interest rate prior to the amendment was one-month LIBOR (2% floor) plus 6.75% and the maturity date was in August 2024.

(2)	In April 2021, the Mann Group convertible note was amended. The interest rate prior to the amendment was 7.00% and the maturity date was in November 2024.

(3)	In April 2021, the Company prepaid $35.1 million principal balance as well as accrued unpaid interest.

(4)	In July 2021, the Company received full forgiveness from the SBA for the $4.9 million principal balance of the PPP loan.

(5)	In February 2021, the $5.0 million principal balance was converted into 1,666,667 shares of the Company’s common stock.

Schedule of Maturities of Our Borrowings

The maturities of our borrowings as of June 30, 2021 are as follows (in thousands):

	Amounts
2021	$	4,061
2022		812
2023		6,667
2024		38,425
Thereafter		243,333
Total principal payments		293,298
Discount		(1,386	)
Debt issuance cost		(6,783	)
Total debt — net carrying amount	$	285,129

Schedule of Amortization of Debt Premium and Accretion of Debt Discount and Debt Issuance Cost

Amortization of debt discount and debt issuance cost related to all borrowings for the three and six months ended June 30, 2021 and 2020 were as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Amortization of debt discount	$	86	$	90	$	146	$	179
Amortization of debt issuance cost		363		27		488		55