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Debt
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Debt Debt
Our debt consists of the following ($ in thousands):
Outstanding Balance as of
Interest RateMaturity DateDecember 31, 2020December 31, 2019
Revolving Credit Facilities
Revolving Credit Facility (1)
LIBOR + 3.00%
April 27, 2022$84,667 $60,000 
Senior Secured Credit Facilities
Term Loan (2)
LIBOR + 2.75%
April 27, 2024$976,348 $986,448 
Term A1 Loan11.4777%April 27, 202435,000 — 
Term A2 Loan11.4777%April 27, 202431,000 — 
Term A3 Loan (3)
LIBOR + 3.00%
April 27, 202428,000 — 
Total Term Loans (at stated value)1,070,348 986,448 
Unamortized discount(1,658)(2,168)
Unamortized debt issuance costs(6,015)(3,622)
Total Term Loans, net$1,062,675 $980,658 
Property Loan
Property Loan (at stated value)9.25%July 1, 2025$110,000 $— 
Unamortized discount(3,960)— 
Unamortized debt issuance costs(4,409)— 
Total Property Loan, net$101,631 $— 
Financing lease obligations (4)
$2,294 $— 
Total debt, net$1,251,267 $1,040,658 
_______
(1)We had available balances of $0.3 million and $40.0 million as of December 31, 2020 and 2019, respectively. The weighted-average interest rate on the outstanding balance of our Revolving Credit Facility was 3.15% and 4.72% as of December 31, 2020 and 2019, respectively.
(2)One-month London Interbank Offered Rate (“LIBOR”) rate is subject to a 1.0% floor. The interest rate was 3.75% and 4.55% as of December 31, 2020 and 2019, respectively. Our two interest rate swaps fix LIBOR at 2.85% on $800.0 million of our Term Loan (see Note 15).
(3)LIBOR rate is subject to a 1.0% floor. The interest rate was 4.00% as of December 31, 2020.
(4)Interest expense for our finance lease was $0.1 million and $0 million for the years ended December 31, 2020 and 2019, respectively. We did not have any capital leases, as defined under ASC 840, Leases, as of December 31, 2018.

Aggregate debt maturities for future annual periods are as follows ($ in thousands):
 As of December 31, 2020
Term LoanProperty Loan
Revolving Credit Facility (1)
2021$10,100 $— $84,667 
202210,100 — — 
202310,100 — — 
20241,040,048 — — 
2025— 110,000 — 
Thereafter— — — 
Total debt maturities$1,070,348 $110,000 $84,667 
________
(1)As of December 31, 2020, we were not contractually obligated to repay the outstanding balance on our Revolving Credit Facility until 2022. Under the Fifth Amendment to the Amended and Restated Credit Agreement entered in February 2021, we are obligated to repay $17.0 million of our outstanding balance on our Revolving Credit Facility in April 2022 and the remaining outstanding balance in January 2024; however, we fully repaid the outstanding balance as of December 31, 2020 on February 5, 2021. Refer to Note 21 for further discussion.
Senior Secured Credit Facility

Playa Resorts Holding B.V., a subsidiary of ours, holds a senior secured credit facility (“Senior Secured Credit Facility”), which consists of a term loan facility which is scheduled to mature on April 27, 2024 (“Term Loan”) and a revolving credit facility which was originally scheduled to mature on April 27, 2022 (“Revolving Credit Facility”). The Term Loan bears interest at a rate per annum equal to LIBOR plus 2.75% (where the applicable LIBOR rate has a 1.0% floor). The Revolving Credit Facility bears interest at LIBOR plus 3.00%. We are required to pay a commitment fee ranging from 0.25% to 0.5% per annum on the average daily undrawn balance of the Revolving Credit Facility.

The obligations under the Senior Secured Credit Facility are guaranteed by (a) substantially all of our material subsidiaries, subject to certain exceptions and (b) the Company on a limited recourse basis, with such guaranty being collateralized by a lien on our ordinary shares.

The obligations are further collateralized by, among other things, a lien on (i) all resorts located in Mexico, (ii) certain personal property associated with such resort properties and (iii) pledges of equity interests in certain of our subsidiaries that directly or indirectly own equity interests in any resort property or certain management companies.

Fourth Amendment to Amended and Restated Credit Agreement
On June 12, 2020, we entered into the Fourth Amendment to the Amended & Restated Credit Agreement (the “Fourth Amendment”, and collectively with the unamended terms of the Senior Secured Credit Facility, the “Existing Credit Agreement”). The terms of the Senior Secured Credit Facility remain in effect except for the following terms modified by the Fourth Amendment:
i.replace the total net leverage ratio requirement of the financial covenant with a minimum liquidity test until September 30, 2021 (the “Relief Period”);
ii.modify the financial covenant for certain test dates after the Relief Period; and
iii.add certain restrictions on, among other things, the incurrence of additional debt and making of investments, dispositions and restricted payments during the Relief Period.
On February 5, 2021, we amended certain terms of the Senior Secured Credit Facility. Refer to Note 21 for further details.

