Secured Term Loans, Net

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Secured Term Loans, Net

8. SECURED TERM LOANS, NET

During the three months ended March 31, 2021, we increased our borrowings under our 2019 senior secured term loan facility by $200.0 million. As of March 31, 2021, the following senior secured term loan facilities, or Secured Term Loans, were outstanding ($ in thousands):

Term Loans	Face Value		Interest Rate(1)			All-in Cost(1)(2)			Maturity
2019 Term Loan	$	937,012		L+2.25	%		L+2.53	%		April 23, 2026
2020 Term Loan	$	322,563		L+4.75	%		L+5.60	%		April 23, 2026

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(1)	The 2020 Term Loan includes a LIBOR floor of  1.00%.
(2)	Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Secured Term Loans.

The 2019 and 2020 Term Loans are 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 2019 Term Loan were $3.1 million and $12.3 million, respectively, which will be amortized into interest expense over the life of the 2019 Term Loan. The issue discount and transaction expenses of the 2020 Term Loan were $9.6 million and $3.8 million, respectively, which will be amortized into interest expense over the life of the 2020 Term Loan.

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

	March 31, 2021			December 31, 2020
Face value	$	1,259,575		$	1,062,766
Unamortized discount		(10,819	)		(9,807	)
Deferred financing costs		(12,948	)		(11,255	)
Net book value	$	1,235,808		$	1,041,704

The guarantee under our Secured Term Loans contains the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of March 31, 2021 and December 31, 2020, we were in compliance with this covenant. Refer to Note 2 for additional discussion of our accounting policies for the Secured Term Loans.