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Secured Term Loan, Net
 3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Secured Term Loan, Net
7. SECURED TERM LOAN, NET
As of March 31, 2020, the following senior secured term loan facility, or Secured Term Loan, was outstanding ($ in thousands):
                                         
Term Loan Issuance
 
Face Value
 
 
Net Book Value
(1)
 
 
Interest Rate
 
 
All-in
 Cost
(2)
 
 
Maturity
 
Term Loan B
 
$
745,006
 
 
$
734,695
 
 
 
L+2.25
%
 
 
L+2.52
%
 
 
April 23, 2026
 
                        
 
 
 
 
 
 
 
     
(1)  
 
The net book value of our Secured Term Loan was $736.1 million as of December 31, 2019.
(2)
 
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 March 31, 2020 and 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.