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Term Loans, Net | TERM LOANS, NET During the six months ended June 30, 2022, we entered into a $500.0 million term loan facility, or the B-4 Term Loan. The B-4 Term Loan bears interest at SOFR plus 3.50% and matures in May 2029. As of June 30, 2022, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands):
(1)The B-3 Term Loan and the B-4 Term Loan borrowings are subject to a 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. The issue discount and transaction expenses of the B-3 Term Loan were $9.6 million and $5.4 million, respectively. The issue discount and transaction expenses of the B-4 Term Loan were $7.5 million and $5.9 million, respectively. These discounts and expenses will be amortized into interest expense over the life of each Term Loan. The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands):
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