Credit Facility

6 Months Ended

Jun. 30, 2020

12. Credit Facility

The following table provides a summary of the Company’s outstanding borrowings under its credit facility:


	September 30, 2020					December 31, 2019
	Term Loan			Revolver		Term Loan			Revolver
Amount borrowed	$	179,000		$	—	$	200,000		$	—
Amounts repaid		(179,000	) (1)		—		(21,000	)		—

Amounts outstanding		—			—		179,000			—
Unamortized issuance costs		—			—		(3,044	)		671

Carrying amount	$	—		$	—	$	175,956		$	671

Effective interest rate		4.15	%		n/a		5.32	%		n/a

(1)	Includes $5,000 and $174,000 repaid on March 31, 2020 and June 16, 2020, respectively.

On June 16, 2020, the Company terminated its credit facility by repaying $174,000 that was outstanding under its term loan and terminating the revolver. A loss on extinguishment of debt of $2,387 was recognized during the nine months ended September 30, 2020, which represented the

write-off

of the remaining unamortized issuance costs.

Interest expense recognized on the credit facility during the three months ended September 30, 2019 was $2,832 and during the nine months ended September 30, 2020 and 2019 was $4,086 and $8,634, respectively.