Debt

6 Months Ended

Jun. 30, 2020

Debt Collectively, our credit facility is comprised of a term loan with a face amount of $545.0 million, maturing on October 19, 2022 (the “Senior Secured Term Loan”); a term loan with a face amount of $300.0 million, maturing on October 19, 2022 (the

“Incremental Term Loan”); and a revolving line of credit with a face amount of $75.0 million, maturing on July 20, 2022 (the “Senior Secured Revolver”). The credit facility is collateralized by all of our assets.

The following table presents debt balances as of June 30, 2020, and December 31, 2019.


	June 30, 2020		December 31, 2019
Senior Secured Term Loan	$	523,438	$	526,313
Incremental Term Loan	251,333		257,111
Senior Secured Revolver	62,500		—
International lines of credit and other loans	14,121		9,823
Total principal	851,392		793,247
Less-current maturities of long-term debt	20,567		19,160
Principal, net of current portion	830,825		774,087
Less-unamortized debt issuance costs (1)	13,869		16,647
Long-term debt, net of current portion	$	816,956	$	757,440

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(1) In addition to this amount, costs of $2.4 million and $3.0 million related to the Senior Secured Revolver are recorded in other non-current assets as of June 30, 2020, and December 31, 2019, respectively.

We capitalized interest costs of $0.2 million and $0.5 million in the three months ended June 30, 2020 and 2019, respectively, and $0.5 million and $1.1 million in the six months ended June 30, 2020 and 2019, respectively, related to construction in progress.

Senior Secured Term Loan

Outstanding borrowings under the Senior Secured Term Loan bear interest at one-month LIBOR (subject to a 0.75% floor) plus an applicable margin of 5.75%. At June 30, 2020, the Senior Secured Term Loan bore interest at 6.50%.

Incremental Term Loan

Outstanding borrowings under the Incremental Term Loan bear interest at one-month LIBOR plus an applicable margin of 5.75%. At June 30, 2020, the Incremental Term Loan bore interest of 5.93%.

Senior Secured Revolver

Outstanding borrowings under the Senior Secured Revolver bear interest on a variable rate structure with borrowings bearing interest at either one-month LIBOR plus an applicable margin of 4.00% or the prime lending rate plus an applicable margin of 3.00%. At June 30, 2020, the weighted average interest rate on outstanding borrowings under the Senior Secured Revolver was 4.18%. We pay a commitment fee of 0.50% for unused capacity under the Senior Secured Revolver.

We had $62.5 million outstanding under the Senior Secured Revolver at June 30, 2020. Total capacity under the Senior Secured Revolver was $75.0 million as of June 30, 2020, with $0.7 million available for future borrowings after reductions for outstanding letters of credit and outstanding borrowings as of June 30, 2020. In July 2020, we amended our Credit Agreement to waive compliance with the financial leverage ratio covenant for the second and third quarters of 2020. During this period, we are required to maintain minimum liquidity levels, provide certain financial and other information, and take certain other action as specified in the amendment. Failure to maintain the required minimum liquidity levels or satisfy other requirements set forth in the amendment would allow the revolving credit lenders, the Senior Secured Term loan lenders, and the Incremental Term Loan lenders to cause amounts due under our credit facility to become immediately due and payable and would have a material, adverse impact on our financial position.

We were in compliance with all requirements under our credit facility as of June 30, 2020.

Interest Rate Swap

In February 2019, we entered into a $700.0 million amortizing notional amount fixed-rate interest rate swap agreement to manage the interest rate risk associated with our long-term variable-rate debt until 2022. The fixed-rate interest rate swap agreement calls for us to receive interest monthly at a variable rate equal to one-month LIBOR and to pay interest monthly at a fixed rate of 2.4575%. Refer to Note 18 for further discussion of the interest rate swap agreement.