Debt

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Debt

DEBT

Long-term debt consisted of the following:

(in thousands)	September 30, 2021		December 31, 2020
2018 Credit Facility	$	—	$	—
2018 Term Loan Facility	140,000		140,000
2020 Term Loan Facility	503,438		523,575
6.375% Senior Notes due 2026	132,041		277,041
Total	775,479		940,616
Net unamortized discounts and issuance costs	(5,057)		(8,002)
Total long-term debt	$	770,422	$	932,614
Current portion of long-term debt (1)	(26,850)		(26,850)
Long-term debt, less current portion	$	743,572	$	905,764

_______________________

(1) Represents the mandatory amortization payments due within twelve months related to the 2020 Term Loan Facility.

The 2020 Term Loan Facility is subject to mandatory amortization payments of $6.7 million paid quarterly, which began on September 30, 2020, and contains customary representations and warranties, covenants, and events of default for loan facilities of this type. We were in compliance with all covenants as of September 30, 2021. The weighted average interest rate on borrowings during the nine month period ended September 30, 2021 was 2.63% and 6.00% for the 2018 Term Loan Facility and 2020 Term Loan Facility, respectively.

Debt Redemption

On May 7, 2021, the Company completed the redemption of certain of the Company’s 6.375% Senior Notes (the “Notes”) at 104.781% of the principal amount thereof. We repurchased $55.0 million in aggregate principal amount of the Notes for $57.7 million in cash, including $0.1 million in accrued interest. On September 23, 2021, we completed an additional redemption of the Notes at 104.781% of the principal amount thereof. We repurchased $90.0 million in aggregate principal amount of the Notes for $96.6 million in cash, including $2.3 million in accrued interest.

In connection with these redemptions, we recognized a net loss of approximately $5.4 million and $8.7 million for the three and nine months ended September 30, 2021, respectively, inclusive of the write off of unamortized debt financing costs related to the extinguished portion of the Notes, which is included in other expense, net in our condensed consolidated statements of income (loss).