Debt and Short-Term Borrowings (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Summary of total debt

Total debt at June 30, 2020 and December 31, 2019 follows:

(In thousands)	June 30, 2020		December 31, 2019
2023 Term A Loan bearing interest at a variable interest rate (LIBOR plus applicable margin(1)(2))	$	194,058	$	207,261
2024 Term B Loan bearing interest at a variable interest rate (LIBOR plus applicable margin(1)(3))	307,764		317,936
Senior Secured Revolving Credit Facility(2)	15,000		—
Note payable due April 30, 2021(1)	111		175
Note payable due January 1, 2022(1)	1,373		2,231
Total debt	$	518,306	$	527,603

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

(2) Applicable margin of 1.75% at June 30, 2020 and 2.00% at December 31, 2019.

(3)

Subject to a minimum rate ("LIBOR floor") of 0% plus applicable margin of 3.50% at June 30, 2020 and December 31, 2019.

Summary of interest rate swap transaction

As of June 30, 2020, the Company has an interest rate swap agreement, entered into in December 2018, which converts a portion of the interest rate payments on the Company's 2024 Term B Loan from variable to fixed: 

Swap Agreement	Effective date	Maturity Date	Notional Amount	Variable Rate	Fixed Rate
2018 Swap	April 2020	November 2024	$250 million	1-month LIBOR	2.89%