LONG-TERM DEBT (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt consists of the following:

(in thousands)	March 31, 2023		December 31, 2022
Senior Secured Term Loans	$	227,204	$	247,204
Less: Debt issuance and amendment costs, net	(5,070)		(878)
Less: Unamortized discount, net	(8,025)		(833)
Net Senior secured term loans	214,109		245,493
Revolver	—		—
Less: Debt issuance costs, net	(230)		(263)
Net Revolver	(230)		(263)
Total Long-term debt	$	213,879	$	245,230

Schedule of Debt

The PIK component of the interest rate is subject to adjustment based on the amount of Aggregate Paydowns as set forth in the table below. Based on Aggregate Paydowns of $20 million through March 31, 2023, the PIK component of the interest rate declined to 4.50%.

Aggregate Paydowns	PIK Component of Interest Rate
Less than $20 million	5.00%
$20 million+ but less than below	4.50%
$30 million+ but less than below	3.75%
$40 million+ but less than below	3.50%
$45 million+ but less than below	3.00%
$50 million+ but less than below	2.50%
$55 million+ but less than below	2.00%
$60 million+ but less than below	1.00%
$65 million+ but less than below	0.50%
$70 million+	0.00%