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Other Debt
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Other Debt Senior Secured Facility
Long-term senior secured credit facility consisted of the following (in thousands):
March 31, 2022December 31, 2021
Term loan facility$325,700 $326,775 
Revolving credit facility52,000 — 
377,700 326,775 
Less discount and issuance costs
(22,247)(23,291)
Long-term portion, net of debt discount and issuance costs355,453 303,484 
Less current portion of credit facility(4,300)(4,300)
Long-term senior secured facility debt, net of current portion, debt discount and issuance costs$351,153 $299,184 

Senior Secured Credit Facility
On October 14, 2020, the Company entered into a senior secured credit facility which was amended on February 23, 2021 by the First Amendment and on February 26, 2021 by the Second Amendment. The senior secured facility consisted originally of (i) a $575 million senior secured 7-year term loan facility (the “Term Loan Facility”) and (ii) a $150 million senior secured 5-year revolving credit facility (the “Revolving Credit Facility” and, together with the Term Loan Facility, the “Senior Secured Credit Facility”). On February 23, 2021, the Company entered into the first amendment (“First Amendment”) to its Senior Secured Credit Facility. The First Amendment, in the case of Eurocurrency borrowings, lowers the London interbank offered rate floor to 50 basis points from 100 basis points and lowers the applicable margin to 325 basis points from 400 basis points per annum. This resulted in the current rate on the Term Loan Facility decreasing to 3.75% down from 5% prior to the First Amendment. On February 26, 2021, the Company entered into the incremental facility amendment No. 2 (the “Second Amendment”) to the Senior Secured Credit Facility. The Second Amendment increases the $150.0 million Revolving Credit Facility from $150.0 million to $200.0 million.

Revolving Credit Facility
Under the Revolving Credit Facility, the Company had $52.0 million and no outstanding balance as of March 31, 2022 and December 31, 2021, respectively, $33.2 million and $13.6 million in standby letters of credit at March 31, 2022 and December 31, 2021, respectively, and availability of $114.8 million and $186.4 million at March 31, 2022 and December 31, 2021, respectively.

Term Loan Facility
The Term Loan Facility had a balance of $325.7 million and $326.8 million as of March 31, 2022 and December 31, 2021, respectively. The balance of the Term Loan Facility is presented in the accompanying condensed consolidated balance sheets, net of debt discount and issuance costs of $22.2 million and $23.3 million as of March 31, 2022 and December 31, 2021, respectively. The debt discount and issuance costs are being amortized using the effective interest method and the rate as of March 31, 2022 is 5.03%. The Term Loan Facility has an annual excess cash flow calculation, for which the prescribed formula did not result in requiring the Company to make any advance principal payments for the three months ended March 31, 2022 and 2021.
Convertible Debt
Convertible debt consisted of the following (in thousands):
March 31, 2022December 31, 2021
1.00% Senior unsecured convertible notes
$425,000 $425,000 
Less: unamortized discount and issuance costs(12,689)(13,137)
1.00% Senior unsecured convertible notes, net (1)
$412,311 $411,863 
(1) Effective interest rate for the Convertible Notes as of March 31, 2022 was 1.5%.

On December 3, 2021 and December 9, 2021, the Company completed a private offering of $375 million and $50 million over allotment, respectively, in aggregate principal amount of 1.00% Convertible Senior Notes due 2028 (the “Convertible Notes”) resulting in proceeds of $364.7 million and $48.6 million, respectively, after deducting the original issue discount of 2.75%. The Convertible Notes were issued pursuant to an indenture, dated December 3, 2021 (the “Indenture”), between the Company and U.S. Bank National Association, as trustee.

The Convertible Notes are senior unsecured obligations of the Company and will mature on December 1, 2028, unless earlier converted redeemed or repurchased. The Convertible Notes bear interest at a rate of 1.00% per year, payable semiannually in arrears on June 1 and December 1 of each year, beginning on June 1, 2022.

The Convertible Notes were not convertible during the three months ended March 31, 2022 and none have been converted to date. Also, given that the average market price of the common stock has not exceeded the exercise price since inception, there was no dilutive impact for the three months ended March 31, 2022.
Other DebtIn connection with the acquisition of STI, the Company assumed debt obligations of STI consisting of $43.9 million in short-term debt and $14.8 million in long-term debt. Interest rates range from 0.55% to 2.76% annually and maturities for the short term portion of loans range from April 2022 to March 2023. Maturities for the long term portion of loans are $5.3 million Euros ($5.9 million USD) due in 2024 and $8 million Euros ($8.9 million USD) due in March 2027.