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Financing Arrangements (Tables) | 3 Months Ended
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Mar. 31, 2021
Debt Disclosure [Abstract] |
Schedule of Long-term Debt | The outstanding principal amount of our long-term debt as of March 31, 2021 and December 31, 2020 was as follows (in thousands, except interest rates):
|  | March 31, 2021 |  | December 31, 2020 |  | Maturity |  | Interest Rate
2020 Senior Secured Term Loan |  | $ | 425,167 |  |  | $ | 424,002 |  |  | June 2025 |  | LIBOR (1% Floor) | + | 6.50%
2020 Cash Exchangeable Senior Notes |  | 215,145 |  |  | 212,073 |  |  | December 2025 |  | 3.00%
Bank of America Merrill Lynch Banco Múltiplo S.A. |  | 5,901 |  |  | 6,515 |  |  | July 2021 |  | 4.27%
Mediocredito Italiano |  | 5,198 |  |  | 5,406 |  |  | December 2023 |  | 0.50 | % | - | 2.74%
Bank of America, U.S. |  | 2,016 |  |  | 2,019 |  |  | January 2023 |  | 2.75%
Other |  | 641 |  |  | 660 |  |  |  |  |  |  |
Total long-term facilities |  | 654,068 |  |  | 650,675 |  |  |  |  |  |  |
Less current portion of long-term debt |  | 7,699 |  |  | 8,377 |  |  |  |  |  |  |
Total long-term debt |  | $ | 646,369 |  |  | $ | 642,298 |  |  |  |  |  |  |
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 (1)
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
(1)The secured leverage ratio is calculated as the ratio of (a) debt secured by a lien on assets to (b) Consolidated EBITDA as defined under the Term Loan agreement for the period of four consecutive fiscal quarters ended on the calculation date. The Company was in compliance with all financial covenants as of March 31, 2021, as amended.

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