DEBT (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Summary of debt

The following table reflects the Company’s debt as of December 31, 2020 and 2019 (in thousands):

	December 31, 2020		December 31, 2019
13% Senior Secured Note due 2024 (1)	$	80,250	$	—
Royalty rights obligation (2)	3,533		—
2.50% Convertible Notes due 2021	335		145,000
5.00% Convertible Notes due 2024 (3)	—		120,000
Senior Secured Notes (4)	—		162,500
Total principal amount	84,118		427,500
Unamortized debt discounts	(16)		(70,699)
Unamortized debt issuance costs	—		(5,543)
Carrying value	84,102		351,258
Less: current portion of long-term debt	(11,942)		(80,000)
Net, long-term debt	$	72,160	$	271,258

(1) In connection with the Zyla Merger on May 20, 2020, the Company assumed the obligations of Zyla under its Existing Indenture, and Assertio and                     the other subsidiaries of the Company (other than Depo DR) became guarantors of Zyla's 13% Senior Secured Notes due 2024.

(2) In connection with the Zyla Merger on May 20, 2020, the Company assumed the obligations of Zyla under its royalty rights agreement with each holder of its 13% Senior Secured Notes due 2024.

(3) 2024 Notes settled and retired as of June 30, 2020.

(4) During the year ended December 31, 2020, the Company repaid in full the outstanding aggregate principal amount of its Senior Secured Notes.

The following is a summary of the carrying value of the Senior Notes as of December 31, 2019 (in thousands): 

	2019
Principal amount of the Senior Notes	$	162,500
Unamortized debt discount balance	(4,035)
Unamortized debt issuance costs	(2,022)
Total Senior Notes	$	156,443

Summary of interest expense

The following is a summary of Secured Notes interest expense for the year ended December 31, 2020 (in thousands): 

	December 31,
	2020
Stated coupon interest	$	6,870
Total interest expense	$	6,870

The following is a summary of interest expense for the 2021 Notes for the years ended December 31, 2020 and 2019 (in thousands):

	December 31,
	2020		2019
Stated coupon interest	$	637	$	6,708
Amortization of debt discount and debt issuance costs	1,550		15,398
Total interest expense 2021 Notes	$	2,187	$	22,106

The following is a summary of interest expense for the 2024 Notes for the years ended December 31, 2020 and 2019 (in thousands):

	December 31,
	2020		2019
Stated coupon interest	$	1,090	$	2,250
Amortization of debt discount and debt issuance costs	1,273		2,583
Total interest expense 2024 Notes	$	2,363	$	4,833

The following is a summary of Senior Notes interest expense for the years ended December 31, 2020 and 2019 (in thousands):

	December 31,
	2020		2019
Contractual interest expense	$	1,648	$	25,559
Amortization of debt discount and debt issuance costs	2,699		5,783
Total interest expense	$	4,347	$	31,342

Summary of the liability components

The following is a summary of the liability component of the 2021 Notes as of December 31, 2020 and 2019 (in thousands):

	December 31,
	2020		2019
Principal amount of the 2021 Notes	$	335	$	145,000
Unamortized discount of the liability component	—		(14,963)
Unamortized debt issuance costs	—		(725)
Total 2021 Notes	$	335	$	129,312

The following is a summary of the liability component of the 2024 Notes as of December 31, 2019 (in thousands):

	December 31,
	2019
Principal amount of the 2024 Notes	$	120,000
Unamortized discount of the liability component	(51,701)
Unamortized debt issuance costs	(2,796)
Total 2024 Notes	$	65,503