XML 23 R14.htm IDEA: XBRL DOCUMENT v3.24.3
Long-term debt
9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Long-term debt

6. Long-term debt

The carrying values of the Company's outstanding debt obligations as of September 30, 2024, and December 31, 2023, were as follows:

(U.S. Dollars, in thousands)

 

September 30,
2024

 

 

December 31,
2023

 

 

 

(Unaudited)

 

 

 

 

Initial Term Loan and Delayed Draw Term Loan

 

 

 

 

 

 

Principal amount

 

$

125,000

 

 

$

100,000

 

Unamortized original debt discount

 

 

(3,487

)

 

 

(4,331

)

Unamortized debt issuance costs and lenders fees

 

 

(3,048

)

 

 

(1,312

)

Total indebtedness from initial term loan and delayed draw term loan

 

 

118,465

 

 

 

94,357

 

 

 

 

 

 

 

 

Revolving Credit Facilities

 

 

 

 

 

 

Principal amount outstanding

 

 

 

 

 

 

Total indebtedness outstanding

 

$

118,465

 

 

$

94,357

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

6,250

 

 

$

1,250

 

Long-term debt

 

 

112,215

 

 

 

93,107

 

Total indebtedness outstanding

 

$

118,465

 

 

$

94,357

 

On January 10, 2024, the Company borrowed $15.0 million under its senior secured revolving credit facility (the "Revolving Credit Facility") as part of its Financing Agreement with Blue Torch Finance LLC. On March 22, 2024, the secured delayed draw term loan facility (the "Delayed Draw Term Loan") of $25.0 million was fully funded and the proceeds were used to repay the $15.0 million outstanding under the Revolving Credit Facility.

The Financing Agreement contains financial covenants requiring the Company to maintain a minimum level of liquidity at all times, a maximum consolidated leverage ratio (measured on a quarterly basis), and a minimum asset coverage ratio (measured on a monthly basis). As of September 30, 2024, the Company was in compliance with all required financial covenants.

On March 15, 2024, the Company entered into Amendment No.1 to the Financing Agreement with Blue Torch Finance LLC (the "First Amendment"). Under the terms of the First Amendment, the parties agreed to reduce the number of business days to submit a notice of borrowing for the Delayed Draw Term Loan and redefine certain terms within the asset coverage financial covenant. The maturity date remains November 6, 2027, for each of the Initial Term Loan, Delayed Draw Term Loan, and Revolving Credit Facility.

As of September 30, 2024, the Company had no borrowings on its available lines of credit in Italy, which provide up to an aggregate amount of €5.5 million ($6.1 million).