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CREDIT FACILITY

3 Months Ended

Mar. 31, 2021

CREDIT FACILITY

CREDIT FACILITY

NOTE 19.    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" and together with the Term Loan Facility, the "Credit Facility"). Both the Term Loan Facility and Revolving Facility mature on September 10, 2024.

The following table summarizes borrowings under our Credit Facility and the associated interest rate.

​

​	​	​	​	​	​	​	​
​		March 31, 2021
​	​	Balance			Interest Rate		Unused Line Fee
Term Loan Facility subject to a fixed interest rate	​	$	268,844	​	1.271%	​	-
Term Loan Facility subject to a variable interest rate	​	​	50,531	​	0.910%	​	-
Revolving Facility subject to a variable rate	​	​	—	​	0.910%	​	0.10%
Total borrowings under the Credit Agreement	​	$	319,375	​	​	​	​

​

For more information on the interest rate swap that fixes the interest rate for a portion of our Term Loan Facility, see Note 7. Derivative Financial Instruments. The Term Loan Facility and Revolving Facility bear interest, at the option of the Company, at a rate based on a reserve adjusted "Eurodollar Rate" or "Base Rate," as defined in the Credit Agreement, plus an applicable margin.

For all periods presented, we were in compliance with the Credit Agreement covenants and had $150.0 million available to withdraw on the Revolving Facility.

We classify the Credit Facility in Level 2 of the fair value hierarchy. The fair value of outstanding debt approximates the carrying value of $317.8 million as of March 31, 2021.

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

​

​	​	​	​	​	​	​
​	​	March 31,		​	December 31,
​		2021			2020
Term Loan Facility	​	$	319,375	​	$	323,750
Less: debt issuance costs	​	​	(1,578)	​	​	(1,704)
Total debt	​	​	317,797	​	​	322,046
Less current portion of long-term debt	​	​	(17,500)	​	​	(17,500)
Total long-term debt	​	$	300,297	​	$	304,546

​

Contractual maturities of the Company’s debt obligations, excluding amortization of debt issuance costs, as of March 31, 2021 are as follows:

​

​	​	​	​
Year Ending December 31,		​
2021 (remaining)	​	$	13,125
2022	​	​	17,500
2023	​	​	17,500
2024	​	​	271,250
Total	​	$	319,375

​

Interest expense and unused line of credit fees were recorded in Other income (expense), net in our Unaudited Consolidated Statements of Operations as follows:

​

​	​	​	​	​	​	​
​	​	Three Months Ended March 31,
​		2021			2020
Interest expense	​	$	985	​	$	2,099
Amortization of debt issuance costs	​	​	126	​	​	133
Unused line of credit fees and other	​	​	37	​	​	38
Total interest expense	​	$	1,148	​	$	2,270

​

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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.

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