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Subsequent Events
 6 Months Ended
Jun. 30, 2020
Subsequent Events [Abstract]  
Subsequent Events     Subsequent Events
 
On July 9, 2020, the Company announced it entered into an underwriting agreement for the issuance and sale of the 2020 Senior Notes. Concurrent with the offering of the 2020 Senior Notes, the Company commenced the Tender Offer to purchase up to $160.0 million aggregate principal of the 2012 Senior Notes, subject to increase or decrease. The Tender Offer was subsequently upsized to $180.0 million aggregate principal amount of the 2012 Senior Notes.
On July 23, 2020, the Company closed its sale of $450.0 million aggregate principal amount of the 2020 Senior Notes. The Company used the net proceeds of the 2020 Senior Notes offering, after deducting underwriting discounts, commissions and other offering expenses, to repay the Term Loan in full and fund the purchase price of the 2012 Senior Notes tendered and accepted by the Company for purchase pursuant to the Tender Offer. We estimate the 2012 Senior Notes tender and full repayment of the Term Loan will result in a loss on extinguishment of debt of approximately $16.0 million in the third quarter of 2020.
Interest on the 2020 Senior Notes is payable semi-annually on January 15th and July 15th of each year, commencing on January 15, 2021. The interest rate payable on the 2020 Senior Notes will be subject to adjustment based on certain rating events. The Company may redeem the 2020 Senior Notes, in whole or in part, at its option at the applicable redemption price before maturity. If the Company redeems the 2020 Senior Notes prior to October 15, 2030 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the 2020 Senior Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. Additionally, at the option of the holders of the 2020 Senior Notes, the Company may be required to repurchase all or a portion of the 2020 Senior Notes of a holder upon the occurrence of a change of control event at a price equal to 101% of their aggregate principal amount, plus accrued and unpaid interest, to the date of repurchase.

Additionally, on July 23, 2020, the Company issued a press release announcing the early tender results and an increase in the aggregate principal maximum tender amount from $180.0 million to $183.4 million. The Tender Offer expired on August 5, 2020.