Term Loans, Net

12 Months Ended

Dec. 31, 2022

TERM LOANS, NET

During the year ended December 31, 2022, we borrowed an additional $825.0 million under our term loan facilities, or the B-4 Term Loan. The B-4 Term Loan bears interest at SOFR plus 3.50% and matures in May 2029. As of December 31, 2022, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands):


Term Loans	Face Value		Interest Rate(1)		All-in Cost(1)(2)		Maturity
B-1 Term Loan	$	920,365	+ 2.25	%	+ 2.53	%	April 23, 2026
B-3 Term Loan	$	415,168	+ 2.75	%	+ 3.42	%	April 23, 2026
B-4 Term Loan	$	821,685	+ 3.50	%	+ 4.11	%	May 9, 2029

(1)The B-3 Term Loan and the B-4 Term Loan borrowings are subject to a floor of 0.50%. The B-1 Term Loan and B-3 Term Loan are indexed to one-month USD LIBOR and the B-4 Term Loan is indexed to one-month SOFR.

(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 $17.3 million and $10.2 million, respectively. These discounts and expenses will be amortized into interest expense over the life of each Term Loan. During the year ended December 31, 2022, we recorded $86.6 million of interest expense related to our Term Loans, including $6.7 million of amortization of deferred fees and expenses.

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


	December 31, 2022		December 31, 2021
Face value	$	2,157,218	$	1,349,271
Deferred financing costs and unamortized discount	(42,669)		(21,865)
Net book value	$	2,114,549	$	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 December 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.