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LONG-TERM DEBT
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
Term Loan A is a term loan we have outstanding with a group of syndicated financial institutions which matures on October 15, 2021. Interest is paid monthly and is determined on a floating interest rate calculated on the one-month LIBOR plus an applicable margin of 4%. As a part of the amended Term Loan A, the syndicate committed, pro rata, to a new $100 million revolving loan. Commitment fees accrue at 0.50% per annum on the daily amount of unused revolving loan and is paid quarterly. For any amounts drawn on the revolving loan, interest accrues and is paid consistent with Term Loan A. In addition, there is a letter of credit fee of 4% per annum on the average daily amount of issued letters of credit against the revolver and a 0.125% per annum fronting fee based on the average daily amount of letter of credit exposure. We have no letters of credit outstanding or amounts drawn against the revolving loan as of June 30, 2021.
Term Loan B is a note we issued to a private equity investor that matures on November 25, 2024. Interest is determined on a floating interest rate calculated on the three-month LIBOR plus an applicable margin of 10.5%. We currently pay interest pursuant to the terms of the loan agreements and have the option to pay-in-kind, or PIK, on Term Loan B until October 15, 2021. PIK interest is added to the principal balance every three months until we no longer PIK interest, at which point interest is paid quarterly. We have elected to PIK interest on Term Loan B from the original date of closing through June 30, 2021. Deferred PIK interest was $3.4 million and $2.2 million for the three months ended June 30, 2021 and 2020, respectively. Deferred PIK interest was $5.8 million and $4.5 million for the six months ended June 30, 2021 and 2020, respectively. Deferred PIK interest is recognized as interest expense in the condensed consolidated statements of operations and comprehensive loss.
The following summarizes the carrying value of long-term debt as of June 30, 2021 and December 31, 2020:
June 30, 2021December 31, 2020
(dollars in millions)
Term Loan A$99.0 $99.5 
Term Loan B100.0 100.0 
Total199.0 199.5 
Accrued interest payable
16.2 10.2 
Unamortized discount and debt issuance costs
(18.1)(21.5)
Total$197.1 $188.2