Quarterly report pursuant to Section 13 or 15(d)

Debt

v3.21.2
Debt
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Debt
8.
Debt
Substantially all of the Company’s debt is carried at outstanding principal balance, less debt issuance costs and any unamortized discount or premium. To the extent that the Company modifies the debt arrangements, all unamortized costs from borrowings are deferred and amortized over the term of the new arrangement, where applicable.
The following table is a summary of the Company’s outstanding debt:
 
    
June 30, 2021
 
    
December 31, 2020
  
Term debt
                  
7-year
term loan facility, periodic interest and quarterly principal payments, LIBOR + 3% as of June 30, 2021, LIBOR + 3.25% as of December 31, 2020, expires September 1, 2027
    $
 
 
 
1,582,761      $ 1,578,930  
Revolving debt
                  
5-year
revolving loan facility, periodic interest payments, LIBOR + up to 3.25%, plus commitment fees up to 0.50%, expires September 1, 2025
      162        15  
Premium financing notes
                  
Commercial notes, periodic interest and principal payments, 2.50%, expired June 1, 2021
      —          1,951  
Commercial notes, periodic interest and principal payments, 1.66%, expires June 1, 2022
      4,530        —    
Finance lease obligation
      149        225  
Unsecured promissory notes
      1,112        363  
Units subject to mandatory redemption
      4,060        3,866  
    
 
 
     
 
 
  
Total debt
   
$
 
 
1,592,774
 
   
$
1,585,350
 
    
 
 
     
 
 
  
Less current portion
      (22,547 )       (19,158 ) 
    
 
 
     
 
 
  
Long term debt
   
$
 
 
 
 
 
 
  
1,570,227
 
   
$
1,566,192
 
    
 
 
     
 
 
  
Term Loan
In the first quarter of 2021, the Company closed on a repricing of the 2020 credit facility in order to obtain a better interest rate, while no other terms changed. Several lenders opted to not participate in the repricing. The debt related to the lenders that opted out of the repricing was considered extinguished and the fees related to those lenders were written off as of the end of the first quarter. The amount of fees written off was $8.6
 million
.
 
As of June 30, 2021, the Company has drawn
$1,650.0
mi
llion on the term loan with
$1,637.6
mi
llion outstanding principal and
$0.2
million accrued interest. Unamortized deferred issuance costs on the term loan were
$55.0
million as of June 30, 2021.