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Financing Arrangements (Tables) | 9 Months Ended
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Sep. 30, 2020
Debt Disclosure [Abstract] |
Schedule of Long-term Debt | The carrying amount of our long-term debt as of September 30, 2020 and December 31, 2019 was as follows (in thousands, except interest rates):
|  | September 30, 2020 |  | December 31, 2019 |  | Maturity |  | Interest Rate
2020 Senior Secured Term Loan |  | $ | 422,960 |  |  | $ | — |  |  | June 2025 |  | LIBOR (1% Floor) | + | 6.50%
2020 Cash Exchangeable Senior Notes |  | 208,954 |  |  | — |  |  | December 2025 |  | 3.00%
Bank of America Merrill Lynch Banco Múltiplo S.A. |  | 6,000 |  |  | 8,422 |  |  | July 2021 |  | 5.61%
Mediocredito Italiano |  | 5,835 |  |  | 6,222 |  |  | December 2023 |  | 0.50 | % | - | 2.77%
Bank of America, U.S. |  | 2,011 |  |  | 2,004 |  |  | January 2021 |  | 2.08%
2019 Debt Facility |  | — |  |  | 184,275 |  |  |  |  |  |  |
2017 European Investment Bank |  | — |  |  | 103,570 |  |  |  |  |  |  |
2014 European Investment Bank |  | — |  |  | 28,053 |  |  |  |  |
Other |  | 1,041 |  |  | 965 |  |  |  |  |  |  |
Total long-term facilities |  | 646,801 |  |  | 333,511 |  |  |  |  |  |  |
Less current portion of long-term debt |  | 9,692 |  |  | 73,181 |  |  |  |  |  |  |
Total long-term debt |  | $ | 637,109 |  |  | $ | 260,330 |  |  |  |  |  |  |
Schedule of Debt Covenants | The financial covenants under the Term Loan state (i) the net revenue of LivaNova PLC, LivaNova USA, Inc. and any restricted subsidiaries on a consolidated basis shall not be lower than $700 million for each trailing 12 month period, such threshold to decrease pro rata (not below $550 million) upon prepayments of the Term Loan made by LivaNova USA, Inc. out of the proceeds of certain asset sales, and (ii) the total secured leverage ratio (as defined in the debt agreement) for LivaNova PLC, LivaNova USA, Inc. and any restricted subsidiaries on a consolidated basis shall not be greater than the applicable ratio set forth below:
Test Period |  | Total Secured Leverage Ratio
4 Quarters ending June 30, 2020 through each fiscal quarter thereafter until (and including) the fiscal quarter ending June 30, 2021 |  | 5.625 | : | 1.00
4 Quarters ending September 30, 2021 and ending each fiscal quarter thereafter |  | 4.5 | : | 1.00

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