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v3.23.2

Debt - Senior Secured Term Loan (Details) - USD ($) $ in Thousands |  | 3 Months Ended | 6 Months Ended |  |  |
--- | --- | --- | --- | --- | --- | ---
Oct. 27, 2022 | Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | Jul. 31, 2020
Interest expense |  |  |  |  |  |  |
Amortization of debt issuance costs |  |  | $ 1,001 | $ 935 |  |  |
Effective interest rate |  | 9.70% | 9.70% |  |  |  | 11.00%
Blackstone Credit Agreement |  |  |  |  |  |  |
Debt Facility |  |  |  |  |  |  |
Maximum borrowing capacity | $ 950,000 |  |  |  |  |  |
Debt issuance costs capitalized | 11,600 |  |  |  |  |  |
Credit agreement reserve |  |  |  |  | $ 50,000 |  |
Principal |  | $ 300,000 | $ 300,000 |  |  | $ 300,000 |
Less: Debt issuance costs |  | (10,979) | (10,979) |  |  | (11,322) |
Net carrying amount |  | 289,021 | $ 289,021 |  |  | $ 288,678 |
Loan term |  |  | 6 years 3 months 18 days |  |  |  |
Interest expense |  |  |  |  |  |  |
Contractual interest expense |  | 9,354 | $ 18,532 |  |  |  |
Amortization of debt issuance costs |  | 272 | 423 |  |  |  |
Total |  | $ 9,626 | $ 18,955 |  |  |  |
Effective interest rate |  | 13.40% | 13.40% |  |  |  |
Blackstone Credit Agreement | Minimum |  |  |  |  |  |  |
Debt Facility |  |  |  |  |  |  |
Minimum consolidated liquidity covenant | 100,000 |  |  |  |  |  |
Increased minimum consolidated liquidity covenant after consummation of acquisitions meeting specified thresholds | $ 200,000 |  |  |  |  |  |
Blackstone Credit Agreement | Adjusted Term SOFR |  |  |  |  |  |  |
Debt Facility |  |  |  |  |  |  |
Basis spread on variable rate | 7.25% |  |  |  |  |  |
Floor interest rate | 1.00% |  |  |  |  |  |
Blackstone Credit Agreement | Base Rate |  |  |  |  |  |  |
Debt Facility |  |  |  |  |  |  |
Basis spread on variable rate | 6.25% |  |  |  |  |  |
Floor interest rate | 2.00% |  |  |  |  |  |
Committed Loan Facility |  |  |  |  |  |  |
Debt Facility |  |  |  |  |  |  |
Maximum borrowing capacity | $ 450,000 |  |  |  |  |  |
Fund draw term | 18 months |  |  |  |  |  |
Loan term | 7 years |  |  |  |  |  |
Senior Secured Term Loan Facility |  |  |  |  |  |  |
Debt Facility |  |  |  |  |  |  |
Principal | $ 300,000 |  |  |  |  |  |
Committed Delayed Draw Term Loan Facility |  |  |  |  |  |  |
Debt Facility |  |  |  |  |  |  |
Maximum borrowing capacity | 150,000 |  |  |  |  |  |
Uncommitted Incremental Facility |  |  |  |  |  |  |
Debt Facility |  |  |  |  |  |  |
Maximum borrowing capacity | $ 500,000 |  |  |  |  |  |

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