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CREDIT FACILITY

9 Months Ended

Sep. 30, 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 September 30, 2020, the unused line fee was 0.10%. As of September 30, 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 $326.3 million as of September 30, 2020.

​

The debt obligation on our Unaudited Consolidated Balance Sheets consists of the following:

​

​	​	​	​	​	​	​
​	​	September 30,		​	December 31,
​		2020			2019
Debt:	​	​	​	​	​	​
Term Loan Facility	​	$	328,125	​	$	341,250
Less: debt issuance costs	​	​	(1,831)	​	​	(2,223)
Total debt	​	​	326,294	​	​	339,027
Less current portion of long-term debt	​	​	(17,500)	​	​	(17,500)
Total long-term debt	​	$	308,794	​	$	321,527

​

Contractual maturities of the Company’s debt obligations, excluding amortization of debt issuance costs are as follows:

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​	​	​	​
Year Ending December 31,		Amount
2020 (remaining)	​	$	4,375
2021	​	​	17,500
2022	​	​	17,500
2023	​	​	17,500
2024	​	​	271,250
Total	​	$	328,125

​

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:

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Three Months Ended September 30,

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Nine Months Ended September 30,

​

​

2020

2019

2020

2019

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Interest expense

​

$

778

​

$

703

​

$

4,021

​

$

703

​

Amortization of debt issuance costs

​

​

129

​

​

45

​

​

392

​

​

45

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Unused line of credit fees and other

​

​

38

​

​

60

​

​

114

​

​

179

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Total interest expense

​

$

945

​

$

808

​

$

4,527

​

$

927

​

​

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- References

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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

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