Additional Credit Facility
On June 12, 2020, we entered into an additional senior secured credit facility with an average interest rate of 9.25% that matures on April 27, 2024 and ranks pari passu with the Existing Credit Agreement (the “Additional Credit Facility”). The Additional Credit Facility consists of the following term loans:
i.$35.0 million term loan at fixed rate of 11.4777% (the “Term A1 Loan”);
ii.$31.0 million term loan at fixed rate of 11.4777% (the “Term A2 Loan”); and
iii.$28.0 million term loan at our option of either a base rate plus a margin of 2.00% or LIBOR plus 3.00% (the “Term A3 Loan”). Term A3 Loan is a Eurocurrency loan subject to a 1.0% LIBOR floor consistent with the Existing Credit Agreement.
We intend to use the proceeds from the Additional Credit Facility for general corporate purposes. The obligations under the Additional Credit Facility are collateralized in a manner that is substantially identical to the Existing Credit Agreement.
Prior to the maturity date, the Additional Credit Facility does not require principal payments, but does include mandatory prepayment requirements for the Term A3 Loan that are consistent with the Existing Credit Agreement. Mandatory prepayments are required for certain asset sales, casualty events and condemnation events that are not reinvested in our business where our total net leverage ratio is above 4.00x. We may not voluntarily prepay any portion of the Additional Credit Facility prior to June 2023 without paying a make-whole premium equal to 100% of the interest that would have otherwise accrued from the date of such payment through June 2022 plus 50% of the interest that otherwise would have accrued from June 2022 to June 2023. Subsequent to June 2023, we may prepay any portion of the Additional Credit Facility without penalty.
In connection with the Additional Credit Facility, we terminated the remaining $15.0 million of unused capacity of our Revolving Credit Facility under the Existing Credit Agreement. The Additional Credit Facility contains covenants, including a springing financial maintenance covenant, identical to those contained in the Existing Credit Agreement.
On February 5, 2021, we amended certain terms of the Additional Credit Facility. Refer to Note 21 for further details.
Property Loan Agreement
On June 12, 2020, we entered into a property loan agreement in the amount of $110.0 million that has a fixed interest rate of 9.25% and matures on July 1, 2025 (the “Property Loan”). Prior to maturity, the Property Loan does not require principal payments. The Property Loan is collateralized by the mortgages of our Hyatt Ziva and Hyatt Zilara Cap Cana properties located in the Dominican Republic and the Hilton Rose Hall Resort & Spa located in Jamaica (collectively the “Properties”). We intend to use the proceeds of the Property Loan to finance the operation and management of the Properties and for general corporate purposes.
During the term of the Property Loan, we are required to deposit certain cash reserves including reserves for operating expenses, debt service and certain property improvement plan required work. We will continue to fund the reserves until the Properties achieve a debt service coverage ratio of 1.50x for two consecutive calendar quarters. These reserves are presented as restricted cash on our Consolidated Balance Sheet, which had a balance of $25.9 million as of December 31, 2020.
Financing lease obligation
On July 1, 2020, we entered into a twelve year finance lease arrangement with a third-party for the construction, management and maintenance of a thermal energy plant located at the Hyatt Ziva and Hyatt Zilara Cap Cana. We recognized a $2.3 million right-of-use asset and lease liability within property and equipment, net and debt, respectively, on the Consolidated Balance Sheet.
Financial maintenance covenants
We were in compliance with all applicable covenants as of December 31, 2020. See a summary of our applicable covenants and restrictions below as of December 31, 2020:
DebtCovenant Terms
Existing Credit Agreement
We are required to maintain a minimum liquidity balance of $60.0 million through the Relief Period.

If we have more than 35% drawn on the Revolving Credit Facility for periods subsequent to June 30, 2021, we will be subject to the following total net leverage ratio requirements:

▪6.50x for the period ended September 30, 2021;
▪6.00x for the period ended December 31, 2021; and
▪4.75x for periods thereafter.
Term A1 LoanSame terms as the Existing Credit Agreement.
Term A2 LoanNo applicable debt covenants.
Term A3 LoanNo applicable debt covenants.
Property Loan
No applicable debt covenants other than the requirement to maintain a cash reserve until the Properties achieve a debt service coverage ratio of 1.50x for two consecutive quarters.