Secured Term Loan, Net

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Secured Term Loan, Net

8. SECURED TERM LOAN, NET

In April 2019 we entered into a $500.0 million senior Secured Term Loan, which bears interest at a rate of LIBOR plus 2.50% per annum. In November 2019 we increased the aggregate principal amount of the Secured Term Loan to $748.8 million and decreased the interest rate to LIBOR plus 2.25%. As of December 31, 2019, the following Secured Term Loan was outstanding ($ in thousands): 

Term Loan Issuance	Face Value		Interest Rate			All-in Cost(1)			Maturity
Term Loan B	$	746,878		L+2.25	%		L+2.52	%		April 23, 2026

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

The Secured Term Loan is partially amortizing, with an amount equal to 1.0% per annum of the aggregate principal balance due in quarterly installments. The issue discount and transaction expenses on the Secured Term Loan were $1.6 million and $10.1 million, respectively, which will be amortized into interest expense over the life of the Secured Term Loan. The guarantee under our Secured Term Loan contains the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of December 31, 2019, we were in compliance with this covenant. Refer to Note 2 for additional discussion of our accounting policies for the Secured Term Loan.