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Debt (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Debt Components and Covenants
Our debt consists of the following ($ in thousands):
Outstanding Balance as of
Interest RateMaturity DateDecember 31, 2021December 31, 2020
Senior Secured Credit Facilities
Revolving Credit Facility (1)
LIBOR + 3.00%
LIBOR + 4.00%
April 27, 2022 ($17.0 million)
January 27, 2024 ($68.0 million)
$— $84,667 
Term Loan (2)
LIBOR + 2.75%
April 27, 2024941,868 976,348 
Term A1 Loan11.4777%April 27, 202435,000 35,000 
Term A2 Loan11.4777%April 27, 202431,000 31,000 
Term A3 Loan (3)
LIBOR + 3.00%
April 27, 202427,319 28,000 
Total Senior Secured Credit Facilities (at stated value)1,035,187 1,155,015 
Unamortized discount(1,153)(1,658)
Unamortized debt issuance costs(4,207)(6,015)
Total Senior Secured Credit Facilities, net$1,029,827 $1,147,342 
Property Loan
Property Loan (at stated value)9.25%July 1, 2025$110,000 $110,000 
Unamortized discount(3,107)(3,960)
Unamortized debt issuance costs(3,459)(4,409)
Total Property Loan, net$103,434 $101,631 
Finance lease obligations (4)
$6,058 $2,294 
Total debt, net$1,139,319 $1,251,267 
_______
(1)Undrawn balances bear interest between 0.25% to 0.5% depending on certain leverage ratios. We had $85.0 million and $0.3 million available as of December 31, 2021 and 2020, respectively. The weighted-average interest rate on the outstanding balance was 3.15% as of December 31, 2020, based on the one-month London Interbank Offered Rate (“LIBOR”).
(2)One-month LIBOR is subject to a 1.0% floor. The effective interest rate was 3.75% as of both December 31, 2021 and 2020. Our two interest rate swaps fix LIBOR at 2.85% on $800.0 million of our Term Loan (see Note 14).
(3)One-month LIBOR is subject to a 1.0% floor. The effective interest rate was 4.00% as of December 31, 2021 and 2020.
(4)Interest expense for our finance leases was $0.3 million and $0.1 million for the years ended December 31, 2021 and 2020, respectively. We had no finance leases during the year ended December 31, 2019.
We were in compliance with all applicable covenants as of December 31, 2021. A summary of our applicable covenants and restrictions is as follows:
DebtCovenant Terms
Existing Credit Agreement
We are required to maintain a minimum liquidity balance of $70.0 million through the Relief Period.

If we have more than 35% drawn on the Revolving Credit Facility for periods subsequent to December 31, 2021, we will be subject to the following total net leverage ratio requirements:

▪6.50x for the period ended March 31, 2022;
▪6.00x for the period ended June 30, 2022; 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.
Schedule of Aggregate Debt Maturities
Aggregate debt maturities for future annual periods are as follows ($ in thousands):
 As of December 31, 2021
Senior Secured Credit FacilitiesProperty Loan
2022$10,100 $— 
202310,100 — 
20241,014,987 — 
2025— 110,000 
2026— — 
Thereafter— — 
Total debt maturities$1,035,187 $110,000