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DEBT
3 Months Ended
Oct. 31, 2020
Debt Disclosure [Abstract]  
DEBT DEBTThe components of debt and a reconciliation to the carrying amount of long-term debt is presented in the table below:
October 31,
2020
July 31,
2020
(In thousands)
Secured
Cerberus Term Loan due December 15, 2022$370,472 $371,972 
Unsecured
7.50% Convertible Senior Note due March 1, 202414,940 14,940 
Credit Facilities
Cerberus Bank Credit Facility— — 
MidCap Credit Facility— — 
Less: unamortized discounts and issuance costs(7,457)(7,863)
Total debt, net377,955 379,049 
Less: current portion of debt, net(5,572)(5,527)
Total long-term debt, net$372,383 $373,522 
7.50% Convertible Senior Note
On February 28, 2019, the Company entered into that certain 7.50% Convertible Senior Note Due 2024 Purchase Agreement (the "SPHG Note Purchase Agreement") with SPH Group Holdings LLC ("SPHG Holdings"), whereby SPHG Holdings agreed to loan the Company $14.9 million in exchange for a 7.50% Convertible Senior Note due 2024 (the "SPHG Note"). As of October 31, 2020, the if-converted value of the SPHG Note did not exceed the principal value of the SPHG Note. As of October 31, 2020, the remaining period over which the unamortized discount will be amortized is 40 months. As of October 31, 2020 and July 31, 2020, the net carrying value of the SPHG Note was $8.3 million and $8.1 million, respectively. The effective interest rate on the SPHG Note, including accretion of the discount, is 27.8%. The following tables reflect the components of the SPHG Note:
October 31,
2020
July 31,
2020
(In thousands)
Carrying amount of equity component $8,200 $8,200 
Principal amount of note$14,940 $14,940 
Unamortized debt discount(6,594)(6,886)
Net carrying amount$8,346 $8,054 
Three Months Ended October 31, 2020Three Months Ended October 31, 2019
(In thousands)
Interest expense related to contractual interest coupon$286 $280 
Interest expense related to accretion of the discount292 409 
$578 $689