Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt

8. DEBT

Credit Agreements

Blackstone Credit Agreement

In August 2021, the Company entered into the Blackstone Credit Agreement that provides for (i) a senior secured term loan facility in an aggregate original principal amount of $200,000 (the “Initial Term Loan”) and (ii) a senior secured delayed draw term loan facility in an aggregate principal amount up to $100,000 (the “DDTL” and, together with the Initial Term Loan, the “Loans”). The DDTL will be available to draw down through August 9, 2022.

The repayment schedule for the Initial Term Loan consists of quarterly $500 principal payments, which commenced on December 31, 2021 and increasing to quarterly $5,000 principal payments beginning on March 31, 2024, with a $145,500 payment due on the maturity date of August 9, 2026 (“Maturity Date”). Interest is payable quarterly, which commenced on November 9, 2021 and continues through the Maturity Date. The Initial Loan bears interest at a per annum rate equal to LIBOR, subject to a 1.00% floor, plus 6.50%.

The net cash received related to the Initial Term Loan as a result of the transaction, less debt issuance costs of $8,151, was $191,849. The debt issuance costs related to the Initial Term Loan will be amortized as additional interest expense over the five-year loan term of the Blackstone Credit Agreement. In addition, the Company paid $1,000 in debt issuance costs relating the DDTL, which are recorded in other current assets within the unaudited condensed consolidated balance sheet. The fair value of the Initial Term Loan as of March 31, 2022 was $169,966.

Long-term debt, net consists of the following:

	March 31,		December 31,
	2022		2021
Liability component - principal	$	199,000	$	199,500
Unamortized debt discount associated with debt financing costs		(7,104)		(7,516)
Liability component - net carrying value		191,896		191,984
Less current portion		(2,000)		(2,000)
Long term debt, net	$	189,896	$	189,984

Future minimum payments relating to long term debt, net as of March 31, 2022 for the periods indicated below consists of the following:

Years ending December 31,
2022 (Excluding the three months ended March 31, 2022)	$	1,500
2023		2,000
2024		20,000
2025		20,000
2026		155,500
Thereafter		—
Total	$	199,000

Interest expense related to the Company’s long term debt, net, which is included in interest expense, net in the unaudited condensed consolidated statements of operations and comprehensive income (loss), consists of the following:

	Three Months Ended
	March 31,
	2022		2021
Interest on principal balance	$	3,824	$	6,510
Amortization of deferred financing costs		412		664
Total term loan interest expense	$	4,236	$	7,174