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Tangible Equity Units | 12 Months Ended
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Dec. 31, 2022
Equity [Abstract] |
Tangible Equity Units | 10. Tangible Equity Units During the three months ended December 31, 2022, the Company issued 2,875,000 of its 7.00% tangible equity units (the “Units”) at a public offering price of $50.00 per Unit for an aggregate offering of $143.8 million. The Company received proceeds of $139.4 million after the deduction of the underwriters’ discount. Each Unit is comprised of a prepaid stock purchase contract and a senior amortizing note with an initial principal amount of $8.8996. Under each purchase contract, the Company is obligated to deliver to the holder on November 15, 2025 a minimum of 12.9341, and a maximum of 15.1976, shares of the Company’s common stock depending on the daily volume-weighted average price ("VWAPs") of its common stock for the 20 trading days preceding the settlement date. Each amortizing note bears interest at the rate of 10.25% per annum, requires quarterly installment payments of principal and interest, and has a final installment payment date of November 15, 2025. The cash installment payments will be equivalent to 7.00% per year with respect to each $50.00 stated amount of Unit. The Units, purchase contracts, and amortizing notes are subject to the terms and conditions set forth in the Purchase Contract Agreement dated November 21, 2022 between the Company and American Stock Transfer & Trust Company, LLC ("AST") as purchase contract agent, and the Indenture and First Supplemental Indenture, each dated November 21, 2022, between the Company and AST as trustee, including certain early settlement, repurchase, and adjustment events as set forth therein. Subsequent to issuance, each Unit may be legally separated into the two components, both of which are freestanding instruments and separate units of account. The Company allocated the proceeds from the issuance of the Units to the purchase contracts and amortizing notes based on the relative fair values of the respective components, determined as of the date of issuance of the Units. The Company recognized the issuance of the purchase contract portion of the Units, net of issuance costs, as additional paid-in-capital on the consolidated balance sheet. The Company separately recognized the amortizing notes portion of the Units, net of issuance costs, as long-term debt on the consolidated balance sheet. The proceeds from the issuance of the Units were allocated to equity and debt based on the relative fair value of the respective components of each Unit as follows:
(in thousands, except value per unit) | Equity Component |  | Debt Component |  | Total
Value per unit | $ | 41.10 |  |  | $ | 8.90 |  |  | $ | 50.00 |
Gross proceeds | $ | 118,164 |  |  | $ | 25,586 |  |  | $ | 143,750 |
Less: underwriters' discount | (3,544) |  |  | (768) |  |  | (4,312) |
Proceeds from issuance of Units | $ | 114,620 |  |  | $ | 24,818 |  |  | $ | 139,438 |
Less: issuance costs | (1,163) |  |  | (252) |  |  | (1,415) |
Net proceeds | $ | 113,457 |  |  | $ | 24,566 |  |  | $ | 138,023 |
Unless settled early in accordance with the terms of the instruments, each prepaid stock purchase contract will automatically settle on November 15, 2025 (the mandatory settlement date) for a number of shares of the Company’s common stock based on the arithmetic average of the VWAPs of the Company’s common stock on each of the 20 consecutive trading days beginning on, and including, the 21st scheduled trading day immediately preceding November 15, 2025 (applicable market value) with reference to the following settlement rates:
Applicable Market Value | Common Stock Issued
Equal to or greater than the threshold appreciation price | 12.9341 shares (minimum settlement rate)
Less than the threshold appreciation price, but greater than the reference price | $50 divided by applicable market value
Less than or equal to the reference price | 15.1976 shares (maximum settlement rate)
The threshold appreciation price is initially approximately equal to $3.87 and the reference price is initially approximately equal to $3.29.

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