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Debt
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Debt

 

  Note 13. Debt

 

The Company’s debt is comprised of the following:

  

December 31,

2021

  

December 31,

2020

 
Revolving lines of credit  $279   $377 
Finance lease   306    350 
Unsecured senior note   -    210,000 
Other loans   239    31 
Senior secured credit facility   204,257    22,835 
Less: Deferred cost of financing   (6,026)   (9,107)
Total obligations under borrowing arrangements   199,055    224,486 
Less: Current portion of long-term debt and other current borrowings   10,700    1,764 
Long-term debt  $188,355   $222,722 

 

As of December 31, 2021, and December 31, 2020, the Company had $198.6 million and $224.3 million of debt denominated in US Dollars with the remaining amounts denominated in Colombian Pesos.

 

As of December 31, 2021, all assets of the company are pledged as collateral for the syndicated loan.

 

In October 2020, the Company entered into a $300 million five-year term Senior Secured Credit Facility consisting of a $250 million delayed draw term loan and a $50 million committed revolving credit facility which bears interest at a rate of LIBOR, with a 0.75% floor, plus a spread of between 2.50% and 3.50%, based on the Company’s net leverage ratio. In December 2020, we used $23.1 million proceeds of the long-term debt facility to repay several credit facilities. Subsequently, in January 2021 we redeemed the Company’s existing $210 million unsecured senior notes, which had an interest rate of 8.2% and mature in 2022 using proceeds from this new facility and incurred in an extinguishment cost of $10.9 million including $8.6 of call premium to exercise the call option.

 

In November 2021, the Company amended its Senior Secured Credit Facility to (i) increase the borrowing capacity under its committed Line of credit from $50 million to $150 million, (ii) reduce its borrowing costs by an approximate 130 basis points, and (iii) extend the initial maturity date by one year to the end of 2026. The modification also included a re-sizing of the term loan to $200 million for a total facility size of up to $350 including the revolving credit facility. Borrowings under the credit facility will now bear interest at a rate of LIBOR with no floor plus a spread of 1.75%, based on the Company’s net leverage ratio, compared to a prior rate of LIBOR with a floor of 0.75% plus a spread of 2.50%. The facility was led by PNC Bank N.A as Administrative Agent; with Citizens Bank N.A, BBVA USA, CIT Bank and Wells Fargo Bank N.A serving as Joint Lead Arrangers. The effective interest rate for this credit facility including deferred issuance costs is 2.81%. We recorded total costs and fees of $1,496 related to this transaction, of which $1,346 of fees paid to banks were capitalized as deferred cost of financing, and $150 paid to third parties recorded as an operating expense on the consolidated statements of operations for the year 2021. This transaction was accounted for as a debt modification.

 

As of December 31, 2021, the Company was obligated under various finance leases under which the aggregate present value of the minimum lease payments amounted to $306. In line with this, the Company recorded right-of-use assets related to computing equipment for $275 and $321 as of December 31, 2021 and December 31, 2020, respectively. The lease agreements include terms to extend the lease, however the Company does not intend to extend its current leases. The weighted average remaining lease term approximates 3 years. The right-of-use assets’ depreciation and interest expense from the lease liability are recorded on our Condensed Consolidated Statement of Operations.

 

The table below shows maturities of debt as of December 2021.

 

      
2022  $10,700 
2023   10,071 
2024   11,304 
2025   15,000 
2026   158,006 
Thereafter   - 
Total  $205,081 

 

 

The Company’s loans have maturities ranging from a few weeks to 5 years. Our credit facilities bear interest at a weighted average rate of 2.09%.

 

Interest expense for the year ended December 31, 2021 and 2020 was $8,465 and $19,773, respectively. During the years ended December 31, 2021 and 2020, the Company did not capitalize interests.