Term Loans, Net

6 Months Ended

Jun. 30, 2021

8. TERM LOANS, NET

During the six months ended June 30, 2021, we (i) increased our borrowings under our

B-2

senior term loan facility by $100.0 million and decreased the interest rate by 2.50% to USD LIBOR plus 2.75%, and (ii) we increased our borrowings under our

B-1

senior term loan facility by $200.0 million.

As of June 30, 2021, 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

934,634

+ 2.25

+ 2.53

April 23, 2026

B-2

Term Loan

421,506

+ 2.75

+ 3.42

April 23, 2026


(1)		The B-2 Term Loan includes a LIBOR floor of 0.50%.
(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 principal balance due in quarterly installments. The issue discount and transaction expenses on the

B-1

Term Loan were $3.1 million and $12.3 million, respectively, which will be amortized into interest expense over the life of the

B-1

Term Loan. The issue discount and transaction expenses of the

B-2

Term Loan were $9.6 million and

$5.3 million, respectively, which will be amortized into interest expense over the life of the

B-2

Term Loan.

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


	June 30, 2021			December 31, 2020
Face value	$	1,356,140		$	1,062,766
Unamortized discount		(10,286	)		(9,807	)
Deferred financing costs		(13,724	)		(11,255	)

Net book value	$	1,332,130		$	1,041,704

The guarantee under our Term Loans contains the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 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 Term Loans.