Term Loans, Net

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Term Loans, Net

TERM LOANS, NET

As of March 31, 2022, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands):

Term Loans	Face Value		Interest Rate(1)		All-in Cost(1)(2)		Maturity
B-1 Term Loan	$	927,500	+ 2.25	%	+ 2.53	%	April 23, 2026
B-2 Term Loan	$	418,337	+ 2.75	%	+ 3.42	%	April 23, 2026

(1)The B-2 Term Loan borrowing is subject to a LIBOR floor of 0.50%.

(2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans.

The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the aggregate initial principal balance due in quarterly installments. The issue discount and transaction expenses on the B-1 Term Loan were $3.1 million and $12.6 million, respectively, which will be amortized into interest expense over the life of the B-1 Term Loan. The issue discount and transaction expenses of the B-2 Term Loan were $9.6 million and $5.4 million, respectively, which will be amortized into interest expense over the life of the B-2 Term Loan.

The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands):

	March 31, 2022		December 31, 2021
Face value	$	1,345,837	$	1,349,271
Unamortized discount	(8,683)		(9,209)
Deferred financing costs	(11,932)		(12,656)
Net book value	$	1,325,222	$	1,327,406

The guarantee under our Term Loans contains the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of March 31, 2022 and December 31, 2021, we were in compliance with this covenant. Refer to Note 2 for additional discussion of our accounting policies for the Term Loans.