Term Loans, Net

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Term Loans, Net

TERM LOANS, NET

As of March 31, 2023, 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	$	917,987	+ 2.25	%	+ 2.53	%	April 23, 2026
B-3 Term Loan	414,111		+ 2.75	%	+ 3.42	%	April 23, 2026
B-4 Term Loan	819,621		+ 3.50	%	+ 4.11	%	May 9, 2029
Total face value	$	2,151,719

(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 $10.3 million, respectively. These discounts and expenses are amortized into interest expense over the life of each Term Loan. During the three months ended March 31, 2023, we recorded $41.9 million of interest expense related to our Term Loans, including $2.3 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):

	March 31, 2023		December 31, 2022
Face value	$	2,151,719	$	2,157,218
Deferred financing costs and unamortized discount	(40,487)		(42,669)
Net book value	$	2,111,232	$	2,114,549

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, 2023 and December 31, 2022, we were in compliance with this covenant. Refer to Note 2 for additional discussion of our accounting policies for the Term Loans.