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LONG-TERM DEBT, NET (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Debt Disclosure [Abstract] |
Schedule of Long-term Debt | Long-term debt, net consists of:
| December 31,
| 2020 |  | 2019
| (In thousands)
Credit Facility due February 13, 2025 | $ | — |  |  | $ | — |
Term Loan due February 13, 2027 | 425,000 |  |  | 425,000 |
6.375% Senior Notes (the “6.375% Senior Notes”) | — |  |  | 400,000 |
5.00% Senior Notes due December 15, 2027 (the “5.00% Senior Notes”); interest payable each June 15 and December 15 | 450,000 |  |  | 450,000 |
4.625% Senior Notes due June 1, 2028 (the “4.625% Senior Notes”); interest payable each June 1 and December 1 | 500,000 |  |  | — |
5.625% Senior Notes due February 15, 2029 (the “5.625% Senior Notes”); interest payable each February 15 and August 15 | 350,000 |  |  | 350,000 |
4.125% Senior Notes due August 1, 2030 (the “4.125% Senior Notes”); interest payable each February 1 and August 1 | 500,000 |  |  | — |
0.875% Exchangeable Senior Notes due October 1, 2022 (the “2022 Exchangeable Notes”); interest payable each April 1 and October 1 | 517,500 |  |  | 517,500 |
0.875% Exchangeable Senior Notes due June 15, 2026 (the “2026 Exchangeable Notes”); interest payable each June 15 and December 15 | 575,000 |  |  | 575,000 |
2.00% Exchangeable Senior Notes due January 15, 2030 (the “2030 Exchangeable Notes”); interest payable each January 15 and July 15 | 575,000 |  |  | 575,000 |
Total long-term debt | 3,892,500 |  |  | 3,292,500 |
Less: Unamortized original issue discount | 6,029 |  |  | 6,283 |
Less: Unamortized debt issuance costs | 45,541 |  |  | 46,201 |
Total long-term debt, net | $ | 3,840,930 |  |  | $ | 3,240,016 |
The following table presents details of the exchangeable features under the amended Match Group terms:
| Number of shares of the Company’s Common Stock into which each $1,000 of Principal of the Exchangeable Notes is Exchangeable(a) |  | Approximate Equivalent Exchange Price per Share(a) |  | Exchangeable Date
2022 Exchangeable Notes | 22.7331 |  | $ | 43.99 |  |  | July 1, 2022
2026 Exchangeable Notes | 11.4259 |  | $ | 87.52 |  |  | March 15, 2026
2030 Exchangeable Notes | 11.8739 |  | $ | 84.22 |  |  | October 15, 2029
______________________ (a)Subject to adjustment upon the occurrence of specified events.
Schedule of Debt Instrument Redemption | The 4.625% Senior Notes were issued on May 19, 2020. The proceeds from these notes were used to redeem the outstanding 6.375% Senior Notes, to pay expenses associated with the offering, and for general corporate purposes. At any time prior to June 1, 2023, these notes may be redeemed at a redemption price equal to the sum of the principal amount, plus accrued and unpaid interest and a make-whole premium set forth in the indenture governing the notes. Thereafter, these notes may be redeemed at redemption prices set forth in the indenture governing the notes, together with accrued and unpaid interest to the applicable redemption date, if redeemed during the twelve-month period beginning on June 1 of the years indicated below:
Beginning June 1, | Percentage
2023 | 102.313%
2024 | 101.156%
2025 and thereafter | 100.000%
The 4.125% Senior Notes were issued on February 11, 2020. The proceeds from these notes were used to fund a portion of the $3.00 per common share of Former Match Group that was payable in connection with the Separation. At any time prior to May 1, 2025, these notes may be redeemed at a redemption price equal to the sum of the principal amount, plus accrued and unpaid interest and a make-whole premium set forth in the indenture governing the notes. Thereafter, these notes may be redeemed at redemption prices set forth in the indenture governing the notes, together with accrued and unpaid interest to the applicable redemption date, if redeemed during the twelve-month period beginning on May 1 of the years indicated below:
Beginning May 1, | Percentage
2025 | 102.063%
2026 | 101.375%
2027 | 100.688%
2028 and thereafter | 100.000%
The 5.625% Senior Notes were issued on February 15, 2019. The proceeds from these notes were used to repay outstanding borrowings under the Credit Facility, to pay expenses associated with the offering, and for general corporate purposes. At any time prior to February 15, 2024, these notes may be redeemed at a redemption price equal to the sum of the principal amount, plus accrued and unpaid interest and a make-whole premium set forth in the indenture governing the notes. Thereafter, these notes may be redeemed at redemption prices set forth below, together with accrued and unpaid interest to the applicable redemption date, if redeemed during the twelve-month period beginning on February 15 of the years indicated below:
Beginning February 15, | Percentage
2024 | 102.813%
2025 | 101.875%
2026 | 100.938%
2027 and thereafter | 100.000%
The 5.00% Senior Notes were issued on December 4, 2017. The proceeds, along with cash on hand, were used to redeem then outstanding senior notes and pay the related call premium. At any time prior to December 15, 2022, these notes may be redeemed at a redemption price equal to the sum of the principal amount, plus accrued and unpaid interest and a make-whole premium set forth in the indenture governing the notes. Thereafter, these notes may be redeemed at the redemption prices set forth below, together with accrued and unpaid interest thereon to the applicable redemption date, if redeemed during the twelve-month period beginning on December 15 of the years indicated below:
Beginning December 15, | Percentage
2022 | 102.500%
2023 | 101.667%
2024 | 100.833%
2025 and thereafter | 100.000%
Schedule of If-Converted Value in Excess of Principal | The following table presents the if-converted value that exceeded the principal of each note based on the Company’s stock price December 31, 2020 and December 31, 2019, respectively. The amounts for December 31, 2020 represent the exchange occurring under the Match Group terms and for December 31, 2019 represent the exchange occurring under Former IAC terms.
