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CREDIT FACILITY

12 Months Ended

Dec. 31, 2022

CREDIT FACILITY

CREDIT FACILITY

NOTE 21.           CREDIT FACILITY

In September 2019, in connection with the acquisition of Artesyn, we 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”).

In September 2021, we amended the Credit Agreement whereby we borrowed an additional $85.0 million, which increased the aggregate amount outstanding under the Term Loan Facility to $400.0 million. In addition, we increased the Revolving Facility capacity by $50.0 million to $200.0 million. Both the Term Loan Facility and Revolving Facility mature on September 9, 2026.

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

​

​	​	​	​	​	​	​	​
​		December 31, 2022
​	​	Balance			Interest Rate		Unused Line Fee
Term Loan Facility subject to a fixed interest rate due to interest rate swap	​	$	238,219	​	1.271%	​	—
Term Loan Facility subject to a variable interest rate	​	​	136,781	​	5.134%	​	—
Revolving Facility subject to a variable interest rate	​	​	—	​	5.134%	​	0.10%
Total borrowings under the Credit Agreement	​	$	375,000	​	​	​	​

​

For more information on the interest rate swap that fixes the interest rate for a portion of our Term Loan Facility, see Note 8. Derivative Financial Instruments. The Term Loan Facility and Revolving Facility bear interest, at our option, 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. The following table summarizes our availability to withdraw on the Revolving Facility.

​

​	​	​	​	​	​	​
​	​	December 31,		​	December 31,
​		2022			2021
Available capacity on Revolving Facility	​	$	200,000	​	$	200,000

​

In addition to the available capacity on the Revolving Facility, prior to the maturity date of our Credit Agreement, we may also request an increase to the financing commitments in either the Term Loan Facility or Revolving Facility by an aggregate amount not to exceed $250.0 million at identical terms to our existing Credit Facility.

The fair value of the Term Loan Facility approximates the outstanding balance of $375.0 million as of December 31, 2022.

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

​

​	​	​	​	​	​	​	​
​	​	December 31,		​	December 31,		​
​		2022			2021		​
Term Loan Facility	​	$	375,000	​	$	395,000	​
Less: debt discount	​	​	(1,738)	​	​	(2,267)	​
Total debt	​	​	373,262	​	​	392,733	​
Less current portion of long-term debt	​	​	(20,000)	​	​	(20,000)	​
Total long-term debt	​	$	353,262	​	$	372,733	​

​

Contractual maturities of our debt obligations, excluding amortization of debt issuance costs, are as follows:

​

​	​	​	​
Year Ending December 31,		​
2023	​	$	20,000
2024	​	​	20,000
2025	​	​	20,000
2026	​	​	315,000
Total	​	$	375,000

​

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

​

​	​	​	​	​	​	​	​	​	​
​	​	Years Ended December 31,
​	​	2022			2021			2020
Interest expense	​	$	6,607	​	$	3,969	​	$	5,080
Amortization of debt issuance costs	​	​	547	​	​	822	​	​	519
Unused line of credit fees and other	​	​	202	​	​	168	​	​	153
Total interest expense	​	$	7,356	​	$	4,959	​	$	5,752

​

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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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