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Long-term Debt (Tables)
3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Summary of the Company's Long-term Debt

The following table provides a summary of the Company’s long-term debt at:

 

($ in thousands)

 

March 31,
2023

 

 

December 31,
2022

 

2021 Term Loan, due 2028

 

$

821,351

 

 

$

886,106

 

Senior Notes, due 2029

 

 

350,000

 

 

 

350,000

 

Less: original issue discounts

 

 

(4,987

)

 

 

(5,637

)

Less: unamortized deferred financing costs

 

 

(16,633

)

 

 

(18,489

)

Total long-term debt

 

 

1,149,731

 

 

 

1,211,980

 

Less: current portion of long-term debt

 

 

(9,019

)

 

 

(21,935

)

Total long-term debt, net of current portion

 

$

1,140,712

 

 

$

1,190,045

 

Schedule of Consolidated First Lien Net Leverage Ratio and Applicable Prepayment Percentage

In addition, the 2021 Term Loan requires mandatory prepayments equal to the product of the excess cash flows of the Company (as defined in the 2021 Term Loan agreement) and the applicable prepayment percentages (calculated as of the last day of the fiscal year, beginning with the year ending December 31, 2022), as set forth in the following table:

 

Consolidated First Lien Net Leverage Ratio (As Defined by the 2021 Term Loan Agreement)

 

Applicable
Prepayment
Percentage

> 3.70:1.00

 

50%

< 3.70:1.00 and > 3.20:1.00

 

25%

< 3.20:1.00

 

0%

Summary of Senior Notes Redemption Prices Set Forth in Percentages by Year On or after April 15, 2024, the Company may redeem all or a portion of the Senior Notes at the redemption prices set forth below in percentages by year, plus accrued and unpaid interest:

 

Year

 

Percentage

2024

 

102.750%

2025

 

101.375%

2026 and thereafter

 

100.000%