| December 31, 2020 |  | December 31, 2019
| (In millions)
2022 Exchangeable Notes | $ | 1,261.2 |  |  | $ | 329.6 |
2026 Exchangeable Notes | $ | 418.3 |  |  | N/A
2030 Exchangeable Notes | $ | 457.2 |  |  | N/A
Schedule fo Exchangeable Notes Hedge and Warrants | The following tables sets forth the components of the Exchangeable Notes:
| December 31, 2020
| 2022 Exchangeable Notes |  | 2026 Exchangeable Notes |  | 2030 Exchangeable Notes
| (In thousands)
Liability component: |  |  |  |  |
Principal | $ | 517,500 |  |  | $ | 575,000 |  |  | $ | 575,000 |
Less: unamortized debt issuance costs | 6,511 |  |  | 8,700 |  |  | 9,627 |
Net carrying value included in long-term debt, net | $ | 510,989 |  |  | $ | 566,300 |  |  | $ | 565,373 |
| December 31, 2019
| 2022 Exchangeable Notes |  | 2026 Exchangeable Notes |  | 2030 Exchangeable Notes
| (In thousands)
Liability component: |  |  |  |  |
Principal | $ | 517,500 |  |  | $ | 575,000 |  |  | $ | 575,000 |
Less: unamortized debt issuance costs | 10,157 |  |  | 10,232 |  |  | 10,577 |
Net carrying value included in long-term debt, net | $ | 507,343 |  |  | $ | 564,768 |  |  | $ | 564,423 |
The following tables present details of the Exchangeable Notes Hedges and Warrants under the amended Match Group terms:
| Number of Shares(a) |  | Approximate Equivalent Exchange Price per Share(a)
| (Shares in millions)
2022 Exchangeable Notes Hedge | 11.8 |  | $ | 43.99 |
2026 Exchangeable Notes Hedge | 6.6 |  | $ | 87.52 |
2030 Exchangeable Notes Hedge | 6.8 |  | $ | 84.22 |
| Number of Shares(a) |  | Weighted Average Strike Price per Share(a)
| (Shares in millions)
2022 Exchangeable Notes Warrants | 11.8 |  | $ | 68.22 |
2026 Exchangeable Notes Warrants | 6.6 |  | $ | 134.76 |
2030 Exchangeable Notes Warrants | 6.8 |  | $ | 134.82 |
______________________ (a)Subject to adjustment upon the occurrence of specified events.
Schedule of Interest Expense, Exchangeable Notes | The following table sets forth interest expense recognized related to the Exchangeable Notes:
| Year Ended December 31, 2020
| 2022 Exchangeable Notes |  | 2026 Exchangeable Notes |  | 2030 Exchangeable Notes
| (In thousands)
Contractual interest expense | $ | 4,528 |  |  | $ | 5,031 |  |  | $ | 11,500 |
Amortization of debt issuance costs | 3,646 |  |  | 1,533 |  |  | 950 |
Total interest expense recognized | $ | 8,174 |  |  | $ | 6,564 |  |  | $ | 12,450 |
| Year Ended December 31, 2019
| 2022 Exchangeable Notes |  | 2026 Exchangeable Notes |  | 2030 Exchangeable Notes
| (In thousands)
Contractual interest expense | $ | 4,528 |  |  | $ | 2,963 |  |  | $ | 6,772 |
Amortization of debt issuance costs | 3,578 |  |  | 897 |  |  | 550 |
Total interest expense recognized | $ | 8,106 |  |  | $ | 3,860 |  |  | $ | 7,322 |
| Year Ended December 31, 2018
| 2022 Exchangeable Notes |  |  |  |
| (In thousands)
Contractual interest expense | $ | 4,528 |  |  |  |  |
Amortization of debt issuance costs | 3,509 |  |  |  |  |
Total interest expense recognized | $ | 8,037 |  |  |  |  |
Schedule of Long-term Debt Maturities | Long-term debt maturities
Years Ending December 31, | (In thousands)
2022 | $ | 517,500 |
2026 | 575,000 |
2027 | 875,000 |
2028 | 500,000 |
2029 | 350,000 |
2030 | 1,075,000 |
Total | 3,892,500 |
Less: Unamortized original issue discount | 6,029 |
Less: Unamortized debt issuance costs | 45,541 |
Total long-term debt, net | $ | 3,840,930 |

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