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Financing Arrangements (Tables)
 9 Months Ended
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, 2020December 31, 2019MaturityInterest Rate
2020 Senior Secured Term Loan$422,960 $— June 2025
LIBOR (1% Floor)
+6.50%
2020 Cash Exchangeable Senior Notes208,954 — December 20253.00%
Bank of America Merrill Lynch Banco Múltiplo S.A.6,000 8,422 July 20215.61%
Mediocredito Italiano5,835 6,222 December 20230.50 % -2.77%
Bank of America, U.S.2,011 2,004 January 20212.08%
2019 Debt Facility— 184,275 
2017 European Investment Bank— 103,570 
2014 European Investment Bank— 28,053 
Other1,041 965 
Total long-term facilities646,801 333,511 
Less current portion of long-term debt9,692 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 PeriodTotal Secured Leverage Ratio
4 Quarters ending June 30, 2020 through each fiscal quarter thereafter until (and including) the fiscal quarter ending June 30, 20215.625:1.00
4 Quarters ending September 30, 2021 and ending each fiscal quarter thereafter4.5:1.00