Debt

6 Months Ended

Jun. 30, 2020

2019 Revolving Credit Facility

On October 4, 2019, the Company entered into a Credit Agreement with Citizens Bank, N.A., for a $10.0 million Revolving Credit Facility. Borrowings under the Revolving Credit Facility bear interest at a rate equal to, at the Company’s option, either (1) the arithmetic average of the LIBOR rate determined by reference to the costs of funds for U.S. dollar deposits for the interest period (one, three or six months (or 12 months if agreed to by all applicable Lenders)) as selected by the Company relevant to such borrowing plus the applicable margin, or (2) a base rate determined by reference to the greatest of the federal funds rate plus 0.50%, the prime commercial lending rate as determined by the Agent, and the daily LIBOR rate plus 1.00%, in each case plus an applicable margin and subject to a floor of 0%. In addition, on a quarterly basis, the Company is required to pay each lender under the Revolving Credit Facility a 0.2% commitment fee in respect of commitments under the Revolving Credit Facility, which may be subject to adjustment based on the Company’s total leverage ratio. The outstanding balance under the Revolving Credit Facility as of June 30, 2020 is $10.0 million.

Interest expense

The following table summarizes the Company’s interest expense:


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Convertible Senior Notes
Amortization of debt issuance costs	$	—	$	82	$	—	$	237
Interest on borrowings	—		106		—		297

2019 Revolving Credit Facility					—		—
Amortization of debt issuance costs	12		—		28		—
Commitment fee	—		—		4		—
Interest on borrowings	68		—		82		—

Other	4		275		215		514
Total	$	84	$	463	$	329	$	1,048