CREDIT FACILITY

9 Months Ended

Sep. 30, 2022

CREDIT FACILITY

CREDIT FACILITY

NOTE 18.    CREDIT FACILITY

In September 2019, in connection with the Artesyn Acquisition Agreement, we entered into a credit agreement ("Credit Agreement") that provided aggregate financing of $500.0 million, consisting of a $350.0 million senior unsecured term loan facility (the "Term Loan Facility") and a $150.0 million senior unsecured revolving facility (the "Revolving Facility" and together with the Term Loan Facility, the "Credit Facility").

In September 2021, we amended the Credit Agreement whereby we borrowed an additional $85.0 million, which increased the aggregate amount outstanding under the Term Loan Facility to $400.0 million. In addition, we increased the Revolving Facility capacity by $50.0 million to $200.0 million. Both the Term Loan Facility and Revolving Facility mature on September 9, 2026.

The following table summarizes borrowings under our Credit Facility and the associated interest rate.

	September 30, 2022
	Balance		Interest Rate	Unused Line Fee
Term Loan Facility subject to a fixed interest rate	$	242,594	1.271%	—
Term Loan Facility subject to a variable interest rate		137,406	3.865%	—
Revolving Facility subject to a variable interest rate		—	3.865%	0.10%
Total borrowings under the Credit Agreement	$	380,000

For more information on the interest rate swap that fixes the interest rate for a portion of our Term Loan Facility, see Note 7. Derivative Financial Instruments. The Term Loan Facility and Revolving Facility bear interest, at our option, at a rate based on a reserve adjusted "Eurodollar Rate" or "Base Rate," as defined in the Credit Agreement, plus an applicable margin.

For all periods presented, we were in compliance with the Credit Agreement covenants. The following table summarizes our availability to withdraw on the Revolving Facility.

	September 30,		December 31,
	2022		2021
Available capacity on Revolving Facility	$	200,000	$	200,000

In addition to the available capacity on the Revolving Facility, prior to the maturity date of our Credit Agreement, we may also request an increase to the financing commitments in either the Term Loan Facility or Revolving Facility by an aggregate amount not to exceed $250.0 million at identical terms to our existing Credit Facility.

The fair value of the Term Loan Facility approximates the outstanding balance of $380.0 million as of September 30, 2022.

The debt obligation on our Consolidated Balance Sheets consists of the following:

	September 30,		December 31,
	2022		2021
Term Loan Facility	$	380,000	$	395,000
Less: debt discount		(1,868)		(2,267)
Total debt		378,132		392,733
Less current portion of long-term debt		(20,000)		(20,000)
Total long-term debt	$	358,132	$	372,733

Contractual maturities of our debt obligations, excluding amortization of debt issuance costs, are as follows:

Year Ending December 31,
2022 (remaining)	$	5,000
2023		20,000
2024		20,000
2025		20,000
2026		315,000
Total	$	380,000

Interest expense and unused line of credit fees were recorded in other income (expense), net in our Consolidated Statements of Operations as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Interest expense	$	1,842	$	1,009	$	4,303	$	2,973
Amortization of debt issuance costs		136		420		413		669
Unused line of credit fees and other		51		41		152		116
Total interest expense	$	2,029	$	1,470	$	4,868	$	3,758