Quarterly report pursuant to Section 13 or 15(d)

Debt

v3.21.2
Debt
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Debt
9.
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:

 

 

September 30, 2021

 

 

December 31, 2020

 

Term debt

 

 

 

 

 

 

7-year term loan facility, periodic interest and quarterly principal payments, LIBOR + 3.0% as of September 30, 2021, LIBOR + 3.25% as of December 31, 2020, expires September 1, 2027

 

$

1,580,851

 

 

$

1,578,930

 

Revolving debt

 

 

 

 

 

 

5-year revolving loan facility, periodic interest payments, LIBOR + up to 3.0% as of September 30, 2021, LIBOR + up to 3.25% as of December 31, 2020, plus commitment fees up to 0.50%, expires July 26, 2026

 

 

333

 

 

 

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%, expire
   June 1, 2022

 

 

2,891

 

 

 

—

 

Commercial notes, periodic interest and principal payments, 1.66%, expire
   July 15, 2022

 

 

877

 

 

 

—

 

Commercial notes, periodic interest and principal payments, 1.66%, expire
   July 21, 2022

 

 

5,947

 

 

 

—

 

Finance lease obligation

 

 

117

 

 

 

225

 

Unsecured promissory notes

 

 

—

 

 

 

363

 

Units subject to mandatory redemption

 

 

4,163

 

 

 

3,866

 

Total debt

 

$

1,595,179

 

 

$

1,585,350

 

Less current portion

 

 

(26,769

)

 

 

(19,158

)

Long term debt

 

$

1,568,410

 

 

$

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 lower 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.

 

The original principal of the term loan was $1,650.0 million. As of September 30, 2021, $1,633.5 million of the principal was outstanding and $0.2 million of interest was accrued. Unamortized deferred issuance costs on the term loan were $52.8 million as of September 30, 2021.

Revolving Credit Facility

In connection with the closing of the IPO, effective July 26, 2021, the Company modified the terms of its revolving credit facility, increasing the commitments from $300.0 million to $600.0 million, as well as decreasing the established borrowing margins on outstanding balances by 0.25%. The modification also extended the expiration date of the facility to five years from the effective date. An additional $1.1 million of deferred issuance costs related to new lenders in connection with the increase will be amortized over the five year term of the facility. As the revolving credit facility had not been drawn on as of September 30, 2021, the deferred issuance costs related to the facility are included in Other non-current assets in the Consolidated Balance Sheets. As of September 30, 2021, the Company accrued $0.3 million of unpaid commitment fees related to the revolving credit facility included in Short-term debt and current portion of long-term debt in the Consolidated Balance Sheets.