Long-Term Debt

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Long-Term Debt

Long-Term Debt

Our syndicated Credit Agreement includes a $75 million, five-year undrawn revolving credit facility, as well as the following outstanding term loans:

(in thousands)	March 31, 2020		December 31, 2019
Term loan A-1	$	251,288	$	258,571
Term loan A-2	472,221		473,469
	723,509		732,040
Less: unamortized loan fees	11,306		11,926
Total debt, net of unamortized loan fees	$	712,203	$	720,114

Term Loan A-1 bears interest at one-month LIBOR plus a margin of 1.50%, while Term Loan A-2 bears interest at one-month LIBOR plus a margin of 1.75%. LIBOR resets monthly. Our cash payments for interest were $5.8 million and $7.2 million during the three months ended March 31, 2020 and 2019, respectively.

As shown below, as of March 31, 2020, the Company was in compliance with the financial covenants in its credit agreements.

 

	Actual		Covenant Requirement
Total leverage ratio	2.41		3.25	or Lower
Debt service coverage ratio	5.48		2.00	or Higher
Minimum liquidity balance (in millions)	$	195.0	$25.0	or Higher