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Long-term Debt | 6 Months Ended
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Jun. 30, 2021
Debt Disclosure [Abstract] |
Long-term Debt | 13. Long-term Debt: The summary of long-term debt is as follows:
|  | June 30, 2021 |  | December 31, 2020
Senior Secured Term Loan Facility due February 2027 (the "2016 Term Loan Facility") |  | $ | 231,363 |  |  | $ | 671,710 |
Senior Secured Term Loan Facility due February 2027 (the "2020 Term Loan Facility") |  | — |  |  | 459,653 |
Senior Secured Term Loan Facility due June 2028 (the "2021 Term Loan Facility") |  | 900,000 |  |  | — |
5.750% Senior Notes due 2025 |  | 295,000 |  |  | 295,000 |
ABL Facility |  | — |  |  | — |
Total debt |  | 1,426,363 |  |  | 1,426,363 |
Original issue discount |  | (13,142) |  |  | (15,641) |
Deferred financing costs |  | (8,334) |  |  | (10,353) |
Total debt, net of original issue discount and deferred financing costs |  | 1,404,887 |  |  | 1,400,369 |
Less: current portion |  | (9,000) |  |  | — |
Total long-term debt, excluding current portion |  | $ | 1,395,887 |  |  | $ | 1,400,369 |
The fair value of a financial instrument is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. As of June 30, 2021 and December 31, 2020, the fair value of the term loan facilities, senior secured and unsecured notes was $1,431,568 and $1,427,123, respectively. The fair value is classified as Level 2 based upon the fair value hierarchy (see Note 5 to these condensed consolidated financial statements for further information on fair value measurements). 2021 Term Loan Facility In June 2021, PQ Corporation (“PQ Corp”), an indirect, wholly owned subsidiary of Ecovyst prior to the closing of the sale of the Performance Chemicals business, and Ecovyst Catalyst Technologies LLC (“Ecovyst LLC” and, following the closing of the sale of the Performance Chemicals business, the “Borrower”), an indirect, wholly owned subsidiary of the Company, entered into an agreement for a new senior secured term loan facility in an aggregate principal amount of $900,000 with an original issue discount of 0.25% and interest at a floating rate of LIBOR (with a 0.5% minimum LIBOR floor) plus 2.75% per annum (or, depending on the Borrower’s first lien net leverage ratio, 2.5%). The proceeds were used to pay in full the 2020 Term Loan Facility, partially pay the 2016 Term Loan Facility and pay the associated fees and expenses. The new senior secured term loan facility requires scheduled quarterly amortization payments, each equal to 0.25% of the original principal amount of the loans under the new senior secured term loan facility. As a result of amending the term loan facilities during the three and six months ended June 30, 2021, the Company recorded $5,736 of new creditor and third-party financing costs as debt extinguishment costs. In addition, previous unamortized deferred financing costs of $1,725 and original issue discount of $3,664 associated with the previously outstanding debt were written off as debt extinguishment costs. ABL Facility In June 2021, PQ Corp also entered into a third amendment agreement (the “ABL Amendment”), which amended its ABL Credit Agreement, dated as of May 4, 2016 (the “ABL Credit Agreement” and, as amended by the ABL Amendment, the “Amended ABL Credit Agreement”). The ABL Amendment amended the ABL Credit Agreement to, among other things, following the sale of Performance Chemicals, decrease the aggregate amount of revolving loan commitments available to the borrowers thereunder by an aggregate amount of $150,000 to $100,000, consisting of $90,000 in U.S. commitments and $10,000 on in European commitments and extended the maturity date with respect to borrowings under the Amended ABL Credit Agreement to August 2, 2026. As a result of the ABL Amendment, unamortized deferred financing costs of $592 associated with the ABL Credit Agreement were written off as debt extinguishment costs during the three and six months ended June 30, 2021.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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