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Financing Arrangements (Tables)
 3 Months Ended
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, 2021December 31, 2020MaturityInterest Rate
2020 Senior Secured Term Loan$425,167 $424,002 June 2025
LIBOR (1% Floor)
+6.50%
2020 Cash Exchangeable Senior Notes215,145 212,073 December 20253.00%
Bank of America Merrill Lynch Banco Múltiplo S.A.5,901 6,515 July 20214.27%
Mediocredito Italiano5,198 5,406 December 20230.50 %-2.74%
Bank of America, U.S.2,016 2,019 January 20232.75%
Other641 660 
Total long-term facilities654,068 650,675 
Less current portion of long-term debt7,699 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, 20215.625:1.00
4 Quarters ending September 30, 2021 and ending each fiscal quarter thereafter4.5:1.00
(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.