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Debt (Tables)
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Schedules of Debt Components and Covenants
Our debt consists of the following ($ in thousands):
Outstanding Balance as of
Interest RateMaturity DateSeptember 30, 2022December 31, 2021
Senior Secured Credit Facilities
Revolving Credit Facility (1)
LIBOR + 4.00%
January 27, 2024$— $— 
Term Loan (2)
LIBOR + 2.75%
April 27, 2024909,430 941,868 
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 27,319 
Total Senior Secured Credit Facilities (at stated value)1,002,749 1,035,187 
Unamortized discount(778)(1,153)
Unamortized debt issuance costs(2,853)(4,207)
Total Senior Secured Credit Facilities, net$999,118 $1,029,827 
Property Loan
Property Loan (at stated value)9.25%July 1, 2025$110,000 $110,000 
Unamortized discount(2,459)(3,107)
Unamortized debt issuance costs(2,738)(3,459)
Total Property Loan, net$104,803 $103,434 
Financing lease obligations$5,759 $6,058 
Total debt, net$1,109,680 $1,139,319 
________
(1)Undrawn balances bear interest between 0.25% to 0.5% depending on certain leverage ratios. We had an available balance of $68.0 million and $85.0 million as of September 30, 2022 and December 31, 2021, respectively.
(2)One-month LIBOR is subject to a 1.0% floor. The effective interest rate was 5.87% and 3.75% as of September 30, 2022 and December 31, 2021, respectively. Our two interest rate swaps fix LIBOR at 2.85% on $800.0 million of our Term Loan (see Note 12).
(3)One-month LIBOR is subject to a 1.0% floor. The effective interest rate was 5.50% and 4.00% as of September 30, 2022 and December 31, 2021, respectively.
A summary of our applicable covenants and restrictions is as follows:
DebtCovenant Terms
Senior Secured Credit Facility
We are subject to a total net leverage ratio of 4.75x if we have more than 35% drawn on the Revolving Credit Facility.
Term A1 LoanSame terms as the Senior Secured Credit Facility.
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.