XML 42 R28.htm IDEA: XBRL DOCUMENT v3.21.2
Borrowings (Tables)
9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Summary of Carrying Amount of Principal Borrowings

Carrying amount of principal borrowings consist of the following (in thousands):

 

 

 

September 30, 2021

 

 

December 31, 2020

 

Senior convertible notes

 

$

223,580

 

 

$

 

MidCap credit facility

 

 

38,723

 

 

 

49,335

 

Mann Group promissory notes(1)

 

 

18,425

 

 

 

63,027

 

PPP loan

 

 

 

 

 

4,873

 

2024 convertible notes

 

 

 

 

 

5,000

 

Total debt — net carrying amount

 

$

280,728

 

 

$

122,235

 

___________________

(1)

The amendment to the Mann Group convertible note in the second quarter of 2021 resulted in a substantial premium of $22.1 million based on the fair value post modification, which contributed to the loss on extinguishment in the condensed consolidated statement of operations for the nine months ended September 30, 2021 and was recognized as additional paid-in capital in the condensed consolidated balance sheet as of September 30, 2021. The accounting for the $22.1 million loss on extinguishment did not result in a change in the financial position of the Company.

Schedule of Line of Credit Facility Debt and Key Terms

The following table provides a summary of the Company’s debt and key terms as of September 30, 2021:

 

 

Amount Due

 

 

Terms

 

 

September 30, 2021

 

 

December 31, 2020

 

 

Annual Interest Rate

 

 

 

 

Maturity Date

 

 

 

Conversion Price

Senior convertible notes

 

$230.0 million

 

 

$

 

 

2.50%

 

 

 

 

March 2026

 

 

 

$5.21

per share

MidCap credit facility(1)

 

$40.0 million

 

 

$50.0 million

 

 

one-month

LIBOR (1% floor)

plus 6.25%

 

 

(1

)

August 2025

 

(1

)

N/A

Mann Group convertible note

 

$18.4 million (plus $0.3 million accrued interest paid-in-kind)

 

 

$28.0 million (plus $0.6 million accrued interest paid-in-kind)

 

 

2.50%

 

 

(2

)

December 2025

 

(2

)

$2.50

per share

Mann Group non-convertible note(3)

 

 

 

 

$35.1 million (plus $3.6 million accrued interest paid-in-kind)

 

 

7.00%

 

 

 

 

November 2024

 

 

 

N/A

PPP loan(4)

 

 

 

 

$4.9 million

 

 

0.98%

 

 

 

 

April 2022

 

 

 

N/A

2024 convertible notes(5)

 

 

 

 

$5.0 million

 

 

5.75%

 

 

 

 

November 2024

 

 

 

$3.00

per share

 

____________________

(1)

In April 2021, the Company prepaid $10.0 million principal balance and amended the MidCap credit facility. The interest rate prior to the amendment was one-month LIBOR (2% floor) plus 6.75% and the maturity date was in August 2024.

(2)

In April 2021, the Mann Group convertible note was amended. The interest rate prior to the amendment was 7.00% and the maturity date was in November 2024.

(3)

In April 2021, the Company prepaid $35.1 million principal balance as well as accrued unpaid interest.

(4)

In July 2021, the Company received full forgiveness from the SBA for the $4.9 million principal balance of the PPP loan and recognized a gain on extinguishment of debt for the full principal balance and a de minimis amount of accrued but unpaid interest.

(5)

In February 2021, the $5.0 million principal balance was converted into 1,666,667 shares of the Company’s common stock.

Schedule of Maturities of Our Borrowings

The maturities of the Company’s borrowings as of September 30, 2021 are as follows (in thousands):

 

 

 

Amounts

 

2021

 

$

 

2022

 

 

 

2023

 

 

6,667

 

2024

 

 

20,000

 

Thereafter

 

 

261,758

 

Total principal payments

 

 

288,425

 

Discount

 

 

(1,277

)

Debt issuance cost

 

 

(6,420

)

Total debt — net carrying amount

 

$

280,728

 

Schedule of Amortization of Debt Premium and Accretion of Debt Discount and Debt Issuance Cost

Amortization of debt discount and debt issuance cost related to all borrowings for the three and nine months ended September 30, 2021 and 2020 were as follows (in thousands):

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Amortization of debt discount

 

$

109

 

 

$

53

 

 

$

255

 

 

$

232

 

Amortization of debt issuance cost

 

 

363

 

 

 

27

 

 

 

852

 

 

 

82