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CREDIT FACILITY | 3 Months Ended
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Mar. 31, 2020
CREDIT FACILITY |
CREDIT FACILITY | NOTE 22. CREDIT FACILITY In September 2019, in connection with the Artesyn Acquisition Agreement, the Company entered into a credit agreement (“Credit Agreement”) that provided aggregate financing of $500.0 million, consisting of a $350.0 million senior unsecured term loan facility (the “Term Loan Facility”) and a $150.0 million senior unsecured revolving facility the (“Revolving Facility”). Both the Term Loan Facility and Revolving Facility mature on September 10, 2024. The Revolving Facility and Term Loan Facility bear interest, at the option of the Company, at a rate based on a reserve adjusted “Eurodollar Rate” or “Base Rate”, plus an applicable margin. Additionally, the Revolving Facility is subject to an unused line fee. As of March 31, 2020, the effective interest rate for the Revolving Facility and Term Loan Facility was 1.74% and the effective rate for the unused line fee was 0.10%. As of March 31, 2020, the Company had $150.0 million available to withdraw on the Revolving Facility and was in compliance with all covenants. The fair value of the Company’s outstanding debt approximates its carrying value of $334.8 million as of March 31, 2020. In connection with the entering into of the Credit Agreement, the Company terminated its then-existing Loan Agreement, as amended (the "Loan Agreement") which previously provided a revolving line of credit of up to $150.0 million subject to certain funding conditions. The Company expensed all unused line of credit fees at the time of termination of the Loan Agreement. ​ On April 6, 2020 and April 7, 2020, the Company executed interest rate swap transactions in an aggregate notional amount of $286.3 million with various financial institutions. The initial notional amount of the interest rate swap transactions represents 85% of the outstanding principal balance of the “Term Loan Facility” debt under the Company’s existing Credit Agreement, dated as of September 10, 2019, and provides for the Company to pay an average fixed rate of 0.521% per annum in exchange for a variable interest rate based on one-month USD-LIBOR-BBA. The total cost to the Company is the base rate plus the credit spread in the Credit Agreement, which is 75 basis points at current leverage ratios for a total interest rate of 1.271%. ​ The debt obligation on our Unaudited Consolidated Balance Sheets consists of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | December 31, | ​
​ | ​ | 2020 | ​ | 2019 | ​
Debt: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Term Loan Facility | ​ | $ | 336,875 | ​ | $ | 341,250 | ​
Less: debt issuance costs | ​ | ​ | (2,090) | ​ | ​ | (2,223) | ​
Total debt | ​ | ​ | 334,785 | ​ | ​ | 339,027 | ​
Less current portion of long-term debt | ​ | ​ | (17,500) | ​ | ​ | (17,500) | ​
Total long-term debt | ​ | $ | 317,285 | ​ | $ | 321,527 | ​
​ Contractual maturities of the Company’s debt obligations, excluding amortization of debt issuance costs, as of March 31, 2020 are as follows: ​
​ | ​ | ​ | ​
​ |  | Amount
2020 (remaining) | ​ | $ | 13,125
2021 | ​ | ​ | 17,500
2022 | ​ | ​ | 17,500
2023 | ​ | ​ | 17,500
2024 | ​ | ​ | 271,250
Total | ​ | $ | 336,875
​ Interest expense and unused line of credit fees were recorded in the Other income (expense), net, in our Unaudited Consolidated Statements of Operations as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, | ​
​ |  | 2020 |  | 2019 | ​
Interest expense | ​ | $ | 2,099 | ​ | $ | — | ​
Amortization of debt issuance costs | ​ | ​ | 133 | ​ | ​ | — | ​
Unused line of credit fees and other | ​ | ​ | 38 | ​ | ​ | 56 | ​
Total interest expense | ​ | $ | 2,270 | ​ | $ | 56 | ​
​

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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