Debt and Short-Term Borrowings (Tables)

6 Months Ended

Jun. 30, 2018

Total debt at June 30, 2018 and December 31, 2017 follows:



(In thousands)	June 30, 2018		December 31, 2017
Senior Secured Credit Facility (2018 Term A) due on April 17, 2018 paying interest at a variable interest rate (London InterBank Offered Rate (“LIBOR”) plus applicable margin⁽¹⁾⁽³⁾)	$	—	$	26,690
Senior Secured Credit Facility (2020 Term A) due on January 17, 2020 paying interest at a variable interest rate (LIBOR plus applicable margin⁽³⁾⁽⁴⁾)	193,808		200,653
Senior Secured Credit Facility (Term B) due on April 17, 2020 paying interest at a variable interest rate (LIBOR plus applicable margin⁽²⁾⁽³⁾)	375,563		376,395
Senior Secured Revolving Credit Facility⁽⁶⁾	—		12,000
Note Payable due on August 31, 2019⁽⁵⁾	—		584
Note Payable due on April 30, 2021⁽³⁾	360		418
Total debt	$	569,731	$	616,740


(1)	Applicable margin of 2.25% at December 31, 2017.


(2)	Subject to a minimum rate (“LIBOR floor”) of 0.75% plus applicable margin of 2.50% at June 30, 2018 and December 31, 2017.


(3)	Net of unaccreted discount and unamortized debt issue costs, as applicable.


(4)	Applicable margin of 2.50% at June 30, 2018 and December 31, 2017.


(5)	Fixed interest rate of 7.50%. The Company prepaid the outstanding principal balance of this note during the second quarter of 2018 without penalties.


(6)	Applicable margin of 2.50% at June 30, 2018 and December 31, 2017.

Summary of Interest Rate Swap Transaction

As of June 30, 2018, the Company has the following interest rate swap agreement converting a portion of the interest rate exposure on the Company's Term B Loan from variable to fixed:



Effective date	Maturity Date	Notional Amount	Variable Rate	Fixed Rate
January 2017	April 2020	$200 million	1-month LIBOR	1.9225%

Carrying Amount of Derivative Instruments on Company's Balance Sheet

As of June 30, 2018 and December 31, 2017, the carrying amount of the derivative on the Company’s balance sheets is as follows:



(Dollar amounts in thousands)	June 30, 2018		December 31, 2017
Other long-term assets	$	2,304	$	214