Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

As of December 31, 2022, and 2021, outstanding long-term debt is summarized below:

	Key Terms				As of December 31,
(in thousands)	Character	Priority	Maturity	Coupon	2022		2021
Term Loan B	Term Loan	Senior Secured	9/1/2028 (1)	Variable (2)	1,308,438		1,321,688
5.750% Notes	Notes	Senior Unsecured	11/1/2028	5.750%	1,163,793		1,300,000
5.50% Senior Secured Notes	Notes	Senior Secured	9/1/2028	5.50%	1,050,000		1,050,000
Senior Convertible PIK Notes	Convertible Notes (3)	Senior Unsecured	10/15/2027	Cash Interest 6.00%, PIK Interest 7.00%	1,300,000		1,300,000
Finance lease obligations, non-current	Other	Senior Secured	2022-2024	3.38% - 20.31%	45		71
Long-term debt					4,822,276		4,971,759
Less: current portion of long-term debt					(13,250)		(13,250)
Less: debt discounts, net					(34,729)		(40,579)
Less: debt issuance costs, net					(32,441)		(38,786)
Long-term debt, net					$	4,741,856	$	4,879,144

(1)Beginning December 31, 2021 and quarterly thereafter, we shall repay a principal amount of the Term Loan B equal to 0.25% of the initial aggregate principal of $1,325.0 million. These scheduled principal repayments may be reduced by any voluntary or mandatory prepayments made in accordance with the credit agreement.

(2)Interest on Term Loan B and Revolver B is calculated, at MPH's option, as (a) LIBOR (or, with respect to the term loan facility only, 0.50%, whichever is higher), plus the applicable margin, or (b) the highest rate of (1) prime rate, (2) the federal funds effective rate, plus 0.50%, (3) the LIBOR for an interest period of one month, plus 1.00% and (4) 0.50% for Term Loan B and 1.00% for Revolver B, in each case, plus an applicable margin of 4.25% for Term Loan B and between 3.50% and 4% for Revolver B, depending on MPH's first lien debt to consolidated EBITDA ratio. The interest rate in effect for Term Loan B was 8.98% as of December 31, 2022.

(3)The Senior Convertible PIK Notes are convertible into shares of Class A common stock based on a $13.00 conversion price, subject to customary anti-dilution adjustments.

Schedule of Maturities of Long-term Debt

As of December 31, 2022, the aggregate future principal payments for long-term debt, including non-current finance lease liabilities, for each of the next five years and thereafter are as follows:

($ in thousands)
2023	$	13,250
2024	13,295
2025	13,250
2026	13,250
2027	1,313,250
Thereafter	3,455,981
Total	$	4,822,276

Schedule of Debt Discount Cost Amortization

The following table is a summary of the cost and accumulated amortization of debt discounts as of December 31, 2022 and 2021:

	Original discount %	As of December 31,
		2022						2021
($ in thousands)		Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Term Loan B	1.0%	13,429		(2,300)		11,129		13,429		(565)		12,864
Senior Convertible PIK Notes	2.5%	32,500		(8,900)		23,600		32,500		(4,785)		27,715
Total		$	45,929	$	(11,200)	$	34,729	$	45,929	$	(5,350)	$	40,579

Schedule of Debt Issuance Cost Amortization

The following table is a summary of the cost and accumulated amortization of debt issuances costs as of December 31, 2022 and 2021:

	Amortization Period	As of December 31,
		2022						2021
($ in thousands)		Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Term Loan B	84 months	7,316		(1,256)		6,060		7,316		(308)		7,008
5.750% Notes	96 months	18,282		(4,509)		13,773		19,939		(2,349)		17,590
5.50% Senior Secured Notes	84 months	14,695		(2,088)		12,607		14,695		(507)		14,188
Revolver(1)	84 months	4,955		(1,115)		3,840		4,955		(290)		4,665
Total		$	45,248	$	(8,968)	$	36,280	$	46,905	$	(3,454)	$	43,451

(1)The debt issuance costs associated with the revolving credit facility are included in other assets in the accompanying consolidated balance sheets.